Questions tagged [small-business]

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

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What counts as different sources of income?

I'm a freelance writer (in US), but I also do some freelance video editing, programming, and virtual assistance along the side. I'm wondering if each of this counts as a "separate source of ...
No Name's user avatar
  • 311
4 votes
0 answers
92 views

Understanding Nexus as a small business owner

I'm interested in becoming a 3rd party Amazon FBA (fulfilled by Amazon) seller. I recently learned about a rule called "nexus". Basically, I understand I have nexus (tax liability) in the state ...
P.Brian.Mackey's user avatar
3 votes
0 answers
36 views

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, ...
riya's user avatar
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3 votes
0 answers
179 views

Risks of initiating Voluntary Classification Settlement Program?

I just found that it is illegal for Employer to give form 1099 to workers who could potentially be classified as Employees. Also, Employer can end up being punished with imprisonment and/or heavy ...
Tom's user avatar
  • 31
3 votes
0 answers
132 views

Valuation of service-based small business

I have a small transcription business that I want to sell, but I'm not sure how much to ask for it. Searching around for evaluating businesses gives me lots of formulas for calculating the value of ...
clum's user avatar
  • 171
2 votes
0 answers
35 views

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 ...
user4910112's user avatar
2 votes
0 answers
629 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 ...
user4910112's user avatar
2 votes
0 answers
66 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 ...
GWR's user avatar
  • 206
2 votes
0 answers
105 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 ...
Klik's user avatar
  • 667
2 votes
0 answers
367 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 ...
sudonym's user avatar
  • 299
2 votes
0 answers
170 views

Stop filing federal annual return (Canada)

I incorporated my company several years ago and since then I've been filing both my provincial and federal annual returns (pay $20 and confirm info). According to many sources, having the federal ...
user3280964's user avatar
2 votes
0 answers
51 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 (...
FireFaced's user avatar
2 votes
0 answers
66 views

Covering all legal/tax bases for sole proprietorship selling apps?

I'm just starting a sole proprietorship for making & selling iPhone/Android apps. I expect buyers all over USA/world. As a traveling performer, my personal location is 50% Florida 50% California, ...
Marc Gelfo's user avatar
2 votes
0 answers
56 views

Am I eligible for a CDC/504 loan as a sole proprietor?

I have a sole proprietor software consultant business, and I am thinking of buying a small office because it would be a better investment than my current office rental. I was looking into loans for ...
k-den's user avatar
  • 121
2 votes
0 answers
34 views

Ontario resident working contract job in British Columbia

If my corporation is registered in Ontario and I am an Ontario resident, then if I take a contract in Vancouver, will it be legal? Do I pay taxes once for British Columbia and once for Ontario?
Victor123's user avatar
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2 votes
0 answers
263 views

Salary vs Dividend: is this example wrong?

I saw a link to a great article in old (2012) question. http://vereecke.ca/index.php/articles/will-that-be-salary-or-dividends/ I've tried understanding the article well, but I think that the author ...
Slav's user avatar
  • 319
2 votes
0 answers
242 views

Accounting for small business inventory: different beginning inventory

I own a small cottage business selling sports equipment. It's not my primary job, and last year I only sold $500 of equipment. Here's the issue I'm facing: for the first time this year, I'm trying ...
Ethan Brown's user avatar
1 vote
0 answers
60 views

How can I issue payments from my business under my business' name?

I have a small business checking account with a bank, and a Wise business account. Both of them send payments (wire transfers, ACH...) with their names appearing on the recipients' statement. I'd ...
Ken - Enough about Monica's user avatar
1 vote
0 answers
38 views

How is remaining inventory items in home business calculated in COGS on schedule C

My wife recently stopped doing her home business which is an MLM clothing sales. Though she cut ties with the company and ended her business in December 2022, she's still left over with a large ...
Frank's user avatar
  • 173
1 vote
0 answers
42 views

How can I check progress on an EIN application?

How can I resolve my case when the IRS doesn't provide a mechanism for me to obtain updates? I registered an LLC and would like an EIN to open bank accounts. I filed an SS-4 in May. The SS-4 was ...
DazWilkin's user avatar
  • 173
1 vote
0 answers
45 views

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 ...
Joel Graff's user avatar
1 vote
0 answers
47 views

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%...
Mpizos Dimitris's user avatar
1 vote
0 answers
1k 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 ...
Danny Tuppeny's user avatar
1 vote
0 answers
121 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 ...
Patoshi パトシ's user avatar
1 vote
0 answers
149 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 ...
knocked loose's user avatar
1 vote
0 answers
34 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 ...
David Garcia's user avatar
1 vote
0 answers
77 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% ...
kamil1995b's user avatar
1 vote
0 answers
114 views

How to apply 1% rate reduction using GST/QST Quick method?

I use Quick method for calcualting GST/QST remittances: The Quick Method is a simplified accounting method designed to help registrants calculate the GST and QST they must remit to Revenu ...
Alexan's user avatar
  • 740
1 vote
0 answers
40 views

Can I Expense Reimbursements To An Employee Who Received Medical Treatment In A Foreign Country?

I have an employee who was sent to a foreign country on a business trip. He got in an accident while he was there and had to be treated at a hospital. Since he was there on a company trip, we ...
Lloyd Banks's user avatar
1 vote
0 answers
52 views

State Tax on Sale of Michigan S-Corp for Non-Resident

I have a family member that will be a resident of Florida for 2019. He is contemplating selling his business based in Michigan (S-Corp). He can run the business remotely (but anticipates spending ...
Steve256's user avatar
1 vote
0 answers
43 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 ...
overexchange's user avatar
1 vote
0 answers
57 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 $...
learningtech's user avatar
1 vote
0 answers
380 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 ...
Begoodpy's user avatar
  • 111
1 vote
0 answers
65 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-...
juil's user avatar
  • 133
1 vote
0 answers
425 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 ...
ziweiguan's user avatar
  • 111
1 vote
0 answers
111 views

Are group health insurance premiums cheaper than individual health insurance premiums?

I am self-employed and have one employee. I am a health 35 year old, with healthy wife, and 1 child. My employee is a 30 year old, also healthy. Would group health insurance rates premiums be ...
Adam B's user avatar
  • 151
1 vote
0 answers
82 views

Am I required to have my website registered as a business in Canada to collect HST?

Am I required to have my website registered as a business in Canada ON, to be able to sell ads? does the amount of income makes any difference? The reason I am asking this is I have been told that if ...
Tara's user avatar
  • 11
1 vote
0 answers
48 views

Can a business operate in one state ie. NY and have an office in another?

My prospective business is going to operate in NYC but due to unforeseen consequences my "office" or base of operation will be in another state. What sort of consequences or altercations can I ...
joe lee's user avatar
  • 75
1 vote
0 answers
94 views

What can I claim when there is a loss in the business?

I purchased 49% shares of a LLC business(Paid $150,000) and the business is claiming a loss of $ 130,000 for the 2014 year. I worked full time at the business but did not take a paycheck at all. Can ...
KIKIMONSTER's user avatar
1 vote
0 answers
37 views

How to book past year's transaction, performed in the current year?

I have a small business. I contributed $1000 towards SEP IRA for year 2014. However, the transaction was done in January of 2015 using the retained earnings of 2014. Obviously, this money is tax ...
jujiro's user avatar
  • 11
1 vote
0 answers
192 views

Do I have to file two tax returns if I am employed and self-employed?

I am employed full-time by an employer that does tax deductions but I also work freelance on the side which I do have a business number for and collect HST. I know I have to fill out the HST forms (...
tsdexter's user avatar
  • 183
1 vote
0 answers
720 views

Accounting for escrow payments in Quickbooks?

I am using Quickbooks 2011 Pro. I want to bill my tenants ahead each month for a utility (water) that itself bills once a quarter in arrears. When the water bill arrives, I want to make the next month'...
user673's user avatar
  • 192
1 vote
1 answer
100 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 ...
KGlasier's user avatar
  • 153
1 vote
1 answer
140 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 ...
AaronCoding's user avatar
0 votes
0 answers
23 views

Filing a UK Company Tax return for 22/23- is it possible to bring back a trading loss from 23/24?

Whilst filing my UK company tax return for the financial year covering 22/23 in the section 'Trading losses', under 'Bring back a loss from a later period' is states the following: You can only bring ...
james's user avatar
  • 101
0 votes
0 answers
31 views

Why is the UK Corporation tax payment deadline before the company tax return filing deadline?

I've returned to contracting (as a software engineer) after 8 years of full time employment and am now working through my own LTD company. I mistakenly thought - as is the case with self assessment - ...
james's user avatar
  • 101
0 votes
0 answers
162 views

Setting up a limited company and appointing spouse as director for tax purposes

I am a programmer registered as a sole trader in UK, and I have around 40k GBP of annual income from my self employment. Apart from that, I also have a permanent job working for a UK employer, where ...
Andre Borges's user avatar
0 votes
0 answers
52 views

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 ...
newBieDev's user avatar
  • 101
0 votes
0 answers
35 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 ...
sherlock's user avatar
  • 261
0 votes
0 answers
49 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 ...
Thomas's user avatar
  • 223