Questions tagged [small-business]

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

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21
votes
12answers
7k views

Pay off Loan With Savings or Keep Emergency Fund

A year and a half ago I took out a Career Development Loan(£7000, 9.9% interest). Which is currently around £4900 now. I have been saving for no particular reason, and I now have over £5000 in savings ...
3
votes
2answers
100 views

Do I have to declare an income below my Personal Allowance?

I'm in the UK and planning to start a side business. The income from my current job doesn't exceed my tax-free Personal Allowance of £12,500 a year, nor do I currently expect the income from this ...
0
votes
1answer
64 views

Would companies pay me for some service by sending a bank transfer to me as a person?

Let's say I set up a website and contact some companies, and one of them hires my service to perform some kind of work for them. Now that they are happy with my work, they are to pay me. Do they ...
-2
votes
1answer
131 views

Is it possible to make my home and household a business?

I know it's possible to run a business from home. What I mean is rather to create a business whose sole purpose is to maintain a family & associated household, that would have expenses such as ...
3
votes
5answers
2k views

How to separate interest paid on a credit card between personal and business expenses?

My wife has a home business selling clothes. She purchases all her inventory with a credit card but she also uses the card for personal expenses. I understand that on the IRS Shedule C, we can write ...
1
vote
1answer
30 views

How to contact SBA regarding COVID19 loans?

I called SBA today on 415 744 6820 regarding a delicate PPP loan situation I am having. Over phone they delegated me to NorcalSBDC.org website (note the lack of .gov). And then they further delegated ...
0
votes
1answer
67 views

Ideal country for limited liability company (Ltd.) [closed]

Looking for and ideal country for an Ltd. with the following conditions: English is an official language It's creation and maintenance is at low cost You don't have to be resident of the country You ...
-1
votes
1answer
45 views

Personal income tax and new company

For someone living in the US who owes personal federal income tax. Is it possible to open a new company in such a way to protect the company/financials from personal taxes owed?
0
votes
1answer
42 views

Should I file two Schedule C when I hire employees?

According to the IRS, sole proprietor must apply for EIN the moment he hires first employee and must use this EIN for tax purposes. How Schedule C(s) should be filed if first employee is hired on June ...
0
votes
1answer
70 views

What is the simplest possible way for a person with a small store to sell custom products online with a paypal button and a text field? [closed]

I need a text field and a linked paypal button to put beside of each product. Suggestions to pay a service like ebay 10% to use their paypal button are not helpful. Something for a guy selling 5 ...
-1
votes
4answers
305 views

Is this method of getting free money viable and consistent with law?

A lot of credit cards these days give you an interest free period, say 24 months. They also allow you to transfer debt for a small fee, let's say 4%. This means if you keep the moving the debt around, ...
0
votes
1answer
85 views

Are employers who got their PPP loan on a later date better off than those who got it early?

My understanding is that payroll expenses that would be eligible for PPP loan forgiveness must be incurred immediately within the next 8 weeks when PPP funds appeared in the employer's bank account. ...
1
vote
0answers
43 views

Accounting for VAT on App Store sales as a UK VAT-registered company

UK VAT-registered company considering selling apps/games online (things like Apple App Store, Google Play Store, Microsoft Windows Store, Steam) and also earning via affiliate programs like Amazon ...
1
vote
0answers
107 views

How do I know when my applications for disaster relief loans have been approved?

I applied to all 3 programs as I have a business in NYC: SBA EIDL - Economic Injury Disaster Loan Emergency Advance PPP - Paycheck Protection Program NYC Small Business Continuity Program I think I ...
2
votes
0answers
292 views

PPP loan for business owner who “converted” 1099 contractors to w-2 employees starting from 2020?

Due to AB-5 bill passage many small business owners in California reclassified Independent workers (1099) as Employees (w-2) starting from January 1st 2020. Now when filing the PPP loan application ...
0
votes
1answer
57 views

Small business owner [closed]

Considering the current crude oil negative price situation, I do have available storage for roughly 50,000 barrels. Can be twice that much within a week. Am I in the ballpark of being someone (a small ...
0
votes
1answer
135 views

Where should I keep the money for the shares I purchased from my UK startup business?

I am at the beginning of setting up a UK business and started it with one share valued at £1.00. I am the owner of this single share. I am now wanting to pay the amount I owe for the share to the ...
0
votes
1answer
36 views

Transferring capital from C-Corp to an S-Corp to reduce tax liability?

I have a C-Corp in my name that was building a software project I was working on with a partner. The project is winding down now and there are still some funds in the account. Me and the partner want ...
0
votes
0answers
31 views

Opening a small business for Buy-Sell transactions

I am looking to open a business for just several transactions which consist on: 1) Buying merchandise overseas (not importing into USA or making use of such merchandise) 2) Selling the same ...
1
vote
1answer
126 views

I bought a website. How does it affect my taxes?

I have a small British Columbia business (sole prop) writing software. I bought a website last year which is earning a bit of money through my business name. Does the purchase of the website count as ...
0
votes
1answer
105 views

Loaning money to your small business by billing yourself and paying with personal credit card?

Can you loan money to your own small business by billing yourself and making a payment to it with your personal credit card? How would the accounting work on that? The business isn't actually billing ...
5
votes
1answer
68 views

In USA can I offset capital gains from the sale of a business with capital losses from stocks?

I recently sold a business and will receive a pay-out spread over a couple of years. Each year I will receive a predefined sum, which will be reported as capital gains. Now, with the stock market ...
1
vote
2answers
116 views

Can I consider check from LLC company as a personal check?

I have a friend wanting to send me $10K like as a gift. But he owns an LLC business so he said his LLC bank account and personal bank account is one. It's the same. My question is can I get it like a ...
9
votes
1answer
2k views

Are real estate taxes deductible if I use home for business?

I use home for business - work as a contractor from home, on my home computer, but there is no area for exclusive use - desk and computers are also used for personal purposes. So I do not qualify for ...
2
votes
0answers
31 views

Revenue Recognition, Foriegn Currency, and Exchange Rates

I live in Canada, and run a small hobby website (under a sole proprietorship) which earns advertising revenue from various sources. Some of that is paid in CAD, some in USD, and some in EUR, etc. My ...
1
vote
0answers
106 views

How can I handle an unofficial partnership/hobby business

Some Background: A friend and I have been working on a clothing company together. We have both had similar ventures before, but have only worked solo when doing it. Now we are splitting it to where ...
1
vote
1answer
56 views

Commercial Debt and Late Payment Fees in the UK

I want to clarify a few things with regards to late payments. Historically, I have suffered at the hands of unscrupulous payers but this year I am being more pro-active and using the legal rights ...
1
vote
1answer
94 views

Income-Tax and Side-Hustle Providing Internet Related Services

I'm looking at starting a side hustle that provides solely software related services. Like web-hosting, app development, etc. In the near future, I'm not looking for any sizable profit (or any for ...
0
votes
2answers
77 views

Is employee's 401(k) contribution still a tax deduction for employer through “wages paid”?

Small business owners can claim wages paid to employees as tax deduction. If one of his employees would elect to contribute $15K of his salary into 401(k) account then would the employer still be able ...
0
votes
1answer
60 views

Profit and loss statement without any sales [closed]

What would I put for the "cost of sales" in a profit and loss statement if I don't have any sales? I have purchased a lot of inventory, but as of now, I don't have any sales. Do I put 0 or a ...
0
votes
1answer
41 views

Trying to understand S corp

Say an S Corp has one owner and earns 300k in a year. It pays wages of 100k. Can the 200k be invested by the S Corp so that the the 200k does not have to be distributed?
0
votes
1answer
38 views

Claiming tax exemption to use the funds for Capital Investment

I currently work as a server/bartender, and saving up to get a food truck off the ground. Suppose I claim tax exempt on my W-2 (with the restaurants I work for) and use 70% of gross funds for Capital ...
0
votes
0answers
22 views

LLC (part assembly business) taxation

So I am starting a company for assembling computer parts (no change made to the components, just assembled). My company will be registered in Delaware but will work out of PA. My question is, do such ...
-1
votes
4answers
248 views

How can I keep my business income separate from personal

My student loan payment is based on my income. If my income goes up, my payment increases. I am starting a business in addition to my regular income. I was planning on creating an LLC because of the ...
1
vote
0answers
100 views

Why does crystallizing your lifetime capital gains exemption increase share ACB? [closed]

Tax Planning for You and Your Family 2019 by KPMG. p 217. The general provincial corporate tax rate ranges from 10% to 16%. For 2013, all provinces have reduced rates for the first $400,000–$500,...
0
votes
1answer
48 views

How can separate businesses account for shared expenses?

I have an LLC which holds two separate DBAs. Each business has its own checking account. Most expenses are distinct, but some, like office space and internet are shared expenses. How can I properly ...
2
votes
1answer
274 views

Can I use work on business ideas to reduce my tax burden?

I run a software consultancy which turns over approximately £250k per year. My work mainly involves by-the-hour consultancy or some fixed-price projects but no stock and very few expenses. In ...
38
votes
3answers
12k views

How to prove that invoices are really unpaid?

When it comes to official business documentation (USA) between a company and a client who is either another company (B2B) or individual person (B2C), how can the company providing the invoices, prove ...
0
votes
1answer
100 views

Selling software to a company? What copyright should I do?

I have developed an android app related to industrial automation. A service provider automation company wants to purchase it from me and sell it to there clients! I have a doubt should I add my name ...
0
votes
2answers
211 views

What happens to the physical assets such as laptops and phones after closing a company?

Let's say that I own a small company with 10 employees. The company has provided each one of them with brand new laptops and mobile phones. If the company closed, the employees would return the ...
0
votes
0answers
19 views

Previously Taxed Earnings and Profit (PTEP) Definition

Schedule P of IRS form 5471 requires documentation of Previously Taxed Earnings & Profit (PTEP), defined as: Earnings and profits (E&P) of a foreign corporation attributable to amounts ...
1
vote
1answer
49 views

Declaring partnerships or companies abroad in the US

As a tax resident of the US, if I plan to start a company with a relative (Aunt, Parent, Sibling, Cousin) in a foreign country with informal funds that we manage in the family (for ex: by pooling ...
2
votes
0answers
94 views

What qualifies as a small business in the United States?

I am a Canadian citizen living in the United States (in California) and would like to buy an investment property. I want to declare a small business for owning and managing the property which I ...
3
votes
1answer
130 views

How (in terms of specific procedure) are US companies paying the US-China import tariffs?

How does a business comply with the US-China import tariffs, specifically? By that I mean: does the business just have extra (sales?) taxes that they need to pay when they file their taxes? Are they ...
2
votes
1answer
428 views

CANADA: Can I deduct condo fees in business use-of-home deductions?

Info: the condo is a townhouse - not in a building. the condo fees are >$500/month ($6000/year) there are not many common areas the condo fees cover items such as ALL exterior maintenance (roof, ...
3
votes
2answers
345 views

Can owning a side business reduce the amount of taxes I pay from my full-time job in the US?

I'm a Canadian on TN status working in California. I've got a good paying job at a tech company and I'm looking for ways to reduce the amount of taxes that I will pay. I'd like to start a small ...
1
vote
1answer
137 views

Is it good if a network marketing company is not asking for an investment? [closed]

And does network marketing include any interest or compound interest? A network marketing company is not ask for any investment, and they have halal certificate. I would like to ask if network ...
1
vote
0answers
26 views

Is an s Corp LLC best for starting a small business marketing agency?

I want to start my own marketing agency where I will be employing people from across the US and international like India for example. The work will be done at their own location and sent back to me ...
0
votes
2answers
62 views

Small Business foreign exchange

I run a small Australian business that has the requirement to pay a relatively small but not insignificant (say USD10k-20k equivalent annually) amount of invoices in foreign currencies (EUR and USD). ...
0
votes
2answers
56 views

Requirements for VAT registration in Europe as an Australian Entity

I am going to be doing some consulting for a company based in Germany and I don't have a European business entity, only an Australian one (sole trader). They're asking me for a VAT ID, however ...

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