Questions tagged [small-business]
Questions specific to small businesses, generally under 100 employees and revenues less than $1,000,000.
418
questions
0
votes
0answers
63 views
+50
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
21 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
68 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
215 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
53 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
134 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
29 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
123 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
103 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
67 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
110 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
28 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
103 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
92 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
57 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
246 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
96 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
99 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
210 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
18 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
45 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
303 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
333 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 ...
0
votes
1answer
134 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
59 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
55 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 ...
1
vote
1answer
108 views
Corporation Tax Help?
I’m hoping some of you may be able to help, as I am not very well versed in the tax department.
Here’s my situation:
Last year, I started doing work for a company that required us to be self ...
4
votes
1answer
151 views
Am I required to issue tax forms for the users of my website (on which they can earn money)? [closed]
The website in question is a peer-to-peer platform. Users can contact each other and agree a fixed cost for a particular service. I take a percentage of the cost and the rest goes to the user who ...
1
vote
2answers
155 views
Good ways to keep up with inflation with a business account?
My spouse and I recently purchased a rental property. We have about $40,000(US) that a recently deceased relative left us and we have decided to use it for our rental business to handle special ...
4
votes
1answer
158 views
Does a musician under an LLC have to file a foreign qualification for shows in other states?
Does a musical band or similar service under an LLC have to file for a foreign qualification in every state they play a show in/employ their service?
46
votes
10answers
20k views
I won USD 50K! Now what should I do with it?
I won a sweepstakes and will be getting USD 50k...it is verified that it is legitimate although no taxes have been taken out so I will have to claim this income on my taxes next year, they will send a ...
1
vote
1answer
34 views
Best shot for small business loan given limited history, credit, etc
Suppose that a person is in dire need of a small business loan (complicated surrounding circumstances involving politics eliminate other options).
They have the following assets:
6 year old LLC with ...
0
votes
0answers
37 views
What is the ACH Number for the TD Cross Border Account?
I have a TD Cross Border Account and an employer in the USA that pays in USD's. What is the ACH number for the TD Cross Border Account?
1
vote
1answer
114 views
Charged overdue amount but not given bill prior to this date
I've been provided with a statement of account which claims I owe an overdue amount rather than the actual amount (which I would have been charged if I had paid the account on time). The problem is ...
5
votes
4answers
2k views
Is this app buyout company a scam?
I have a couple of modestly successful android apps in the store and I've recently been approached by a company to buy out two of the apps from me. The company was webuyapps.top.
There are a couple ...
0
votes
0answers
51 views
Should I create a corporation, even if I won't make money or receive funding until later? [duplicate]
Suppose I may not be profitable, make any money, or receive funding for another year. Should I still create the business entity now?
51
votes
6answers
9k views
Determining fair price for profitable mobile app business
I have been developing iOS apps for a few years now. They do pretty well, and yesterday I was approached with an offer to buy one of them. The offer was for $40,000 dollars for an app that generates ...
