Questions tagged [small-business]
Questions specific to small businesses, generally under 100 employees and revenues less than $1,000,000.
405
questions
1
vote
0answers
96 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
55 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
90 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
53 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
40 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
37 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
243 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 ...
0
votes
0answers
33 views
Why crystallizing your lifetime capital gains exemption increases shares' ACB? Why no longer need qualified small business corporation status?
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
45 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
272 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
11k 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
205 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
17 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
93 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
129 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
67 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
313 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
25 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
55 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
51 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
150 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
151 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
132 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
19k 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
33 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 ...
0
votes
2answers
308 views
Can you use a small business loan as the down payment on a house?
My wife owns a small business and is looking to purchase a barn or small warehouse to store some of her rental items. We are also looking to purchase a new home for our family. Can she acquire a loan ...
-1
votes
2answers
184 views
Approximate cost of making a shell company
Hi. I was thinking about making a company to hide a plane I am thinking of buying.
A helpful person suggested to make a shell company since planes can be registered to companies and FAA site doesn't ...
4
votes
1answer
323 views
How to rent a home that I own outright for maximum benefits?
Suppose, I have a home that I want to rent, and it is paid off and valued at about $350K. I am currently living in this home.
Should I sell this home to a LLC ( This LLC to be formed and owned by me),...
1
vote
1answer
93 views
Cheap payment processing options apart from credit card [closed]
I receive check payments from some customers who mail it to me. Recently, some priority mail express packages have had to be redelivered or lost.
Yes, they do lose mail!
I spoke to a local mailman who ...
4
votes
1answer
171 views
Tax implications of dividend vs salary
I'm recently self employed. My accountant advised the total amount of tax I'll pay (combined business and personal) is the same whether I pay myself 100% dividend or 100% salary and the only deciding ...
2
votes
1answer
109 views
If I intend to earn on the side doing different category of things should I do it as an individual or as a small business?
If I have a few areas of expertise (that can't fit a classification of services/products) and I'd like to make use of those and provide products or services based on those, should I do it as an ...
-3
votes
1answer
186 views
Which non-mathematical subject could I tutor to make the most money? [closed]
Assuming I can learn whatever and I have respected teaching credentials
I'm thinking LSAT, but perhaps the subject with the highest ceiling would be prepping high schoolers of the ultra-wealthy? I'm ...
1
vote
1answer
34 views
Schedule C: Determine credit card interests expenses, line 16
How does one calculate credit card interest for schedule C, line 16?
My wife has a home business and uses a credit card for the business. My understanding is that because we are using the cash ...
1
vote
3answers
195 views
Accountant won't send an invoice without a PO
I've outsourced accounting including AP, AR, Rev Rec, etc. I have an unbilled revenue problem, where my accountant won't send invoices unless we have a PO! This is a problem because even though I ...
2
votes
1answer
130 views
Can a full time employee who also owns a side LLC claim “self-employed” deductions?
I am working full time for a corporation in NYC (I have w2). I also own my own side Educational LLC (EdTech) which has claimed $0.00 in income for 2018, but has accrued several thousand in startup ...
1
vote
1answer
180 views
Do US banks accept out-of-state applications for checking accounts?
Let's assume I walk in a local branch of a US bank with a presence in many federal states (for example, the Wells Fargo branch in Richmond/California).
Will they be able/willing to open a Wells ...
1
vote
0answers
208 views
FBAR reporting for non-resident aliens with single-member LLC
(1) According to the FinCen's FBAR filing instructions,
"Any US person that has a financial interest in or signature authority
over foreign financial accounts must file an FBAR..."
This implies ...
0
votes
0answers
44 views
agreement change and company control
We have a company with 3 shareholders (1/3 of shares each).
We are now restructuring and the distribution will be 45%, 45%, 10%.
I and the investor will go from 33.3% to 45% while the third ...
1
vote
0answers
66 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% ...
