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Questions tagged [small-business]

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

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1answer
38 views

I have 100k in home equity. What is the best way to use this to create more money?

I'm looking for the best option (good risk/reward ratio). So far, I've considered; using it partially as a down payment and partially towards remod on a house flip (Seattle suburbs area) buying a ...
0
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0answers
46 views

Taxes and Minecraft servers [duplicate]

I am a teenager who plans to start a Minecraft server. I live in the United States and I assume that I will need to pay taxes. My parents want to find out more about the taxes. I've read a couple of ...
1
vote
1answer
238 views

Closing company, what do to with last amount of funds?

So the business is about to be shut down and there is a little bit of funds left over in the business bank account which I do not want/need. According to https://www.gov.uk/strike-off-your-company-...
2
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0answers
147 views
+50

Stop filing federal annual return (Canada)

I incorporated my company several years ago and since then I've been filing both my provincial and federal annual returns (pay $20 and confirm info). According to many sources, having the federal ...
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1answer
88 views

Can BofA seize the money from my account after closing it via Anaytcal department?

I am a new small business owner and I recently opened a small business account through BofA. I receive wire transfers from a liaison with the company I contract for to process invoices. Through BofA’s ...
1
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0answers
29 views

Can I Expense Reimbursements To An Employee Who Received Medical Treatment In A Foreign Country?

I have an employee who was sent to a foreign country on a business trip. He got in an accident while he was there and had to be treated at a hospital. Since he was there on a company trip, we ...
-1
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0answers
22 views

Corporate structure for dual U.S. / Canadian citizen?

Current scenario: $150,000 CAD/yr taxable sole-proprietor income (Canadian sourced) dual U.S. / Canadian citizen Canadian resident Wishful scenario: Canadian corporation qualifying for small-...
1
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2answers
80 views

Withdrawing money from a micro entity

I own a Micro Entity company which makes around £2,000 - £3,000 profit per year. I'm the only employee in the company. I wish to start taking what you could call a salary each month of £100 - £200, ...
1
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0answers
23 views

State Tax on Sale of Michigan S-Corp for Non-Resident

I have a family member that will be a resident of Florida for 2019. He is contemplating selling his business based in Michigan (S-Corp). He can run the business remotely (but anticipates spending ...
0
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1answer
59 views

Deductible automobile expenses for ridesharing business

Most people here will disagree with the premise of the question, so try to disregard that (and that I know this is likely a very bad idea). I'm considering buying a (new) car that I can't afford (...
0
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0answers
32 views

Creating a separate entity for bank transactions

So you have your personal bank account. But I'm wondering if you can then create a separate bank account of some kind, either a business bank account or another personal one, and have the name on it ...
2
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4answers
229 views

How to keep track of revenue and expenses of a small business that I rarely visit?

I'm a programmer looking to invest some money into opening a very very small restaurant which will be run by my friend (who's a professional restaurant manager) with occasional help from family ...
2
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1answer
80 views

Self-Employed vs. LLC vs. “Something Else” for an at home business with two employees?

Though my circumstances are not that difficult, I want to be sure that I pursue the correct legal path for my family since our business administrative needs may be changing. I am a self employed ...
1
vote
1answer
60 views

What happens to the initial shares after opening a LTD company?

I have just opened my first LTD company in the UK, and I am trying to understand the way one goes about it. Being a self taught person I have been trying to understand how it works by reading .GOV ...
0
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2answers
142 views

how to find out if a company has stock/shares to invest in?

Scenario: Lets say I'm walking down main street and a company or two catch my eye as possible investment opportunities. How do I go about finding if they have stock/shares to invest in? Some may ...
0
votes
1answer
64 views

How can all medical expenses be deducted from taxable income for a business with owner and 1 other employee?

How would I best set things up so as to fully fund my and my employees healthcare and reduce taxable income. I am am considering forming an LLC or S-Corp but don't know the pros and cons in this ...
1
vote
1answer
56 views

Recieving payment on behalf of our incorporated business into personal paypal account

I live in Canada. I have been working as an independent consultant for a US company since Sept, 2017. They have been paying me into my Paypal account. My wife incorporated a business this year. In May,...
1
vote
1answer
108 views

How to include money spent on business as losses

For the last year or so I have been helping as a financial partner to a small business. The person has used the money for business as well as personal expenses and I'm wondering what I need to do to ...
0
votes
1answer
116 views

How can I hide my personal information from public access when forming an LLC? [closed]

I am a US citizen want to create a company in the US that will not disclose my name or other personal information. How can I create such an entity? Are some states better for this purpose than ...
1
vote
1answer
114 views

Am I a 'disregarded entity'?

The US IRS classifies certain business entities as "disregarded" for tax purposes: business income is considered personal to the owner. The IRS says this term applies only to single-owner LLCs (not ...
0
votes
1answer
243 views

What can I do to earn money, with the fleet of servers I own? [closed]

I own a lot of servers, Virtual Private Servers in specific. Those resources are being wasted. How do I put them to good use to earn a substantial amount of money? Please give me detailed ideas and ...
1
vote
1answer
104 views

How to effectively monetize a facebook page [closed]

I have a facebook page with an increasing number of likes. I would like to find a way to make money out of it. Since the page is about a niche subject (photos of a city), I'm thinking about using a ...
1
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2answers
502 views

Direct deposit personal check into business account

I'm in the process of trying to launch a new start up company but also still working full time for another company. Is it ok to start having my personal paychecks directly deposited into my new ...
1
vote
2answers
113 views

Does it make sense to invest Limited Company's cash that does nothing otherwise? (UK)

I am a contractor working in the UK and I own a limited company here. I briefly spoke with an accountancy about investing my company's cash although I haven't followed the topic with them. The answer ...
1
vote
2answers
104 views

Ownership of shares in a small company

I've been wondering this for a while now: If a small company has 2 shares and person A owns 1 of 2 and person B owns the other 1, what happens to their shares if person C wishes to buy shares. Is it ...
1
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0answers
26 views

Corporate tax & GST/HST tax - Canada

I've started self incorporated small business in Canada, registered with Ontario province in 2017. As per corporate tax structure, both corporate tax return and GST/HST return is filed by end of ...
3
votes
1answer
154 views

I don't understand the Qualified Business Income Deduction?

In the USA, the new tax laws include a: Qualified Business Income Deduction I cannot find one place that explains this and whether it is good or bad. Example situation: Married person, with an ...
0
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1answer
94 views

Transferring personal debt from startup costs and operations to a corporation

For a long time, I've been a one person startup, and have just bundled all business costs - presenting at conferences/travel, office rent, hardware equipment purchases, etc., to my personal account. ...
3
votes
2answers
44 views

Approach to modifying invoices in previous fiscal period?

I have a small business in Ontario Canada and I file my taxes each year. Let's say I discover an erroneous invoice from the last fiscal year for which I've already submitted my tax returns to the ...
1
vote
0answers
52 views

Taxable income when bad debt discovered in a different fiscal period

I have a small business and I'm trying to understand how bad debts affect taxable income. I am using accrual method of accounting. Let's say in the year 2008, I sent an invoice 101 to a client for $...
1
vote
3answers
260 views

Can I be hired with a flexible hourly wage?

Question Is there such a thing as hiring someone at a minimum hourly wage and then offering additional pay based on a factor? Alternative Question Could this be done legally (from a US tax ...
2
votes
1answer
257 views

I am a co-founder departing from a startup with debt, should I cover a portion of the debt on exit? [closed]

I'm a minority partner in an e-commerce startup, now departing due to personal reasons after being with the team for a couple of years. Founders agreement has a clearly outlined 4-year vesting ...
7
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6answers
424 views

How to place value on small business that has $0 earnings

I'm trying to learn how to value my small web application development business. I'm about to talk to some financial advisers for their input as well, but thought I'd kick things off here. My ...
3
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2answers
274 views

How can I give 10% of equity in a company that does not exist yet?

I am a web developer working on a business idea and "hired" someone to do all the designs for me. The designer I hired has an LLC, we both made a verbal agreement that the design work will be done in ...
8
votes
2answers
195 views

LLC with $100K Profit - How to Reduce Taxable Income via Spending and Investments?

I'm a US citizen with a US-based single-member LLC operating in the internet space that will have $100K of profit / taxable income this year. I'm looking for ways to creatively (and legally) spend/...
1
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1answer
58 views

How to record business expenses paid from personal accounts?

Sometimes I have to pay for business expenses from my personal accounts. What is a good practice for administering these types of transactions? What should I name the account? What system should I use ...
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0answers
54 views

Help to become a tiny bit literate in business finance

I'm not too sure where to ask this question so do forgive me. I work as a website designer, and I would like to start becoming more involved in Strategy, Sales and creating Marketing campaigns. ...
2
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0answers
41 views

Forgot to file 1065 for business that did not get any income. What do I do now?

It just came to my attention that my business missed the deadline for filing Form 1065. We also make no income. How should I proceed from this point to make sure that the IRS does not come after us (...
0
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0answers
35 views

What type of organisation should a H4 start?

I am on H1B and my wife is expecting her EAD in September. She intends to start a small business in which I will invest money. We are thinking of operating on Sole proprietorship. Is that the right ...
0
votes
1answer
41 views

Small Business with Expenses on Personal Account

We have a C Corp that I am filing taxes for. I have some expenses that are valid business expenses, that I paid for with a personal credit card. How do I account for those? Yes, I realize going ...
0
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0answers
15 views

I have a regular job as well as a LLC opened with my partner. Should I file 1040-ES?

I have a regular job for two years and my employer gives me W-2. Last November, my friend and I wanted to open an ice cream shop for 2018, so we established our LLC. I filed 1065 last month for our ...
0
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1answer
47 views

I am on H-1B visa. Can I invest in a business run by my H4 wife?

I am on H-1B since October 2017. My wife is expecting her EAD in August 2018. Can I invest in a business run by her?
50
votes
2answers
11k views

Can I hire my kid and start a Roth IRA for him?

I own an LLC, of which I am currently the sole member. It's my main source of income. I am wondering if there is a reason why I could not do the following: Hire my child as a part-time employee of ...
5
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1answer
253 views

During an IRS tax audit, are credit card charges without a receipt a valid proof of expense, or do you need a physical copy?

I'm contemplating if I should save my paper receipts or not. I charge everything to my business credit card. During an IRS audit, can you claim a credit card charge as a legal operating expense or ...
8
votes
2answers
2k views

Am I required to file taxes on an LLC that made no money?

I live in NY and created my LLC in November 2017. I didn't have any revenue for the two months of activity. Am I required to file taxes for 2017 on that LLC? I can't imagine that they would want to ...
0
votes
1answer
72 views

I don't have a 401K and I have a small business. Can I get one now before filing 2017 taxes and deduct what I put in?

I'm quite new to 401k and I have a small repair shop fixing computers. I haven't filed for 2017 taxes yet. I am a LLC where I file with my personal taxes. If I pay taxes of $5000 this year, can I ...
2
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1answer
244 views

How do I improve my ability to get loans to use as leverage for my business? [duplicate]

Relating to Europe, but an US-focused answer is also welcome. Plan: I have a small stain on my credit history due to a tax issue. I am otherwise financially sound. I am not big enough for a bank to ...
0
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1answer
72 views

Getting client to commit to partnership

Not sure if this is the right spot for this question, it is not about finances per se. I have been developing a website/web app for over three years now, and in the beginning this was a small ...
0
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0answers
43 views

Tax situation for money made online by a person in US on F1 Visa?

I am on an F1 Visa in US (citizen on India), and I recently started selling items on Amazon. My revenue for past two months(feb/mar-18) have been around $2000 with around 50% profit. My concern is ...
1
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1answer
97 views

Deposit cash into my business from my wife's account?

I have a LLC (let's call it XYZ, LLC) and I am the sole owner and I am going to use the money of the company to buy some assets. However, XYZ doesn't have enough capital to make the purchase. My ...