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

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4
votes
1answer
3k views

I'm self-employed with my own LLC. How should I pay myself, given my situation?

I do a ton of freelance web design and decided to setup a simple LLC so I could have a credit card to make business purchases with. From my limited understanding, I can choose to be taxed as an S-corp ...
3
votes
1answer
215 views

Do I need a new EIN since I am hiring employees for my LLC?

I have an LLC that I set up but at the time it was created, the business did not have any employees (this is for consulting work I am doing). So I now have an EIN for this LLC but during the IRS ...
3
votes
1answer
98 views

What book or source of information can help me build a business from tax money?

My wife and I are both employed. We are in the middle class family tax bracket, but we don't own a house thus making our tax very high. I want to start a business to work it after hours and divert ...
9
votes
5answers
395 views

Should I start my own company so I can claim against tax?

I live in the UK and I'm an employed web and mobile phone developer and very occasionally do some work on the side. I've been recently advised by a family member that I should look at starting my own ...
9
votes
4answers
172 views

Do I need a business credit card?

Do I need to have a business credit card for my own company or can I use my personal credit card and just make sure I keep the records. I don't have a lot of expenses so keeping the records is not a ...
2
votes
3answers
276 views

How can I get a wholesaler ID number?

What does one need to do to get a wholesale ID number in order to buy items wholesale? Specifically, the items are materials (metals, gems, etc.) that will be fashioned into jewelry for resale, but ...
2
votes
2answers
108 views

How to deal with PA sales tax for item bought on behalf of my customer and resold to them?

I work for myself and at times buy a piece of software or something for someone I am working for. Like my title says, I live and work for people in PA. If I pass the product on to my customer at ...
8
votes
3answers
3k views

Full-time work + running small side business: Best business structure for taxes?

Currently I have a full time job (IT industry) but from time to time I do a side project. Most of the times my clients agree to pay me cash as the amounts are not large. However, last year there ...
5
votes
8answers
116 views

Finding a good small business CPA?

Maybe I've just had bad luck, but the four CPAs I've met so far with have been morons. The first one I found on superpages and he couldn't help me set a structure for my LLC. Didn't know what ...
3
votes
2answers
245 views

Is there a tax deduction for a loss due to theft of inventory in a start-up business?

I acquired an inventory for a business start-up. The owner of the building died. An executor wrongly sold off the inventory and did not turn over the funds. The reasoning, if the person would ...
8
votes
3answers
259 views

Help: Being charged interest on a loan for which I received no statements telling me of this debt for the past 15 years. Surprise!

Is this legal? This was a private loan within a small business. I was under the assumption that the bill was paid in full 15 years ago. My only drawback is that I never got them to sign to verify the ...
5
votes
1answer
430 views

Sole proprietorship or LLC?

At what point in the life of a small business would you choose to do a LLC over a sole proprietorship? What's the advantage, and what's the cost of doing an LLC?
5
votes
1answer
151 views

How much should I charge for shipping as a function of unit weight?

I am setting up an e-commerce site that sells workbooks. I would like to calculate an estimated shipping fee based on the total weight of the items purchased. The per-unit weights are as follows: ...
5
votes
1answer
98 views

How to Transition From Employee to Employer?

I know Making the transition from employee to employer requires financial stability, a good business plan, self-confidence and a lot of discipline. But i am looking for some instructions/tips from ...
3
votes
1answer
1k views

My Ontario small business collects only PST (beneath GST threshold). How will HST affect me?

I own a small business in Ontario and make less than $30,000 per year. I only charge the PST Will I be affected by the new HST and if so, how ? ==================== Also: If the PST is going ...
4
votes
1answer
2k views

Contractors: Guideline on what percentage to keep when hiring a SUB-contractor?

My business may be growing past the point beyond which I can no longer handle the jobs alone (yay me!)... If mine is an hourly job, with little to no overhead, and I bring someone on to work the jobs ...
6
votes
1answer
664 views

What are the benefits and downsides to an LLC vs. Sole Proprietorship vs. Individiual?

As a followup to my previous question, what benefits are there for an LLC vs. a Sole Proprietorship? What are advantages and disadvantages to both and also vs. just being paid as a person?
3
votes
2answers
2k views

What's the maximum income one can have and not have to file a tax return? [Canada]

I'm starting a home-based business and make very little. Do I have to worry about income tax?
7
votes
3answers
302 views

Is it worth working at home to earn money? Can I earn more money working at home?

I am just started using basicallymoney.com... My question would be Is it worth working at home to earn money? Can I earn more money working at home?
9
votes
4answers
376 views

What's a Letter of Credit? Are funds held in my bank for the amount in question?

Can someone easily cash one? Is it used for business only, or is there an advantage to consumers using them as well?
19
votes
4answers
1k views

When should I start an LLC for my side work?

I am doing quite a bit of sidework this year and wondering at what point would it be a good idea to "start a business" and bill through that.
7
votes
4answers
712 views

What financial management software (personal, business, tax) is for Mac OS X?

What financial software written for the Mac is good? I need personal (like Quicken), business (simple bookkeeping) and tax software.
3
votes
1answer
632 views

In Canada, can I deduct my mortgage if running a business from my home?

If I run a home business and a portion of the home is used as an office for the business can I deduct a percentage of the mortgage?
5
votes
1answer
93 views

How much money/time should be re-invested in your own business, as a contractor?

As a contractor, you realize how valuable your time is - but undoubtedly, an investment back into skills update training or in marketing your business is worth the time you would otherwise spend ...
5
votes
7answers
239 views

What's the best application, software or tool that can be used to track time?

For instance, a contractor, lawyer, accountant etc. would want the ability to easily track time spent on tasks or client activities, without having to manually log/track via spreadsheet. Are there ...
5
votes
2answers
122 views

Why Are Credit Card Rates Increasing / Credit Limits Falling?

I thought that there was recent legislation passed that forbid banks for jacking up rates as they had been doing from late 2008 into the first half of 2009. All of my credit cards have seen increases ...
4
votes
2answers
157 views

Are there any viable alternatives to Paypal for a small site?

I don't want to have the hassle of dealing with credit card or direct payments directly on my website, the volume and amount of transactions don't justify the effort. I've set up Paypal on the site ...
9
votes
3answers
349 views

Can I withdraw from my Roth IRA retirement account to fund a startup?

I'm 24 years old and have $10k in my retirement accounts (Roth IRA) after about a year with a real job. I'm considering withdrawing the entire balance to support myself for a few months while I ...
4
votes
1answer
7k views

If you run a sole proprietorship, how do you declare the income of the business on your taxes?

Let's say I have a small sole proprietorship with only a bit of income and expenses. I can do up a balance sheet and an income statement at year end. Is that all I need to submit with my taxes, and ...