Questions tagged [small-business]

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

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2
votes
1answer
236 views

With which state/s must the payer file Form 1099-MISC?

I'm the president of a C corporation that's incorporated in Delaware. The C corp is physically located in Connecticut (where I live and work). My cofounder lives & works in Colorado. So, we have ...
0
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0answers
27 views

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 ...
1
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1answer
51 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
1answer
100 views

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....
2
votes
2answers
183 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 ...
1
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0answers
286 views

Dropshipping - Should I set up a business for this?

I've been looking in to the world of dropshipping and am keen to give it a go myself. I'm just curious if it would be wiser for myself to set up a business in order to do this or am I able to do it ...
2
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2answers
134 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 ...
39
votes
5answers
11k views

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 ...
10
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5answers
3k views

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
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2answers
328 views

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 ...
0
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2answers
183 views

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 ...
4
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1answer
196 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?
1
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2answers
130 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 ...
22
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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 ...
-1
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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?
3
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1answer
2k views

Freelancer: Should I start a second bank account?

I am a freelancer based in India with clients in Canada, US and India. Until now I used my personal savings account (Union Bank of India) to get paid. It has been only a few months since and now I ...
0
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4answers
313 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, ...
3
votes
2answers
115 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 ...
-2
votes
1answer
140 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 ...
30
votes
4answers
13k views

When should I start an LLC for my side work?

I am doing quite a bit of sidework this year and wondering at what point would it be a good idea to "start a business" and bill through that.
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
70 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 ...
0
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1answer
87 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. ...
0
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1answer
48 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
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1answer
73 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
vote
0answers
277 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 ...
1
vote
0answers
185 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
113 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
322 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 ...
3
votes
2answers
2k views

How to represent “out of pocket” purchases in general ledger journal entry?

If you use personal money to pay for expenses (advertising, equipmemt), how do you represent this in a journal entry? Normally, if the money was coming from the business, you would just decrease the ...
0
votes
1answer
58 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
37 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
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0answers
32 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 ...
8
votes
6answers
592 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 ...
1
vote
1answer
128 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 ...
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
119 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 ...
1
vote
0answers
108 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,...
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 ...
3
votes
2answers
414 views

At what point does a hobby turn into a business?

Is it based on how much I earn? if so, can I re-invest all of the income back into the hobby and still call it a hobby?
2
votes
0answers
32 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
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 ...
1
vote
0answers
296 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 ...
1
vote
0answers
113 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 ...
0
votes
2answers
444 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 ...
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
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 ...

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