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
394 views

Does it make sense to pay MSP through a small corporation / business in Canada?

In BC, Canada, one has a monthly medical plan premium (MSP) per adult in a household of at least $75.00 (CAD) per individual per month, and the amount cannot be deducted against one's personal taxes. ...
1
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1answer
79 views

Does a newly formed company need to pay the California Franchise Tax Fee for its first year?

I've been recently told by an accounting professional, as well as by an owner of multiple businesses here in California, that a new company formed in California doesn't actually have to pay the ...
6
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2answers
1k views

Maintaining “Woman Owned Business” while taking on investor

My (female) partner owns 51% of business and I own 49%. We maintain this because we want to continue to be woman owned. We are taking on a 5% investor, Does his share have to come from my % so that we ...
2
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1answer
206 views

Recording of personal property contribution to S-Corp in QuickBooks

I began an S-Corp, and I contributed a truck, computers, and furniture. How do I record these items in QuickBooks? What accounts do I use?
0
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2answers
93 views

Is it possible, anywhere in the US for a funding firm to not have a license number showing somewhere? [closed]

I want to get some financing for my small business, I can find hundred of websites that offer such... but their webpages have absolutely no addresses, no license numbers, no names, just a fictitious ...
0
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1answer
44 views

Intentions of Deductible Amount for Small Business

I have a small business here in the US that incurred a net loss this year. I have spent more than what I have earned, and according to quickbooks, I have +X amount of total deductions for 2016. +X ...
33
votes
4answers
7k views

Should my husband's business pay my business?

My husband and I are each starting our own private enterprises--me as a web developer. I'm building a website for his company. Is it worth it for me to "charge" him? At the end of the day the money ...
3
votes
1answer
90 views

Do the activities of my LLC need to be limited to a particular field?

I started an LLC for my small business making and selling picture frames, but have since also started work on a couple of self-published books. Is there any reason I can't consider both ventures to be ...
0
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1answer
69 views

New small business starter here, need help with IRS 1099 info

I'm a current college student in the Dallas/Fort Worth area, who is looking to gain some extra income, due to current my unfavorable employment situation. I recently set up a dedicated blog and signed ...
5
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2answers
1k views

Personal taxes for Shopify / Paypal shop?

Hopefully someone can help out :) I've tried Googling, with no luck. I set up a Shopify site to sell some stuff I was making. I wasn't expecting much money, so I just connected it to PayPal. There is ...
1
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1answer
54 views

Can you claim a loss on your taxes from business credit?

Say someone applies for and gets a business credit card for any amount of money. The purpose of this is to distinguish the money spent between "regular" use and "business" use (i.e., paid services, ...
1
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1answer
50 views

Moving my online only business to the USA?

I'm looking to form or purchase a US corporation (whichever is easiest/cheapest) (I'm thinking in Delaware) for the benefits of doing business as a US corporation. This corporation will be used to ...
9
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3answers
4k views

Bank claims I'm personally liable for small business fees; despite leaving the company?

I opened a small business (partnership) a while ago and was a signer on a company account. I later left that company, with the other partner being responsible for whathaveyou, but was apparently never ...
2
votes
1answer
3k views

Smartphone bought for business use - Canada

I (as my corporation) bought a high-end unlocked smartphone (not under any carrier contract). My question is how this should be reported under Canadian tax rules. Must it be treated as an asset to be ...
3
votes
1answer
81 views

Can my U.S. company do work for a foreign company and get wire transfers to my personal account?

I am thinking of setting up U.S.-based consulting business & thinking of doing work for a company based out of China. I would be handling the majority of the work in the U.S. and it may possibly ...
0
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1answer
35 views

Income Tax Filing for Invoices that are for client supplies/infrastructure

Can someone provide me information on how taxes are impacted in the following scenario: I am a web developer My clients are charged for infrastructure setup fees (such as hostnames, servers, etc) ...
1
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1answer
125 views

Can I send a money order from USPS as a business?

I own a small business, and a contractor I hired asked to be paid through money order for services rendered. Can I send a money order to him under my business? For instance, From: My business name ...
0
votes
1answer
254 views

When to register for a bank account for a C-Corp with no official money

In Feb this year, I registered a C-Corp for administrative purposes only (for things that require a DUNS number, e.g., to get an Apple Enterprise Dev account, etc) and have thus far not passed any ...
1
vote
1answer
289 views

how to show income from paypal as export income

I am selling herbal products from India to US on eBay and receive money via paypal. My CA said I am exporting goods so I'll get rebate in tax. When I told him I get money via Paypal he said it is not ...
4
votes
1answer
3k views

Indian citizen wants to work as a freelancer for Europe. How to pay tax in India?

I got an offer to work as a freelancer for a European company. In Europe, it's like you need to set up a small legal entity on your name but is this the same in India? How can I do freelancing in ...
0
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2answers
76 views

How do I determine if sale proceeds from an asset are taxable?

So let's say you're a small business and you buy a computer and expense that, and then later you want to sell it to buy a newer one. Is there an easy way to determine how much of this sale is taxable? ...
9
votes
1answer
1k views

Am I required by law to have cash register for my small business (California)?

We have a Point of Sales terminal to handle all credit card transactions. The credit card processor company sends us 1099K form that we use for tax purposes. This works fine for our small beauty salon....
1
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1answer
132 views

Becoming self-employed alongside a full time job, working abroad in the UK

I am a foreigner working full-time in the UK and studying part time at Uni. I want to study full time. In my old country, I used to draw and fix computers to earn some extra money. What should I do ...
4
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2answers
164 views

Distribution rules LLC vs. S-Corp

From research I understand that an LLC does not need to issue distributions in proportion with ownership e.g. A company can be 60-40 ownership but 80-20 profit distributions I also think an S-Corp ...
1
vote
2answers
984 views

If a company is registered in Florida but does business in California, does it need to register and pay California taxes?

In the following scenario does the company need to register, declare, or pay taxes within California? Company (LLC) registered in Florida with a single active member (other members are non-...
6
votes
2answers
717 views

Outstanding cosigned loan and Bankrupt ex-partner

Background: I started a business (LLC) with a partner about 3 years ago. We took out a business Line of Credit. Because the business didn't have credit of its own, we both cosigned. 1.5 years ago ...
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2answers
2k views

Few questions regarding Business Physical Address and Registered Agent Address for an LLC

(UNITED STATES) I'm forming a single member LLC and operating it from home. Somewhere on the net said that I should not use my personal home address as a business address because if something goes ...
13
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6answers
17k views

Why use accounting software like Quickbooks instead of Excel spreadsheets?

Some friends and I are starting a small landscaping cooperative, and are thinking about how we will manage accounting. Places we've worked in the past have used Excel spreadsheets to manage all of ...
1
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2answers
161 views

What do I need to do to form an LLC?

I have few questions regarding forming an LLC in Virginia. I'm a web-app developer. I have been working as a freelancer for 2 years. Now, I consider to form an LLC. But I have no knowledge in business ...
10
votes
3answers
7k views

Full-time work + running small side business: Best business structure for taxes?

Currently I have a full time job (IT industry) but from time to time I do a side project. Most of the times my clients agree to pay me cash as the amounts are not large. However, last year there ...
0
votes
1answer
96 views

What kind of receipts are acceptable for a small drop-shipping business filing taxes?

I ran a very small business, doing drop shipments online. Since I do drop-shipping, I have one receipt for every sale, which turns out to be a quite a lot of pages of invoices. I have a credit card ...
13
votes
5answers
37k views

Deductible expenses paid with credit card: In which tax year would they fall?

If I paid my business expenses with a credit card during the month of December, which year can I deduct them from my taxes? 2011 (when the purchase was made) or 2012 (when I paid off the credit card)? ...
1
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1answer
1k views

Can a business owner be the signatory on a check made out to themselves?

I am curious as to whether a business owner can sign a check made out to them personally.
0
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2answers
334 views

What's the appropriate way to signify an S-Corp?

If I have traditional company called Acme then I'd write: Acme, Inc If it were an LLC: Acme, LLC If it were a Limited Partnership (I think -- I'm basing this on LucasFilm): Acme, Ltd. If I were ...
2
votes
0answers
46 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 ...
8
votes
1answer
10k views

If you run a sole proprietorship, how do you declare the income of the business on your taxes?

Let's say I have a small sole proprietorship with only a bit of income and expenses. I can do up a balance sheet and an income statement at year end. Is that all I need to submit with my taxes, and ...
1
vote
0answers
76 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 ...
2
votes
1answer
115 views

How to report house used for 100% business?

Self employed as sole proprietor, was using 1/3 of home as home office. Have moved across state line to new house on July 1st, but keeping old house solely to see existing clientele for the ...
1
vote
1answer
557 views

Obtaining California SOS number for out-of-state LLC

I own a Nevada LLC and will start doing some business in California this year. However, it seems to pay the California Franchise Tax, I need an SOS number for California (I could be wrong, but Google ...
1
vote
2answers
73 views

Changing the address of an LLC and tax requirements

I'm neither a US citizen nor do I reside there. I have a single-member LLC registered in the state of Wyoming, US with a Wyoming virtual office address and an EIN. I'm not satisfied with the services ...
10
votes
2answers
658 views

My Boss owes money but I am named on letter from debt collection agency (UK)

My employer has an outstanding debt with a company he aked me to speak with a couple of years ago. Now that company has my name listed as a "contact". He received a letter from a debt collection ...
7
votes
3answers
282 views

How to maximize small business 401k contribution?

We own small business (C-Corp without S-election) that currently does not have employees outside the owners (three of us). The business is producing a nice amount of revenue and as of yet none of us ...
2
votes
1answer
78 views

Can I still charge and keep money from my small business, listed under HST?

This question relates to the province of Ontario in Canada. As a small business owner, there is an exemption where you are not required to charge HST on goods and services if you make under thirty ...
1
vote
2answers
66 views

How to safely earn interest on business profits (UK) [closed]

I have a good sized amount of money in a UK (Barclays) business bank account earning exactly zero interest. I'd be happy even to earn 1% interest on that money so long as it was totally safe, but I ...
3
votes
1answer
2k views

How to respond to a customer's demand for payment extension?

I have a client who wants to purchase an artwork. After three weeks of questioning about my artwork finally he is convinced to buy it. I have offered him discount after his multiple request and 15 ...
2
votes
1answer
173 views

Have a simple LLC but want to file taxes as s-corp, can I do taxes on my own?

I have a very simple small business that has very straight forward taxes. I am the only employee and I don't have a lot of complicated deductions / credits. Am not married and don't have kids. It is ...
1
vote
2answers
552 views

What should one look for when opening a business bank account?

I've created an LLC under my name for my contract work (taxed as a sole proprietorship). Because of this, I'm planning to open a Solo 401k, and due to that I'm planning to pay myself income based on ...
3
votes
0answers
161 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 ...
2
votes
1answer
103 views

How to chose EA or CPA to represent me in FTB audit (small business)?

I am considering to hire a EA or CPA to represent my small business during FTB audit. So what exactly to look for when hiring someone that would represent you in FTB case? Some criteria that comes ...
2
votes
1answer
90 views

FTB sent refund check for 2011 during audit; Does this really mean that whole audit is over for 2011?

Our business was under audit by FTB for Tax Year 2011. Few months ago we sent them corrected Tax return for Tax Year 2011. And, finally, yesterday we received check with refund. The refund is less ...

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