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

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1
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2answers
198 views

Is there any way to transfer student loan debt to my independent contracting business?

I just started my first contracting business, and wanted to be able to find a (legal) way to keep the money within the LLC but still pay down my student loan debts. Basically I'd really like to use ...
0
votes
1answer
29 views

tracking inventory for small grocer using only purchase invoices with no barcode [closed]

I am currently running a small corner store (cash only) and I do not have a barcode scanner nor do I conduct counts by hand and I was wondering if anyone can advise on the best way to gather the data ...
2
votes
1answer
136 views

Starting a side business slowly

Inspired by this question and this question. I have been looking at some ways to try to earn extra money on the side to assist in my finances, and have come to the conclusion that the best way would ...
2
votes
3answers
201 views

How to treat miles driven to the mechanic, gas station, etc when calculating business use of car?

I have a home-based business. If during the 2014 tax year I drove a car: C miles for car-maintenance errands, B miles for business errands, and P miles for personal errands, if the total miles ...
2
votes
1answer
72 views

How to pick a state to form an LLC in?

I'm looking to form a company with a friend of mine. I'm living in Colorado and he's living in Oklahoma. We want to start up a website that offers a service and we want it formed under an LLC. For ...
0
votes
1answer
65 views

Reporting software subscriptions

I have some software subscriptions for my indie developer business (Sole Proprietorship -- file as an individual). Xamarin and MSDN. I generally pay for a year at a time. The amounts involved are ...
6
votes
1answer
174 views

Student loan debt and business owner: What's the best loan-payoff strategy?

I graduated from my doctoral pharmacy program 1.5 years ago with ~215k of student loan debt. So far, the balance has been paid down to 170k. The weighted-average of the interest rates is 7%. ...
0
votes
1answer
60 views

How can I import customers and invoices from a previous year's Gnucash file?

I've been using Gnucash for the past year for small business accounting as a self-employed contractor. I've read that it's a good practice to create a new file for each year. Now that 2014 has ...
1
vote
1answer
66 views

I am selling my business, are there ways to (invest or spend) profit to save on tax cost?

I have multiple interests, through my broker, for the sale of my business. Are there laws that allow me to save on taxes by doing specific things with the sale money? Thank you!
3
votes
1answer
153 views

How to get cash for shares of a small but successful business?

I am owner of a portion (5%) of a small business. I acquired my shares as 'sweat equity' being the creative lead on the project. Essentially, I want to get cash for my shares. At this point in my life ...
1
vote
1answer
120 views

Can I have a side income without registering it as a business

I am full time employed. If I want to generate some income from a side hobby-business by buying and selling gift cards, at what point in time do I need to register as a business/corporation with the ...
2
votes
1answer
47 views

Legal requirements to sell design content, artwork and also freelance in India?

I want to start a website where I can sell my digital artwork, 3D models etc at the same time use the site to get freelance graphic design work.I know how to go about it technically but what are the ...
2
votes
1answer
79 views

End-of-year purchase deductions

I'm a sole proprietor / contract employee (developer) in Texas (United States) and am planning to make a new hardware purchase. I remember being told that purchases made in the last quarter of the ...
2
votes
2answers
235 views

Is my Roth-IRA still valid after if the business no longer exists?

I have a Roth-IRA from my company that is no longer in business. Is it still valid for me to contribute to it or do I need to change it?
6
votes
3answers
279 views

How high should I set my KickStarter funding goal in order to have $35,000 left over?

I'm creating a KickStarter to raise enough funds to take 3 months off from my full-time job and finish an iOS game that I've been working on for about 3 years now. Put simply, all I need is about ...
1
vote
3answers
104 views

Independent IT Consultant with annual fees less than 10lacs

I have started as an independent IT consultant recently. Since I will be way below the 10 lacs exemption bracket, do I need to have Service Tax Number? Also is it mandatory to get this number and ...
-1
votes
1answer
148 views

What are the pros & cons of buying a car as a business vehicle

I am planning to purchase a vehicle in the coming months. I have a business of my own formed as a S-corp in Virginia. I will be using the vehicle to commute every day to and from work and for other ...
15
votes
4answers
5k views

Will depositing $10k+ checks each month raise red flags with the IRS?

I am a freelancer that runs a small design business (LLC) and I have one client in particular that I regularly do more than $10k per month worth of business with. Sometimes I'll deposit a check for ...
2
votes
1answer
50 views

Can Health-Releated Services be a Business Expense?

I own a small S-Corp. I am considering subscribing to a monthly meditation service ($5/month) to help me with my focus, creativity, etc. 1 - Can I charge this on my business account? 2 - Is this tax ...
-1
votes
1answer
63 views

Pre-valuation of the company [closed]

I am planning to start a company, but it's just an idea with no revenues. Hence, if I approach angel investors 1) What should be the pre- and post-valuation of the company after investors are ready ...
5
votes
3answers
119 views

As an employer, how do I start a 401k or traditional IRA plan?

As a small business owner, what are the requirements for me to start a 401k or traditional IRA fund? How much do they cost to manage? I'm in the very early stages of my company right now but I would ...
6
votes
2answers
168 views

I started some small businesses but need help figuring out taxes. Should I hire a CPA?

I've got a couple of small businesses I run. I started them in the last couple of months. I feel lost when it comes to my taxes. I know I should be paying something, but I'm not real sure where to ...
-1
votes
4answers
236 views

Calculating Pre-Money Valuation for Startup

I have founded a company with investment of $250,000. I have been investing and developing this company for 2 years Company is not in market yet and needs external funding of $200,000 to be ...
2
votes
3answers
104 views

Is it legal to start a new small business while owing personal back taxes?

We owe, personally, about 8 thousand in back taxes for the past 3 years. But we really want to start a small renovating business. I heard it was illegal to begin a new business while still owing the ...
2
votes
1answer
217 views

How can I register a UK business without providing a business address?

If you are a start-up from home and do not have an office yet, how can you register your business on http://www.companieshouse.gov.uk/ without publicly disclosing your personal home address? I know ...
5
votes
1answer
49 views

Small business tax dates, what is “the date” of a job?

I work to a tax year that starts on the 6th of April. I have a number of jobs which before this date are: "in the pipeline" i.e. in my order book work in progress finished not invoiced finished and ...
1
vote
2answers
68 views

Is there a “Rollover as business startup” for IRA?

I had a 401(k) with my employer, who I left recently. I'm considering rolling this over into an IRA since I will avoid a small maintenance fee this way, but I'm not sure if I will lose the ability to ...
9
votes
2answers
133 views

Joint Account for Common Earnings

I've started a tutoring group with two of my peers; the three of us are minors in the state of Ohio. We charge a modest fee and generate approximately $2,000 in revenue per month. We plan on charging ...
5
votes
3answers
335 views

What to do if my aging father is sustaining a hobby that is losing several thousand dollars every month?

My grandfather owned a large and successful bookstore company. My father became was the manager of this company. Due to political reasons, my father was kicked out this family business. (He was ...
3
votes
1answer
199 views

Do I need to get a business license if I charge users to play on my Minecraft server?

Mojang (the developer of Minecraft) has recently stated that server owners may charge users access to their server, so I know they allow it (source). My only question is whether I need a business ...
15
votes
1answer
2k views

Will I owe any taxes if I can write off every cent?

Does anyone know if I will owe any taxes for my small business if I can write off every cent? My business is based in the United States. I started a small web design business this year and anticipate ...
3
votes
1answer
339 views

Freelancer: Should I start a second bank account?

I am a freelancer based in India with clients in Canada, US and India. Until now I used my personal savings account (Union Bank of India) to get paid. It has been only a few months since and now I ...
0
votes
1answer
70 views

financial institution wants share member break down for single member LLC

Due to latest crop of regulations, a particular financial institution is requiring a share member break down for a single-member LLC, an odd step in verification since there is only one share member ...
1
vote
1answer
205 views

Can a Nepalese (Asian) open a bank account in US without visiting there?

I am living in Nepal (South Asia) and want to setup a business using which Nepalese living in the USA can pay for gifts and services to be delivered here in Nepal to their beloved ones. To receive ...
0
votes
2answers
159 views

Using a FOREX platform to actually change money

Does anyone know of a FOREX trading platform, on which both GBP and EUR are traded and which allows withdrawals in a different currency from the original deposit? (Just found out forex.com only ...
0
votes
1answer
193 views

Which software can I use to do partial / progress invoicing? i.e. invoicing several installments?

I own a small photography business. Once the client decides to go with my services, I charge them 50% off the full cost of service, to be paid within 5 days upon agreement. This payment secures their ...
0
votes
1answer
70 views

Deducting SEP-IRA contributions as a sole proprietor with no employees

Is it possible to deduct SEP-IRA contributions from a Schedule C Form 1040? I was a sole proprietor with no employees. It seems like if I had employees, I would deduct it on line 19, for Pension and ...
0
votes
1answer
37 views

Deducting related educational trading expenses from LLC?

From what I understand, you need to trade full-time in order to deduct educational related trading expenses such as magazines, courses, or newsletter subscriptions. If I'm not a full-time trader but ...
4
votes
2answers
2k views

Why do banks require small businesses to open a business bank account instead of a cheaper personal one?

I understand the need to separate personal finances and the business finances, be it sole-proprietorship or incorporation. I also understand that in the former it's optional, but in the latter it is ...
2
votes
2answers
255 views

Applying for EIN when incorporated in another state?

I have an online startup that is generating revenue and now I have to file for taxes. I'd like to keep my PayPal separate from personal and keep it purely business so I want to sign up with an EIN. ...
2
votes
1answer
2k views

Capital Gains in an S Corp

In this question about s-corp distributions, the answer was given that an s-corp taxes all profit as personal income. That is, there are neither distributions nor dividends which can be taxed at a ...
1
vote
1answer
48 views

Requirements for filing business taxes?

In her free time, my wife writes a food blog that gets a respectable amount of traffic. From time to time, businesses will approach her to sponsor a post about their products. At the end of the year, ...
2
votes
1answer
138 views

How long does a bank's “Know Your Customer” (KYC) process typically take?

When opening a U.S. bank account, the bank will investigate about the account owner, and this investigation is called 'Know Your Customer.' The goal is to prevent money laundering. My question is: ...
0
votes
1answer
48 views

Where can I find information about the relationship between the owner of a company and its business administrator?

Through the past years, working as a employee, I have managed to save some money and now I want to buy a company. I chose a restaurant, because I already have experience in this area. However, I do ...
2
votes
1answer
398 views

Simple income and expense report in gnucash

I do not understand nor do I enjoy accounting. I have a small LLC, and I have a QFX file from my bank that encompasses all transactions from 2013. I would like to import this, manually categorize ...
8
votes
3answers
332 views

What kind of taxes might I incur if I sell off intellectual property from my small software business?

For a little over five years (I started in fall of 2008) I've been developing an app for the iPhone/iPad, and it's been for sale in the App Store for all of that time. I'm in a position now where I ...
3
votes
1answer
75 views

Should I keep separate the capital used by my two businesses?

I have two kinds of business. I sell stationery and pants. Each business has it own capital. But I have trouble with the stationery business capital – some bad credits happened in the business. ...
15
votes
3answers
12k views

What to ask for on a business partnership?

I am being asked to provide technical expertise on a technology entrepreneurship. They are offering me equity of the business, in exchange of my work/commitment. I know they will require a capital ...
5
votes
1answer
177 views

Can a husband and wife who are both members of the same LLC file a joint tax return?

My question is basically summed up in the title. My wife and I are active members of a new LLC which also has other members. The LLC is taxed as a partnership, so profit/loss is simply passed through ...
5
votes
3answers
546 views

What's “wrong” with taking money from your own business?

Let's say there is a small business owner of a business that employs 30 people. From time to time, that business owner takes and/or borrows money from the business for personal expenses, like home ...