Questions tagged [small-business]
Questions specific to small businesses, generally under 100 employees and revenues less than $1,000,000.
463
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Can I use a friend's bank account while living abroad?
I've been living abroad for 2 years and work as an expat independent contractor. A friend is willing to open a bank account, on his name, exclusively for my use - so my client will send payments to ...
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1
vote
0
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42
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Starting a second business as a Sole Proprietorship, S-Corp, or LLC with a DBA?
I'm planning on launching a business to provide voiceover professional services. In professional voiceover, your name is your calling card, so my first inclination would be to simply do everything as ...
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votes
1
answer
92
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What percentage of companies could have a consistent lower "return on capital" to its owners/shareholders and a higher risk than the S&P 500?
What percentage of companies/startups in the US or any other country could have a consistent lower "return on capital" to its owners/shareholders and at the same time a higher risk than the ...
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0
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30
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Do I need to charge GST to US based client?
I have been working (Website Automation Testing in Java Coding, Selenium) for a US-based client since October 2021. I send him an invoice every month addressing his registered company in Massachusetts ...
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1
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1
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90
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Should I categorize a cash injection into my 2-owner LLC as an owner loan or owner investment?
I have an LLC, S Corp where I and my business partner share a 50/50 ownership. We ran out of cash, so I deposited $1,000 into the account to get us over the hump. The plan is to pull it back out once ...
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45
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Do I apply VAT charges on my invoice?
I am a consultant and did some work for a company in Norway.
Until now I have worked with companies that are registered on VAT (in other European countries) and I am informed by my accountant to add 0%...
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2
votes
1
answer
86
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How to track business mileage in GnuCash?
I have a small business which involves some driving to clients using my personal vehicle. I track both my individual auto expenses and my mileage in GNUCash but so far have only been using the ...
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3
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29
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can SEP contribution be made more than one time for same year
Can a small employer make contribution to SEP similar to 401K with each pay check/1099 or at end of the year for previous year. So for example for 2021 contributions, can one give 10% in January 2022, ...
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1
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75
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Is it more tax efficient to use a website that does the logistics, manufacturing and selling for you? [closed]
Is it more tax efficient to use a website that does the logistics, manufacturing and selling for you like Merch By Amazon, or is it more tax efficient to create your own store with Shopify, do your ...
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7
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1
answer
753
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Can I deduct driving expenses when I am driving for Uber?
A person is driving for Uber. He gets in his car and turns on the Uber app. After some time, he gets a rider. He then drives to pick up the rider. After that, he gets another rider. He repeats this ...
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2
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125
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Would like to keep paying our parents after retiring from our small business
Several years ago me and my brothers bought the company that our dad and mom started. We agreed to pay them a monthly amount until we had bought out the company. At that time they both continued ...
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183
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Are donations to OSS projects necessary business expenses for tax purposes?
I run a small business and use open source software (OSS). I'd like to give money to the OSS developers to motivate them to keep doing it. I don't get anything in return.
Can I claim such a payment as ...
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67
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What type of company/business can be registered with one person?
In some countries, a company must at least has 2 board members to be registered. What about the US? What type of companies can be registered with only 1 person in the US?
EDIT: My interest is a S-Corp ...
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21
votes
3
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6k
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Is money from the sale of an asset considered income?
Is money from the sale of an asset, like a pickup truck, considered income? For example, let's say I am a carpenter and I buy a new pickup truck for $40,000. I deduct $18,000 in depreciation for the ...
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50
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Term For Business Entity Founded With The Sole Purpose Of Holding Non-traditional investment?
I've done some searching but have been unable to find info on what I'm specifically looking for. My guess is there's a specific term for this type of business that I don't know.
Suppose I want to ...
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1
answer
110
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What are the advantages of LLC over S-Corp?
I saw a video that mentioned that if you don't want to withdraw all your company's net profit and want to invest it again on the company, it's better to have a LLC over the S-corp. Is that true?
May ...
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What options are available if the IRS denies appeals for waiving missing form fee?
This question is a follow-up to
What happens if IRS does not receive 1120-S for an S-Corp?
In June 2019, IRS sends Mr. X a letter with a fine of $7,200 for the missing 3 forms (each form cost maximum $...
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1
answer
75
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How do I budget with cash surplus spending in mind? [closed]
I'm setting up a budget for my small business. We have been accumulating cash, but have not been budgeting up to this point, so are trying to get everything in order.
I've created a conservative ...
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21
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11
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6k
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Why can't my LLC get a credit card when the owner has credit history and a good credit score?
I've started an LLC (US-based) and have an EIN that I'm bootstrapping myself and self-funding. All my addresses and details are registered in the US. I'm the sole employee, but have zero revenue as it ...
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60
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Goodwill and Amoritization when buying a small business [closed]
When buying certain small businesses goodwill is the largest intangible asset.
For an example company,
Purchase Price: 1,000,000
Tangible assets: 200,000
Goodwill: 800,000
If the company's value stays ...
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1
vote
2
answers
116
views
Bought a domain before starting a small business (SMLLC), is it considered a startup cost?
I bought a domain ($3,000) right before I started a business SMLLC (single-member LLC). At the time, I thought that the domain can be treated as "start-up" cost so I do not need to ...
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1
vote
1
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74
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Why on PPP application lenders distinguish between sole proprietor, partnership, independent contractor or self-employed?
Lenders on PPP applications call these "Entity types" without further defining this term. However, best to my knowledge:
Sole proprietor is someone who owns 100% of business and files ...
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2
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2
answers
82
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PPP 2.0: Can businesses that were not operational in 2019 use 01/01/2020-02/29/2020 period for average payroll cost calculations?
Official SBA PPP 1.0 FAQ had this answer:
Question: What time period should borrowers use to determine their number of employees and payroll costs to calculate their maximum loan
amounts?
Answer: In ...
- 613
2
votes
1
answer
80
views
Self-funded & fully-funded health insurance plans for small businesses
Imagine that a hypothetical small business in the U.S., MoneySavers, is setting up a health insurance plan that it will offer to its employees. I'm looking for clarification on any misunderstanding ...
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3
votes
1
answer
131
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Using capital gains to start a business?
Lets say I make 100k profit in selling some stocks. Can I use that 100k to start a Business without paying Capitol gains? The Business would be used to buy and sell properties. Maybe a bar.
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2
votes
2
answers
242
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No more income. What are my options to keep my S-Corp from dissolving?
I classified my single member LLC as an S-Corporation to take advantage of the tax advantages for qualifying small businesses as an independent software contractor. This worked well while generating ...
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4
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2
answers
116
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Can I exchange the shares of an index ETF for the assets of a small business?
I am interested in buying a small business for $150K. In order to finance the acquisition, I plan to use funds from my personal brokerage account (TD Ameritrade). I will sell $150K in stocks from the ...
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10
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8
answers
7k
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UK - Can I buy things for myself through my company?
this is a UK-based question.
I understand that there are certain purchases that you can make using the revenue of your limited liability company, and this is beneficial as you are using money that has ...
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45
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Journals for credit with suppliers
How would I keep a record of payments with an insurance supplier (Zego if that helps) if they bill on the basis that the account gets topped up with credit, then they deduct from the credit on a pay ...
2
votes
1
answer
78
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I'm traveling and need the info on my future business card
I'm about to open a business account, but all providers seem to provide physical credit cards for their business account. At the moment I won't be able to physically present myself at the place of ...
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14
votes
2
answers
2k
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Can I claim/deduct my expenses for a part time recipe tester on my taxes?
I manage an app that generates income. It is a food recipe app and I would like to hire someone a few hours, once a week, for the next two months. I want them to test the recipes. In that two months ...
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1
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46
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LLC in Florida needed if already have a New Mexico LLC?
I'm a resident of Florida and need to a create a LLC for liability protection. My business will solely be an online business. I would like to form the LLC in New Mexico as they have no annual report ...
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2
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0
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33
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Are Employer Taxes (medicare and social security taxes) eligible expense for PPP forgiveness purposes?
Let's assume sole proprietor with 1 employee received $10K in PPP loan. As per SBA at least 60% of PPP loan must be used for payroll expenses in the 24 week period. This means at least $6K.
My ...
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33
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How are certain Indian small businesses dealing with taxes?
When I am attempting to register a domain from a domain reseller, I don't see any tax component getting added by the reseller. However, Godaddy or HostGator adds 18% GST on top of the actual price of ...
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1
answer
112
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Can I have a small wage if I establish a non-profit organization/company in Greece?
In the future I plan to make a non-profit organization, so I can hire software engineers in order to contribute and develop libre software projects. The organization will either be in Greece or Cyprus....
10
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5
answers
3k
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Is there any way to form an anonymous General Partnership?
Update: When I say anonymous, I don't necessarily mean from the IRS (although that would be ideal). I mean anonymous from the general public. I don't want anyone to be able to look up my real name and ...
3
votes
2
answers
369
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How do I form an LLC anonymously?
I just read this article and want a second opinion: https://www.legalzoom.com/articles/starting-up-which-state-to-file-your-llc-in
I'm considering starting an LLC because I earn about $400 a month ...
39
votes
5
answers
12k
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Every month I make money from Patreon. I want to split my income with a partner. How do I avoid paying taxes on 100% of the income?
Let me start off by saying I have no idea what I'm doing here. The context is, I am making a game, and every month I make $400 or so from Patreon (people are my patrons, and they are paying me because ...
0
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2
answers
196
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How to finance and structure an easy knockoffable business idea of a dummy poor 19 yo?
I am a poor 19yo, found one probably original business idea of products that will help (not entertain) people. However I am absolutely not savvy in technical business knowledge, so please answer my ...
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22
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12
answers
7k
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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 ...
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2
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222
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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 ...
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vote
2
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147
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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 ...
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1
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171
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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 ...
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4
votes
5
answers
2k
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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 Schedule C, we can write ...
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1
answer
38
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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 ...
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1
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75
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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 ...
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1
answer
50
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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?
- 209
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1
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61
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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 ...
- 613
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1
answer
79
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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 ...
0
votes
4
answers
350
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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, ...
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