Questions specific to small businesses, generally under 100 employees and revenues less than $1,000,000.
2
votes
3answers
109 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 ...
1
vote
1answer
72 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
55 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
135 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
61 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
52 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
104 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
112 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
110 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
238 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
102 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
252 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
110 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
100 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
24 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
143 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
91 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
42 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
51 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
253 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
246 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
413 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
271 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
183 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
55 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
53 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
39 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
0answers
33 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
40 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
0answers
14 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
votes
1answer
45 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
240 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
71 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
242 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
votes
1answer
71 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
votes
0answers
41 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
vote
1answer
93 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 ...
1
vote
0answers
149 views
What business model to invest in a friend's Surf Camp?
My friend and his wife own a Bed and Breakfast and sell Surf lessons to their hosts.
The Bed and Breakfast business is doing really good. They host peoples in their own house. They have 3 bedrooms: a ...
0
votes
0answers
53 views
Where is the best place to establish my company?
I currently live in Ohio and am looking to start a state-wide online referral website. I'm considering which tax structure would be ideal for minimizing my tax burden and were to register.
Lets ...
1
vote
1answer
181 views
Business Accounting and Reimbursement of Expenses in a Partnership
This maybe a stupid question but I can't seem to get my mind around it. I have a partnership and we've both spent some money on start-up expenses for which we'd like to be reimbursed now that the ...
0
votes
0answers
64 views
Applying tax codes in Gnucash to generate TXF
I am using GnuCash to record and track transactions for an LLC (in US) I just launched. Now, I need to generate a TXF to be included in Turbotax for generating Schedule C. I am familiar with double ...
1
vote
0answers
36 views
Does business credit score transfer over when you incorporate from a sole proprietorship?
I have a newly registered sole-proprietorship in Canada that I am trying to build credit for. If later down the line I decide to incorporate my business, will the business credit score from my sole-...
3
votes
1answer
245 views
LLC or S Corp under new tax law
I and my wife have a small business that is registered in MA as an S-Corp, we have also a rental property. I am told that to protect ourselves it is better to register the rental property as LLC. I ...
7
votes
2answers
1k views
Hiring Foreign Contractors - Is This Tax Deductible?
I have a small start-up business in the US and I'm going through freelance sites like freelancer.com to get some work done. The appeal of this is that the rates for foreign contractors is often less ...
1
vote
0answers
108 views
Which form to use, 1040 ES or 941, for one member S corp quarterly tax?
I am a contractor, and want to form an LLC and select being treated as S corp (by 2553 form).
I read online about federal quarterly payroll tax using form 1040 ES, but this article suggested to use ...
3
votes
2answers
80 views
Business Expenses prior to initial set up of business (UK)
I'm setting myself up as a sole-trader in the UK, as a Life Coach. I hope to put out my first advertising and get my first paying clients over the course of the next month, or so.
It's clear to me ...
3
votes
1answer
91 views
Just incorporated. Can I transfer my last personal paypal payout to my new business account?
I have an online business since 2009 and used to report the income as personal income. 3 months ago I finally incorporated my business but due to complications (and my lack of experience), it took ...
4
votes
1answer
102 views
In this scenario can I write off more than $25 for a gift?
Let's say I buy a big Holiday basket for a client's team.
Basket cost: $100
People on team: 4+
Can I say that the gift is for 4 people instead of 1 client? The write off then is $25x4 rather than $...
