Questions specific to small businesses, generally under 100 employees and revenues less than $1,000,000.

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2
votes
1answer
64 views

How to respond to a customer's demand for payment extension?

I have a client who wants to purchase an artwork. After three weeks of questioning about my artwork finally he is convinced to buy it. I have offered him discount after his multiple request and 15 ...
7
votes
0answers
160 views

My Boss owes money but I am named on letter from debt collection agency (UK)

My employer has an outstanding debt with a company he aked me to speak with a couple of years ago. Now that company has my name listed as a "contact". He received a letter from a debt collection ...
1
vote
1answer
46 views

Have a simple LLC but want to file taxes as s-corp, can I do taxes on my own?

I have a very simple small business that has very straight forward taxes. I am the only employee and I don't have a lot of complicated deductions / credits. Am not married and don't have kids. It is ...
3
votes
0answers
22 views

Risks of initiating Voluntary Classification Settlement Program?

I just found that it is illegal for Employer to give form 1099 to workers who could potentially be classified as Employees. Also, Employer can end up being punished with imprisonment and/or heavy ...
0
votes
1answer
19 views

Obtaining California SOS number for out-of-state LLC

I own a Nevada LLC and will start doing some business in California this year. However, it seems to pay the California Franchise Tax, I need an SOS number for California (I could be wrong, but Google ...
7
votes
1answer
164 views

Am I required by law to have cash register for my small business (California)?

We have a Point of Sales terminal to handle all credit card transactions. The credit card processor company sends us 1099K form that we use for tax purposes. This works fine for our small beauty ...
1
vote
0answers
66 views

What are financing conditions like in the UK at the moment? [closed]

I'm based in France, and develop renewable energy projects as a small "side business" which I invest in and run myself ; for an "equity" outlay of 5-10%, I can develop projects around 100k€ by ...
3
votes
1answer
32 views

How to chose EA or CPA to represent me in FTB audit (small business)?

I am considering to hire a EA or CPA to represent my small business during FTB audit. So what exactly to look for when hiring someone that would represent you in FTB case? Some criteria that comes ...
2
votes
1answer
42 views

FTB sent refund check for 2011 during audit; Does this really mean that whole audit is over for 2011?

Our business was under audit by FTB for Tax Year 2011. Few months ago we sent them corrected Tax return for Tax Year 2011. And, finally, yesterday we received check with refund. The refund is less ...
2
votes
1answer
45 views

Forgot to issue 1099-MISC form. Will FTB (or IRS) take away my business tax deductions?

I recently found out that as a business owner I had to issue form 1099-MISC to independent contractors, like, plumber who once fixed sink in our salon. Also, apparently I had to issue 1099-MISC ...
0
votes
1answer
36 views

How to find a business consultant that would ensure that all your business activities are legal and compliant with all regulations?

I have been helping a friend of mine who is owner of a small Beauty Salon. In the last year I have been helping her with so many legal-related things that it is taking too much of my time and I want ...
0
votes
2answers
105 views

What percentage of my company should I have if I only put money?

Two of my friends and I are thinking on starting a small business, which would be just a mechanic garage. I am the one who is going to put all the money for the investment as I am the only one that ...
2
votes
1answer
91 views

Forgot to renew Fictitious Name application within the county. What is the penalty for late filing?

I just found out that, if you are doing business in California and the name of the business does not include your last name, then you have to file Fictitious Name Statement. My friend did this almost ...
1
vote
1answer
61 views

Making a personal loan to my business from the proceeds of cashing out my 401k

I had to cash out my 401k and lent the proceeds to my graphic design business to keep it afloat. It was used replace a computer and to pay off business debt. Total loan is $22,000. We had a ...
1
vote
1answer
32 views

How do I file for an LLC in Florida?

I own multiple mobile apps and currently live in NYC. Each app is under it's own LLC single-member which is me. However, I am sick and tired of paying a leg and an arm in NYC taxes. Local + State ...
1
vote
1answer
46 views

Working as a freelancer overseas, but US Citizen, what is my tax situation?

My friend X is an US Citizen, working in the software space as a freelancer. X is currently physically located outside of the US (and has been so for the vast part of the current 2015-2016 tax year). ...
3
votes
1answer
88 views

Starting a new online business

I have just started to work on an online business mode website. My dream is to make it live and bring revenue from the website. However, the project is in Incubator phase. In this situation, can i ...
1
vote
1answer
102 views

Can I count a 2015 expense, if I paid the bill in 2016? [duplicate]

I incurred an expense in 2015, put it on a credit card, but didn't pay it off until January 2016, can I count that as an expense for 2015?
3
votes
0answers
64 views

How to report house used for 100% business?

Self employed as sole proprietor, was using 1/3 of home as home office. Have moved across state line to new house on July 1st, but keeping old house solely to see existing clientele for the ...
0
votes
1answer
46 views

How to have a small capital investment in US if I am out of the country?

I would like to invest some money in US, but I don't know how I can grow my money or what business can be a good choice for my small capital (hundred of dollars). I am located at Mexico.
3
votes
1answer
37 views

Income tax exemptions for small business?

I'm a single, young engineer in CA making 100k/year and paying approximately 35k income tax per year. I'm planning to start a side business next january, and setting up the business has been consuming ...
3
votes
1answer
178 views

What happens to your spouse's sole proprietorship if they die?

In this case, it is a construction company located in the United States. It is owned by one spouse, all bank accounts/credit cards etc. are co-signed by both. However, the business is a sole ...
7
votes
1answer
364 views

Can I deduct coffee as a business expense if I work from cafés? (UK)

I have a UK limited company of which I am the sole director and employee. I work from home most days, but occasionally work from my laptop in a local coffee shop when I need to get out of the house. ...
1
vote
1answer
46 views

California resident, Delaware C-Corp - Taxes for 1-person software freelancer?

I'm a one person software contractor / freelancer / app store developer who lives in California (although I spend most of my year traveling to other places). I incorporated a Delaware c-corp earlier ...
1
vote
0answers
38 views

Finding funding for a not-for-profit vs a for-profit [closed]

I am planning on registering a business in Canada in the near future. I am developing a tool, the longterm goal of which is to improve conditions in impoverished areas of the world. However, this tool ...
3
votes
2answers
86 views

Charging sales tax for goods sold out of state?

Do I need to charge sales tax for goods sold in DC if I'm a florist based in Oregon (a no sales tax state)?
3
votes
1answer
152 views

Using cash back rewards from business credit card

Are there any tax constraint I should be aware of when using cash back rewards from a business credit card (a C-Corporation with just 1 person, me)? Would taxes go through directly to me for using the ...
0
votes
1answer
108 views

When to register for a bank account for a C-Corp with no official money

In Feb this year, I registered a C-Corp for administrative purposes only (for things that require a DUNS number, e.g., to get an Apple Enterprise Dev account, etc) and have thus far not passed any ...
0
votes
0answers
40 views

Home Office Rent Expense Payment via C-Corp

I am a 1 person incorporated C-Corp software development company. (Although, I currently usually do not use the C-corp for most checks and contracts which just go straight to me as an individual.) ...
2
votes
2answers
100 views

Does a small business need to register in every state its clients might be in?

Let's say that you have a small business, like a 1-man software consulting firm. I know that if you do business in California, you have to pay its $800+ franchise tax. Is there a similar requirement ...
1
vote
1answer
61 views

Professional tax for employees - startup in India

If I have online business with one employee who will be working from home, do I need to deduct professional tax as applicable from his salary and submit or I can avoid professional taxes for the ...
3
votes
1answer
137 views

Should an independent mobile game developer incorporate a business?

The story is thus: I am on the verge of publishing my first app, but I was thinking whether I should incorporate or not. I am an accounting student, albeit in second year with a budget of $1000. I am ...
7
votes
3answers
210 views

Can time invested be considered capital?

If a business owner works for no salary, but puts time and effort into the business, can those hours be considered a capital investment? If so, is there a term for that kind of work? Example 1: A ...
1
vote
1answer
120 views

how to show income from paypal as export income

I am selling herbal products from India to US on eBay and receive money via paypal. My CA said I am exporting goods so I'll get rebate in tax. When I told him I get money via Paypal he said it is not ...
5
votes
3answers
114 views

What are the benefits of doing a “cheque exchange” when contributing services-in-kind?

Scenario: A consultant provides services-in-kind (let's say valued at $x) to a charitable organization. There are two options for how this can be accounted in a manner that creates a paper trail for ...
1
vote
0answers
42 views

Does Gross Margin exclude sales tax collected on “price includes sales tax” retail sales? [closed]

In a retail business that sells products where sales tax is included in the purchase price, should sales tax collected as part of the purchase price be included or excluded from Revenue in the ...
3
votes
2answers
95 views

Single employee - paying for health insurance premiums with pre-tax money

I am about to join a new US company and will be the only employee for a while. I am not a shareholder or anything similar. The employer cannot offer a group health plan as they normally require at ...
0
votes
1answer
51 views

Down Payment for new Company Car [closed]

Is there a limit on the amount a business can place on a down-payment for a business vehicle; in the United States of America? Total Cost: $25,000 Estimated Down-payment: $10,000 Is it ...
1
vote
0answers
66 views

Small income through website. Is there a service that saves you all bureaucracy? [closed]

would like to raise a website with a small income (1000$ per month) via PayPal | Credit Card. would like to save all bureaucracy, which probably will cost me more. Is there any service (or any other ...
2
votes
0answers
15 views

Ontario resident working contract job in British Columbia

If my corporation is registered in Ontario and I am an Ontario resident, then if I take a contract in Vancouver, will it be legal? Do I pay taxes once for British Columbia and once for Ontario?
0
votes
3answers
86 views

Taxable income on full-time job + business earnings

If I have a full-time job and a business on the side, will the full-time work and the business both contribute to the total taxable income or will only the business contribute. i.e. If business is ...
5
votes
1answer
107 views

Is it OK for a UK company to have costs that will exceed the reserves? Insolvent now or later?

I am sole director of a limited company. The costs this year will exceed the available funds if everything was settled up. The company still has good cash in bank because it owes money to the director ...
2
votes
2answers
131 views

How do owners in a partnership earn income?

I am 1 of 2 partners (no employees) in a recently registered consulting business. Essentially we are 2 former sole proprietors joining forces. We are currently working on forming our partnership ...
2
votes
1answer
198 views

As a small business owner should I have a separate account for payroll? [closed]

Note: I'm currently using cash basis accounting. Just recently I've started using QuickBooks Online to keep track of my profit and loss as well as pay my employees. The problem I'm facing is that ...
1
vote
1answer
66 views

New business owner - How do taxes work for the business vs individual?

I have a business that is in it's 2nd year and has now made $400ish. I have the money just sitting in the business bank account. I do have a business partner. A couple of questions? If we leave ...
1
vote
2answers
168 views

What should one look for when opening a business bank account?

I've created an LLC under my name for my contract work (taxed as a sole proprietorship). Because of this, I'm planning to open a Solo 401k, and due to that I'm planning to pay myself income based on ...
1
vote
1answer
38 views

Tax Allocation - Business Asset Transfer

I'm selling my sole proprietorship. It is a technology company with few / no tangible assets or customer base, mostly just software. This is being done as an "Asset Transfer" to new owners in another ...
0
votes
1answer
874 views

Start a Holding Company? [closed]

I'm 23 I've recently graduated college with two bachelor's degrees and have studied finance extensively in my spare time. I work as a software engineer, and even though I don't hate the work I know ...
1
vote
0answers
36 views

Can a business operate in one state ie. NY and have an office in another?

My prospective business is going to operate in NYC but due to unforeseen consequences my "office" or base of operation will be in another state. What sort of consequences or altercations can I ...
0
votes
1answer
111 views

Would the purchase of a car for a business through the use of a business loan be considered a business expense?

So I want to purchase a vehicle through a business loan. The loan would increase my liabilities this I understand. My question is, if I were to use the extra capital to buy a vehicle, would that be ...