Questions tagged [small-business]
Questions specific to small businesses, generally under 100 employees and revenues less than $1,000,000.
1
vote
0answers
51 views
How to declare small business income before bank account is open
I have incorporated a company in December last year, and since then we started making money but had no bank account. Because of the company structure, one of the shareholders who owned more than 25% ...
0
votes
0answers
18 views
How do I adjust my deposits and sales in the Square POS app?
My friend and I are just starting a business, if you would even call it an actual business. Just some side work to earn extra money. Well, we set up the account all wrong- we accepted payments under ...
1
vote
0answers
132 views
Dropshipping - Should I set up a business for this?
I've been looking in to the world of dropshipping and am keen to give it a go myself.
I'm just curious if it would be wiser for myself to set up a business in order to do this or am I able to do it ...
2
votes
1answer
114 views
Recently started selling hand-made products in online shop. What do I need to do? UK
I'm a hobbyist electronics engineer and I occasionally sell things that I make (electronic music devices) on eBay. It has snowballed a little bit and I have opened an online shop.
I live in the UK ...
1
vote
4answers
151 views
Is it possible to start/buy a business without risk to personal finances?
Assuming business under $1 million and in the US
Is it possible to start/buy a business without risk to personal finances or personal property?
And What would one need to do to have a no risk ...
2
votes
1answer
77 views
With which state/s must the payer file Form 1099-MISC?
I'm the president of a C corporation that's incorporated in Delaware.
The C corp is physically located in Connecticut (where I live and work). My cofounder lives & works in Colorado. So, we have ...
0
votes
0answers
23 views
How to apply 1% rate reduction using GST/QST Quick method?
I use Quick method for calcualting GST/QST remittances:
The Quick Method is a simplified accounting method designed to help
registrants calculate the GST and QST they must remit to Revenu
...
-1
votes
2answers
156 views
I have 100k in home equity. What is the best way to use this to create more money? [closed]
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
votes
0answers
47 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
251 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
votes
0answers
152 views
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 ...
-1
votes
1answer
152 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
vote
0answers
31 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
vote
2answers
93 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
vote
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
votes
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
votes
0answers
35 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
votes
4answers
237 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
votes
1answer
89 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
68 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
votes
2answers
143 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
65 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
59 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
110 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 ...
1
vote
1answer
120 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
118 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 ...
1
vote
1answer
105 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
vote
2answers
908 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
114 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
115 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
vote
0answers
27 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
171 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
votes
1answer
121 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
47 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
281 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
277 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
votes
6answers
437 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
votes
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
206 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
vote
1answer
59 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 ...
0
votes
0answers
55 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
votes
0answers
42 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
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
votes
1answer
49 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
votes
1answer
323 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
votes
1answer
245 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 ...
