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What is considered a business expense on a business trip?
[ { "id": "18850", "score": 0.7595993280410767, "text": "The IRS Guidance pertaining to the subject. In general the best I can say is your business expense may be deductible. But it depends on the circumstances and what it is you want to deduct. Travel Taxpayers who travel away from home on business may...
[ { "id": "562777", "score": 0.7200203537940979, "text": "There is no law that requires you to have a separate bank account for your business, or to pay all expenses from a business bank account. It is a GOOD IDEA to have a separate bank account and pay all business expenses from that account and all pers...
4
Business Expense - Car Insurance Deductible For Accident That Occurred During a Business Trip
[ { "id": "196463", "score": 0.7190271019935608, "text": "As a general rule, you must choose between a mileage deduction or an actual expenses deduction. The idea is that the mileage deduction is supposed to cover all costs of using the car. Exceptions include parking fees and tolls, which can be deduct...
[ { "id": "40257", "score": 0.6829391717910767, "text": "\"The government thought of that a long time ago, and has any loophole there plugged. Like if you set up a company to buy a car and then allow you to use it ... You can use the car for company business, like driving to a customer's office to make a ...
5
Starting a new online business
[ { "id": "69306", "score": 0.661268413066864, "text": "Most US states have rules that go something like this: You will almost certainly have to pay some registration fees, as noted above. Depending on how you organize, you may or may not need to file a separate tax return for the business. (If you're so...
[ { "id": "593671", "score": 0.6281862258911133, "text": "It seems too simple, but at the same time I feel that I'm over thinking/complicating things. My biggest fear is being sued or something. I feel like business ownership involves exposing yourself. It's like you're playing in the big leagues and ever...
6
“Business day” and “due date” for bills
[ { "id": "560251", "score": 0.7532988786697388, "text": "I don't believe Saturday is a business day either. When I deposit a check at a bank's drive-in after 4pm Friday, the receipt tells me it will credit as if I deposited on Monday. If a business' computer doesn't adjust their billing to have a weekda...
[ { "id": "108734", "score": 0.6965306997299194, "text": "\"We have a local bank that changed to a bill pay service. The money is held as \"\"processing\"\" when the check is supposed to be cut and shows as cleared on the date the check is supposed to be received. Because our business checking is with t...
7
New business owner - How do taxes work for the business vs individual?
[ { "id": "411063", "score": 0.7072799205780029, "text": "Through your question and then clarification through the comments, it looks like you have a U.S. LLC with at least two members. If you did not elect some other tax treatment, your LLC will be treated as a partnership by the IRS. The partnership s...
[ { "id": "65095", "score": 0.6718419790267944, "text": "As an individual freelancer, you would need to maintain a book of accounts. This should show all the income you are getting, and should also list all the payments incurred. This can not only include the payments to other professionals, but also any ...
9
Hobby vs. Business
[ { "id": "509122", "score": 0.6842485070228577, "text": "Miscellaneous income -- same category used for hobbies." }, { "id": "184698", "score": null, "text": "\"You can list it as other income reported on line 21 of form 1040. In TurboTax, enter at: - Federal Taxes tab (Personal in Home...
[ { "id": "76120", "score": 0.649917721748352, "text": "Well first problem is usually that you are trying to do too much, you end up micro managing, once a company becomes large enough this is impossible to keep doing at the same level. If you find that you don't have enough time maybe it's time to eith...
11
Personal checks instead of business ones
[ { "id": "596427", "score": 0.7653040289878845, "text": "I'll assume you are asking about a check for some kind of work or service that you provided them, that they hired your company to do. No large business will do that. In their records they have a contract with your company to provide services. If th...
[ { "id": "181187", "score": 0.7265689373016357, "text": "They sure can. They are two different legal entities, so why not? You can even write a check to yourself, and then deposit it back into your own account. (Not very useful, but you can). The tax implications are a very different question, as this mi...
12
Does U.S. tax code call for small business owners to count business purchases as personal income?
[ { "id": "192516", "score": 0.7557467222213745, "text": "\"I am going to keep things very simple and explain the common-sense reason why the accountant is right: Also, my sister in law owns a small restaurant, where they claim their accountant informed them of the same thing, where a portion of their bus...
[ { "id": "112793", "score": 0.7126777768135071, "text": "In many cases yes. In the case of an employer handing employees a credit card to use, that is clearly income if the card is used for something other than a business expense. Generally speaking, if you're receiving something with a significant valu...
13
How can I register a UK business without providing a business address?
[ { "id": "503678", "score": 0.7053155303001404, "text": "You don't have to provide your personal home address per se. You can provide a legal address where Companies house can send across paper correspondence to. Companies house legally requires an address because directors are liable to their shareholde...
[ { "id": "545990", "score": 0.6697972416877747, "text": "I have just established a limited company (three directors spread around the UK) and I am in the process of setting up a business account. We will be able to arrange everything over the phone and each of us will have to appear in one of the branche...
14
What are 'business fundamentals'?
[ { "id": "398960", "score": 0.7842450737953186, "text": "From http://financial-dictionary.thefreedictionary.com/Business+Fundamentals The facts that affect a company's underlying value. Examples of business fundamentals include debt, cash flow, supply of and demand for the company's products, and...
[ { "id": "96910", "score": 0.6436957120895386, "text": "\"Definition: Fundamental analysis involves analyzing financial statements and health, management and competitive advantages, and competitors and markets. Books are a great way to learn fundamental analysis but can be time consuming for something th...
16
Business Investment Loss from prior year
[ { "id": "60590", "score": 0.7092598676681519, "text": "You need to give specific dates! In the United States, you have three years to file an amended tax return. https://www.irs.gov/uac/Newsroom/Ten-Facts-about-Amended-Tax-Returns Did the restaurant fail in 2012? If so, that's probably the year to take ...
[ { "id": "543898", "score": 0.6736928820610046, "text": "The sentence you quoted does not apply in the case where you sell the stock at a loss. In that case, you recognize zero ordinary income, and a capital loss (opposite of a gain) for the loss. Reference: http://efs.fidelity.com/support/sps/article/ar...
19
How can I estimate business taxes / filing fees for a business that has $0 income?
[ { "id": "315086", "score": 0.7095314264297485, "text": "Is the business an S-Corp, LLC or Sole Prop? I am going to guess based on the question that it is an LLC that you never closed with the state and you live in a state (NY) that charges a fee for having an LLC in the state in which case you owe those...
[ { "id": "331384", "score": 0.698402464389801, "text": "I agree with Joe, having the money deposited to the US bank account may land you in trouble. Technically, a US business paying a foreigner must withhold 30% of the payment, unless a tax treaty says otherwise. The US business should do that based on ...
20
Would the purchase of a car for a business through the use of a business loan be considered a business expense?
[ { "id": "447231", "score": 0.763289749622345, "text": "You don't say what country you live in. If it's the U.S., the IRS has very specific rules for business use of a car. See, for starters at least, http://www.irs.gov/publications/p463/ch04.html. The gist of it is: If you use the car 100% for business ...
[ { "id": "562802", "score": 0.7244126200675964, "text": "If it is a business loan, the borrower would be able to claim a deduction for any interest paid on the loan and the lender would include the interest earned as part of their taxable income. You need to be careful on what you do and don't include as...
21
Deducting last years (undocumented) side business loss
[ { "id": "497642", "score": 0.7804233431816101, "text": "You should speak to a good tax adviser. The less documentation you have the more problems IRS are going to cause you. Generally you can deduct business losses (in the year they occurred, which is 2011), but you have to show that that was a valid bu...
[ { "id": "407643", "score": 0.7409721612930298, "text": "The best thing you can do here is work with the IRS to the best of your ability. You can attempt to call them, attempt to go to one of their local branches in your area, or just hire an accountant to solve the problem. Just be mentally prepared t...
23
30% share in business
[ { "id": "550624", "score": 0.6001217365264893, "text": "Keep in mind a good lawyer will have the contract cover the five D's: Its really best to lay these things out ahead of time. I watched, first hand, two friends start a business. When they were broke and struggling the worked very well together. ...
[ { "id": "204541", "score": 0.6543166637420654, "text": "The value of the company is ill-defined until it actually has some assets and/or product. You give the investors whatever equity stakes you and they negotiate as appropriate for their investment based on how convinced they are by your plan and how ...
25
Claiming business expense from personal credit card
[ { "id": "107584", "score": 0.7312749028205872, "text": "or just input it in my accounting software along with receipts, and then when I'm doing taxes this would go under the investment or loses (is it somewhere along that line)? Yes, this. Generally, for the long term you should have a separate bank...
[ { "id": "221281", "score": 0.6819740533828735, "text": "I've actually had the same problem several years running, and it's solved by filing my corporate taxes, then taking those schedules, and applying them to my 1040, along with a Schedule C You'll want to work with an accountant on this, but basicall...
27
Using business check to pay at retail
[ { "id": "537326", "score": 0.7491737008094788, "text": "You can just buy the items personally and then submit an expense report to the company to get reimbursed. Keep all the receipts. Paying with a company check is also fine, but you might run into problems with stores not accepting checks." } ]
[ { "id": "258504", "score": 0.7116374373435974, "text": "In some states, it is your responsibility to pay the sales tax on a transaction, even if the party your purchase from doesn't collect it. This is common with online purchases across state lines; for example, here in Massachusetts, if I buy somethin...
28
Tax whilst starting a business in full time employment
[ { "id": "250640", "score": 0.741582989692688, "text": "With a limited company, you'll have to pay yourself a salary through PAYE. With income from your other job taking you over the higher-rate threshold, you should inform HMRC of this and get a tax code of DO for the second job, meaning 40% tax (and al...
[ { "id": "533808", "score": 0.7039350867271423, "text": "\"There are way too many details missing to be able to give you an accurate answer, and it would be too localized in terms of time & location anyway -- the rules change every year, and your local taxes make the answer useless to other people. Inste...
30
Can I pay off my credit card balance to free up available credit?
[ { "id": "551175", "score": 0.760169506072998, "text": "Is it possible to pay off my balance more than once in a payment period in order to increase the amount I can spend in a payment period? Yes you can pay off the balance more than once even if its not due. This will get applied to outstanding and you...
[ { "id": "32985", "score": 0.7103977203369141, "text": "This can make a difference of a few points. When your balance is reported on a monthly basis to the bureaus that current balance is used to determine your utilization. Keeping it paid down will help in this case. If you are monitoring your credit r...
31
Starting a side business slowly
[ { "id": "156554", "score": 0.6761562824249268, "text": "\"This is a great question! I've been an entrepreneur and small business owner for 20+ years and have started small businesses in 3 states that grew into nice income streams for me. I've lived off these businesses for 20+ years, so I know it can be...
[ { "id": "119165", "score": 0.6423449516296387, "text": "I don't like your strategy. Don't wait. Open an investment account today with a low cost providers and put those funds into a low cost investment that represents as much of the market as you can find. I am going to start by assuming you are a rea...
32
Why is “cheque cashing” a legitimate business?
[ { "id": "279480", "score": 0.7087239027023315, "text": "\"This answer is based on my understanding of the US banking system. We have check cashing businesses here too, which are just like what you describe, except for the spelling :-) Let's consider what \"\"cash it for free at the bank\"\" really mean...
[ { "id": "42353", "score": 0.7027157545089722, "text": "In theory there is no limit to the value of a cheque that you can write. However, that doesn't mean the bank will honour it even if you have sufficient funds in your account - if it appears out of the ordinary, they may block it on suspicion of frau...
33
Is business the only way to become a millionaire?
[ { "id": "519798", "score": 0.6356104612350464, "text": "\"Not at all. The Millionaire Next Door offers a book full of anecdotes on couples that earned money and saved their way to being millionaires. I believe about 1/3 or so had businesses, but the rest were employed and simply saved wisely. $3860/yr ...
[ { "id": "58390", "score": 0.6508021354675293, "text": "\"If that's your goal. Watch the entire webinar on warren buffet books by Preston Pysh first for a good intro into stocks bonds etc: https://m.youtube.com/watch?list=PLECECA66C0CE68B1E&v=KfDB9e_cO4k Read Dale Carnegies book \"\"How to Win Fr...
35
Valuing a small business to invest in
[ { "id": "498681", "score": 0.7325329184532166, "text": "There is nothing fair / unfair in such deals. It is an art than a science. what kind of things should be considered, to work out what would be a fair percentage stake A true fair value is; take the current valuation of the company [This can be dif...
[ { "id": "384213", "score": 0.6970229148864746, "text": "If the company's ownership is structured similarly to a typical start-up then an 1% employee ownership in a company which sells for 1 million will yield far less than 10k due to various liquidation preferences of the investors, different share clas...
37
Requirements for filing business taxes?
[ { "id": "523564", "score": 0.7055911421775818, "text": "\"While she can certainly get an LLC or EIN, it isn't necessarily required or needed. She can file as a sole-proprietor on her (or your joint) taxes by filling out a schedule-C addition to the 1040. Any income or losses will pass through to your ...
[ { "id": "524879", "score": 0.670279324054718, "text": "\"Yes, your business needs to be in the business of making money in order for you to deduct the expenses associated with it. I suppose in theory this could mean that if you take in $10,000 and spend $30,000 every year, you not only don't get a net d...
41
IRA for work and my business
[ { "id": "176229", "score": 0.8086498975753784, "text": "Yes, you can have both. You'll need business income to contribute to a SEP IRA though." } ]
[ { "id": "151145", "score": 0.7613952159881592, "text": "You can't do what you would like to do, unless your business has another, unrelated investor or is willing to invest an equal amount of funds + .01 into a corporation which will employ you. You will then need to set up a self-directed IRA. Additio...
43
Advice on money transfer business
[ { "id": "76662", "score": 0.7445607781410217, "text": "\"As soon as I see the word \"\"friends\"\" along with money transfer I think scam. But ignoring that red flag.... You will have American companies reporting to the IRS that you are a Canadian Vendor they have hired. Then you are transferring money ...
[ { "id": "124687", "score": 0.707086443901062, "text": "I would stay away form these. I have had clients gave real problems when it comes to withdrawing the money...not only do you not have control of the investments themselves, but you also do not have a lot of control when it comes time to withdraw th...
45
How to transfer personal auto lease to business auto lease?
[ { "id": "284610", "score": 0.7228511571884155, "text": "I'd approach the lender that you're getting the lease from, but be prepared for them either saying 'no' to putting the lease into the name of an LLC without any proven track record (because it hasn't been around for a while) or require you to sign ...
[ { "id": "47015", "score": 0.6754627823829651, "text": "Look at the basic cost of the lease. Option 1: keep the car for three years. Pay for repairs during that time then sell it for $7,000. Option 2: Sell the current car for $10,000. Lease a new car for three years. Assume no need for repairs during th...
46
Tutoring Business Payroll Management
[ { "id": "91325", "score": 0.7031567096710205, "text": "\"This is going to depend on the tax jurisdiction and I have no knowledge of the rules in Illinois. But I'd like to give you some direction about how to think about this. The biggest problem that you might hit is that if you collect a single chec...
[ { "id": "315660", "score": 0.6669166088104248, "text": "This sounds to me like a very nice little job for a computer. This assumes that you have some experience of programming a computer, which I believe you do. A program like this does not require a lot of programming experience; a beginner in any simp...
47
As a small business owner, should I pay my taxes from my personal or business checking account?
[ { "id": "133299", "score": 0.738837718963623, "text": "Payment of taxes for your personal return filed with the IRS always come from your personal account, regardless of how the money was earned. Sales tax would be paid from your business account, so would corporate taxes, if those apply; but if you're ...
[ { "id": "400230", "score": 0.7017234563827515, "text": "\"IANAL, but. As you note, when you open a new account, they give you temporary checks that are usually blank in the upper left. I've used such checks and the bank has honored them. Therefore, I conclude that there must not be any legal requirement...
48
Should my husband's business pay my business?
[ { "id": "108062", "score": 0.7435784935951233, "text": "It depends on the finances involved, but particularly if you're not billing anything right now and may have no revenue this year, it's probably a good idea to bill his company. This is in part because some deductions or other tax treatments are onl...
[ { "id": "82163", "score": 0.6962149739265442, "text": "Not a good idea. When you form a partnership with someone that creates a legal connection between you two. What if he racks up $50,000 on the company credit card? Do you want to be responsible for that debt? A better way to do this would be to ...
49
Why can't online transactions be completed outside of business hours?
[ { "id": "352927", "score": 0.7321499586105347, "text": "Generally, unless you're doing a wire transfer, bank transactions are processed in batches overnight. So the credit card company won't be able to confirm your transfer until the next business day (it may take even longer for them to actually receiv...
[ { "id": "560251", "score": 0.6891814470291138, "text": "I don't believe Saturday is a business day either. When I deposit a check at a bank's drive-in after 4pm Friday, the receipt tells me it will credit as if I deposited on Monday. If a business' computer doesn't adjust their billing to have a weekda...
51
Full-time work + running small side business: Best business structure for taxes?
[ { "id": "107817", "score": 0.6883689165115356, "text": "You should look into an LLC. Its a fairly simple process, and the income simply flows through to your individual return. It will allow you to deduct supplies and other expenses from that income. It should also protect you if someone sues you for...
[ { "id": "245447", "score": 0.6761857867240906, "text": "\"For simplicity, let's start by just considering cash back. In general, cash back from credit cards for personal use is not taxable, but for business use it is taxable (sort of, I'll explain later). The reason is most personal purchases are made w...
52
New vending route business, not sure how to determine taxes
[ { "id": "566417", "score": 0.7028246521949768, "text": "You're not paying taxes three times but you are paying three different taxes (or more). Sales tax is a business expense, just like costs of goods sold or interest on a loan. Then, depending on how you structure the business, the net income of the ...
[ { "id": "172745", "score": 0.7153024077415466, "text": "\"Re the business license - in California business licenses are given by the municipal/county governments, so you'll have to check that with your city hall or county office. Re taxes - yes, you'll have to pay taxes, as with any income. Services are...
53
Finding a good small business CPA?
[ { "id": "84077", "score": 0.5844925045967102, "text": "Ask your colleagues! I know that sounds obvious, but just go to where people who do your sort of business hang out (or better, find some venture capital firms and ask their portfolio companies). It's not something people would keep secret from you...
[ { "id": "166977", "score": 0.6149874925613403, "text": "If you sell through an intermediate who sets up the shop for you, odds are they collect and pay the sales tax for you. My experience is with publishing books through Amazon, where they definitely handle this for you. If you can find a retailer that...
54
Taxable income on full-time job + business earnings
[ { "id": "590775", "score": 0.7550979256629944, "text": "In Australia, any income you earn is taxable despite where it came from. Using your example your taxable income is $70,000. Keep in mind that with a business even as a sole trader any business expenses that contribute to the earning of your busines...
[ { "id": "106149", "score": 0.6903583407402039, "text": "\"You're essentially asking the very common \"\"Do I Need to File a Tax Return?\"\" question. It's common enough that the IRS answers it right at the beginning of the Form 1040 Instructions, and it's answered fairly thoroughly here: http://www.irs...
57
How can I lookup the business associated with a FEIN?
[ { "id": "203633", "score": 0.6896634101867676, "text": "I think much of that info is hidden behind pay-walls. Here is one site I've found. http://www.feinsearch.com/ Another that is for non-profits only is guidestar. http://www.guidestar.org/rxg/products/nonprofit-data-solutions/product-information/gui...
[ { "id": "161411", "score": 0.64382404088974, "text": "\"For US equities, Edgar Online is where companies post their government filings to the SEC. On Google Finance, you would look at the \"\"SEC filings\"\" link on the page, and then find their 10K and 10Q documents, where that information is listed an...
61
How to Deduct Family Health Care Premiums Under Side Business
[ { "id": "524134", "score": 0.6678668856620789, "text": "\"No, not on schedule C, better. Its an \"\"above the line\"\" deduction (line 29 on your 1040). Here's the turbo tax article on it. The instructions for this line set certain limitations that you must take into the account, and yes - it is limited...
[ { "id": "541809", "score": 0.6344582438468933, "text": "\"No, your business cannot deduct your non-business expenses. You can only deduct from your business income those reasonable expenses you paid in order to earn income for the business. Moreover, for there to be a tax benefit, your business general...
62
Claiming car as a business expense in the UK
[ { "id": "34810", "score": 0.7955945730209351, "text": "\"I'm going to look just at purchase price. Essentially, you can't always claim the whole of the purchase price (or 95% your case) in the year (the accounting period) of purchase, but you get a percentage of the value of the car each year, called wr...
[ { "id": "447231", "score": 0.755362331867218, "text": "You don't say what country you live in. If it's the U.S., the IRS has very specific rules for business use of a car. See, for starters at least, http://www.irs.gov/publications/p463/ch04.html. The gist of it is: If you use the car 100% for business ...
63
Do I need to keep paper records for my business?
[ { "id": "509617", "score": 0.7232428193092346, "text": "Scanned or electronic copies of invoices should be sufficient as long as they are accurate and you can deliver them during an audit. Also, if you have an accountant prepare your taxes you would either need to provide them a copy of the invoices or ...
[ { "id": "92819", "score": 0.6861160397529602, "text": "I was only able to find Maryland form 1 to fit your question, so I'll assume you're referring to this form. Note the requirement: Generally all tangible personal property owned, leased, consigned or used by the business and located within the Stat...
64
1040 Schedule A Un-Reimbursed Business Expense Reporting
[ { "id": "391619", "score": 0.6900588274002075, "text": "It would be unusual but it is possible that the expenses could be very high compared to your income. The IRS in pub 529 explains the deduction. You can deduct only unreimbursed employee expenses that are: Paid or incurred during your tax year, For ...
[ { "id": "487728", "score": 0.6555366516113281, "text": "I strongly recommend that you talk to an accountant right away because you could save some money by making a tax payment by January 15, 2014. You will receive Forms 1099-MISC from the various entities with whom you are doing business as a contracto...
65
Why do banks require small businesses to open a business bank account instead of a cheaper personal one?
[ { "id": "580624", "score": 0.7872974276542664, "text": "The bank won't let you because: Differences in required account features — Business accounts have different features (many of them legal features) that are required by businesses. For instances: Do you want to be able to deposit cheques that are wr...
[ { "id": "147343", "score": 0.7178560495376587, "text": "Nope. Credit Unions are for the customers. Since the customers own them, the credit union does what is best for the members. They aren't giving you money, they are loaning it to you for for interest. Furthermore then judged you like any other b...
66
How to treat miles driven to the mechanic, gas station, etc when calculating business use of car?
[ { "id": "397608", "score": 0.8175756335258484, "text": "I contacted Stephen Fishman, J.D., the author of Home Business Tax Deductions, to let him know that this question was missing from his book. He was kind enough to send a reply. My original phrasing of the question: If your car is used for both busi...
[ { "id": "154931", "score": 0.7763317227363586, "text": "The best way to do this is to pay for the entire car, including gas, insurance, and repairs, from S-corp funds, then meticulously track how many miles are used for personal and how many miles for business. If you pay with S-corp funds, you will cla...
67
value of guaranteeing a business loan
[ { "id": "370815", "score": 0.7910479307174683, "text": "The guarantee's value to you is whatever you have to pay to get the guarantee, assuming that you don't decide it's too expensive and look for another guarantor or another solution entirely. How much are you willing to pay for this loan, not countin...
[ { "id": "365963", "score": 0.7157163619995117, "text": "On a personal Loan Yes. On a business loan, it would depend on the Bank and they would like to understand the purpose of the loan and need it to be secured. They may not even grant such kind of business loan.", "topk_rank": 0 }, { "id":...
69
Deducting business expenses paid for by gift card
[ { "id": "378484", "score": 0.878789484500885, "text": "To quote the answer you linked to: Perhaps the simplest way to think about this is you can only deduct an expense that you actually incur. In other words, the expense should show up on a bank or CC statement. So, if your business purchased the $1000...
[ { "id": "245447", "score": 0.777845561504364, "text": "\"For simplicity, let's start by just considering cash back. In general, cash back from credit cards for personal use is not taxable, but for business use it is taxable (sort of, I'll explain later). The reason is most personal purchases are made wi...
70
Car as business expense, but not because of driving
[ { "id": "327002", "score": 0.7562398314476013, "text": "\"To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business. An ...
[ { "id": "501892", "score": 0.7180973887443542, "text": "There is nothing illegal about a vehicle being in one person's name and someone else using it. An illegal straw purchase usually applies to something where, for example, the purchaser is trying to avoid a background check (as with firearms) or is...
71
Can a business refuse to take credit cards?
[ { "id": "372052", "score": 0.777786374092102, "text": "Businesses are free to decide what payment methods they accept for their goods and services. Businesses sometimes advertise what credit cards they accept by posting some stickers at their door. When your credit card isn't among them and you don't ha...
[ { "id": "29849", "score": 0.7377368807792664, "text": "I just listened to a podcast on this topic this week, and Satanicpuppy is pretty much correct. If you are interested, here is a link to the podcast on Legal Lad: Can Businesses Refuse to Accept Cash?", "topk_rank": 0 }, { "id": "9814", ...
72
Calculate Estimated Tax on Hobby Business LLC
[ { "id": "549870", "score": 0.6987240314483643, "text": "\"You are on the right track, for tax purposes its all ordinary income at the end of 2016. If the free lance \"\"employer\"\" will withhold fed,state and local tax, then that takes care of your estimated tax. If they can't or won't, you will need t...
[ { "id": "266304", "score": 0.6660205125808716, "text": "Using the http://calculators.ato.gov.au/scripts/asp/simpletaxcalc/main.asp calculator and noting all the caveats (Medicare etc) and assuming everything is proportionate you get: You earn: $110,000 less $28,647 tax = $81,353 She earns: $54,000 less ...
74
Buying car from rental business without title
[ { "id": "46680", "score": 0.729810357093811, "text": "I would steer well clear of this. The risk is that they take your money but don't pay the bank. This wouldn't require dishonesty - what if they run into financial trouble? Any money of yours that they have that hasn't gone on to the bank yet might en...
[ { "id": "24165", "score": 0.6912209391593933, "text": "Update: here is a message the seller just sent me. Does this make sense? I spoke with my bank again and they explained it a little better for me. I guess how it works is they will print out something for you that is called an affidavit in lieu of t...
75
Why should I choose a business checking account instead of a personal account?
[ { "id": "297965", "score": 0.8485109210014343, "text": "\"Some benefits of having a business checking account (versus a personal checking account) are: The first 3 should be pretty easy to determine if they are important to you. #4 is a little more abstract, though I see you have an LLC taxed as a sole ...
[ { "id": "537593", "score": 0.7945038676261902, "text": "Yes, it's a good idea to have a separate business account for your business because it makes accounting and bookkeeping that much easier. You can open a business checking account and there will be various options for types of accounts and fees. You...
76
How to report house used for 100% business?
[ { "id": "375357", "score": 0.735649049282074, "text": "As DJClayworth said, be very careful with this one! The property is a residence, not a business location. Given that, it is almost a certainty that the IRS is not going to let you claim 100% of the expenses for the home as a business expense, eve...
[ { "id": "327826", "score": 0.6984483599662781, "text": "You only need to report INCOME to the IRS. Money which you are paying to a landlord on behalf of someone else is not income.", "topk_rank": 0 }, { "id": "485898", "score": 0.695780873298645, "text": "Getting the first year right...
78
How to record business income tax paid, in QuickBooks?
[ { "id": "152407", "score": 0.6011483669281006, "text": "Federal income taxes are indeed expenses, they're just not DEDUCTIBLE expenses on your 1120. Federal Income Tax Expense is usually a subcategory under Taxes. This is one of the items that will be a book-to-tax difference on Schedule M-1. I am presu...
[ { "id": "526158", "score": 0.5710154175758362, "text": "For the first four months of the year, when you were an employee, the health insurance premiums were paid for with pre-tax money. When you receive your W-2 at the end of the year, the amount in Box 1 of the W-2 will be reduced by the amount you pa...
80
Get a loan with low interest rate on small business
[ { "id": "252473", "score": 0.7306022644042969, "text": "\"I am going to assume your location is the US. From what I am seeing it is unlikely you will get a loan other than some government backed thing. You are a poor risk. At 7k/month, you have above average household income. The fact that all of your...
[ { "id": "59367", "score": 0.6940069198608398, "text": "I'm not saying it's great, but I have a 705... I think we'll get a second opinion to lower that rate. Also, logically, with a higher down payment, we should be able to reduce the amount we need to borrow. Is that how that would work? For example, if...
81
Does revenue equal gross profit for info product business?
[ { "id": "451207", "score": 0.6005113124847412, "text": "What about web-hosting fees? Cost of Internet service? Cost of computer equipment to do the work? Amortized cost of development? Time for support calls/email? Phone service used for sales? Advertising/marketing expenses? Look hard--I bet there are ...
[ { "id": "546782", "score": 0.5704739093780518, "text": "You could also switch to CreditKarma to file taxes, it's 100% free and just launched. I'm not affiliated with them, just bringing up an alternative.", "topk_rank": 0 }, { "id": "539508", "score": 0.5704674124717712, "text": "If ...
82
Will unpaid taxes prevent me from getting a business license?
[ { "id": "500708", "score": 0.7790223360061646, "text": "Generally these things are unrelated. Your tax debt is to agency X, your license is (mostly) from agency Y. If your business involves agency X, then it may be a problem. For example, you cannot get a EA license (IRS Enrolled Agent) if you have unse...
[ { "id": "538699", "score": 0.7253848314285278, "text": "\"It is the presupposition that makes this a rather ridiculous question. Makes me curious, would this be a civil or criminal crime? If you are convinced that this presupposition of illegality is a thing, talk to a lawyer. Yes, there may be conseque...
83
Using cash back rewards from business credit card
[ { "id": "534277", "score": 0.6937058568000793, "text": "\"A C-Corp is not a pass-through entity, any applicable taxes would be paid by the Corporation, which is a separate legal entity from yourself. If you use the points to purchase something for yourself, that would constitute \"\"income\"\" to you, a...
[ { "id": "282623", "score": 0.6588735580444336, "text": "\"I'm not a fan of using cash for \"\"emergency\"\" savings. Put it in a stable investment that you can liquidate fairly quickly if you have to. I'd rather use credit cards for a while and then pay them off with investment funds if I must. Meanwhil...
85
Moving my online only business to the USA?
[ { "id": "431230", "score": 0.7028812170028687, "text": "You don't need a Visa to create or own US property. Your registered agent will be able to take care of most of this, and your new entity will use the registered agent's address where applicable, but you may need your own separate address which can ...
[ { "id": "384219", "score": 0.6676343083381653, "text": "You could of course request payment in EUR or USD, maybe keep a PayPal account and just leave the funds in PayPal unless you need to withdraw the money in local currency? Either currency would be fine because the problem you are trying to overcome ...
86
Moving a personal business to a LLC accounting in California
[ { "id": "71569", "score": 0.7080561518669128, "text": "You can move money in and out of the business at will, just keep track of every transaction. Ideally you'd use an accounting software like QuickBooks or similar. Create a Capital Contributions account and every time you put money into the business c...
[ { "id": "463893", "score": 0.6724939346313477, "text": "Honing in on your last question: Is there a better way? I think there is, but it would require you to change the way you handle your spending, and that may not be of interest to you. Right now you have a lot of manual work, keeping track of expen...
87
What should one look for when opening a business bank account?
[ { "id": "357938", "score": 0.650709867477417, "text": "From my experience, I opened a business account to handle my LLC which owns a rental property. The account process and features were similar to shopping for a personal checking account. There would be fees for falling below a minimum balance, and f...
[ { "id": "548596", "score": 0.6384721994400024, "text": "For months prior to going public a company has to file financial documents with the SEC. These are available to the public at www.sec.gov on their Edgar database. For instance, Eagleline is listed as potentially IPOing next week. You can find out a...
88
Which r in perpetuity formula to pricing a business?
[ { "id": "415946", "score": 0.7777619361877441, "text": "In the equity markets, the P/E is usually somewhere around 15. The P/E can be viewed as the inverse of the rate of a perpetuity. Since the average is 15, and the E/P of that would be 6.7%, r should be 6.7% on average. If your business is growing, ...
[ { "id": "76695", "score": 0.7386971712112427, "text": "I don't have any experience in this, but this is my academic understanding of business pricing. The LOWEST amount a seller would accept is the liquidation value. For a B&B, what would the value of the land, the house, the furnishings, accounts paya...
91
US Double Taxation - Business Trips and the Foreign Tax Credit
[ { "id": "523431", "score": 0.7982928156852722, "text": "\"If you're a US citizen, money earned while in the US is sourced to the US. So you can't apply FTC/FEIE to the amounts attributable to the periods of your work while in the US even if it is a short business trip. Tax treaties may affect this. Most...
[ { "id": "510599", "score": 0.7478997111320496, "text": "A) a tax treaty probably covers this for the avoidance of double taxation. Tax treaties can be very cryptic and have little precedence clarifying them http://www.irs.gov/businesses/international/article/0,,id=169552,00.html B) I'm going to say NO s...
92
Can I use my Roth IRA to start a business?
[ { "id": "465787", "score": 0.7522523999214172, "text": "Read the Forbes article titled IRA Adventures. While it's not the detailed regulations you certainly need, the article gives some great detail and caution. You may be able to do what you wish, but it must be structured to adhere to specific rules t...
[ { "id": "340113", "score": 0.7145251035690308, "text": "You can withdraw the contributions you made to Roth IRA tax free. Any withdrawals from Roth IRA count first towards the contributions, then conversions, and only then towards the gains which are taxable. You can also withdraw up to $10000 of the ta...
93
Really have to use business credit card for personal expenses
[ { "id": "292748", "score": 0.8358352780342102, "text": "\"I really have to use the business card for personal expenses, please assume that in your answer. This is very hard to believe. You must do that? Why not just have the company pay you $1600 each month? Then you can use that money for whatever you ...
[ { "id": "85517", "score": 0.7722175121307373, "text": "Early on, one might not be able to get credit for their business. For convenience, and the card perks, it makes sense to use the personal card. But for sake of a clean paper trail, I'd choose 1 card and use it exclusively, 100% for the business. Not...
95
Do Affordable Care Act business requirements apply to “control groups?”
[ { "id": "586355", "score": 0.7247883081436157, "text": "\"Yes, it applies to control groups. If I remember correctly common ownership rules are used to determine \"\"Applicable Large Employer\"\" status but if the time comes to owe a penalty, only the actual entity missing the mark will owe a penalty, ...
[ { "id": "422199", "score": 0.6846056580543518, "text": "My father owns a small business that employees ~50 people. He's been in business for over thirty years as an agricultural establishment. Because the threshold on Obama care for small businesses to pay for employee coverage is 50+ employees we will ...
96
As a contractor, TurboTax Business-and-Home or Basic?
[ { "id": "328863", "score": 0.7772238254547119, "text": "\"Assuming you file state tax returns, you shouldn't buy Basic. Ever. Your choice is probably between the \"\"Premier\"\" version and the \"\"Business and Home\"\" version. Price difference is insignificant (I have a comparison on my blog, includin...
[ { "id": "482165", "score": 0.7249596118927002, "text": "It depends on the structure of your business. Are you a sole proprietor filing Schedule C on your 1040, or an S-corp, or part of a partnership? The treatment of a home office will differ depending on business entity.", "topk_rank": 0 }, { ...
97
Peer to peer lending business model (i.e. Lending Club)
[ { "id": "578529", "score": 0.6711602807044983, "text": "This is all answered in the prospectus. The money not yet invested (available/committed to a note but not yet funded) is held in pooled trust account insured by FDIC. Money funded is delivered to the borrower. Lending Club service their notes thems...
[ { "id": "271459", "score": 0.6541285514831543, "text": "\"Why isn't the above the business model of a loan? It is the model of some types of loans. It's called a \"\"Line of credit\"\" (LOC). I have two them, one for my business, and one for me personally. (Why does this question exist:) Is it an 30-yea...
99
In what cases can a business refuse to take cash?
[ { "id": "474248", "score": 0.8013370037078857, "text": "The Federal Reserve website notes that creditors must accept cash for debts on services already rendered, but that businesses may refuse cash for services not yet rendered unless prohibited by local law. The Treasury website includes examples of bu...
[ { "id": "53649", "score": 0.7031496167182922, "text": "I think cash, travelers checks (little iffy about this one: they're legal tender cash equivalents), and money orders are the only ones that you'd be a little weird to not accept. You certainly don't have to accept regular checks, credit cards, or ba...
102
Maintaining “Woman Owned Business” while taking on investor
[ { "id": "494264", "score": 0.7597600817680359, "text": "To qualify as a woman owned business, a woman or group of women must own shares worth 51% of the business. If your investor was a woman, the entire 5% could come from her share of the company without affecting the 51% ownership requirement. Could y...
[ { "id": "1656", "score": 0.7095694541931152, "text": "Many partnership agreements include a shotgun clause: one person sets a price, the other can either buy at that price or sell at it. It's rather brutal. You can make offers that you know are less than the company is worth if you're sure the other per...
105
How to safely earn interest on business profits (UK)
[ { "id": "41356", "score": 0.7172666788101196, "text": "Deposit it in a business savings account. The following below show you some options you can choose from. Next you can invest it in the market i.e. shares, bonds etc. If you have a more risky side, can go for peer to peer lending. If you are feeling ...
[ { "id": "121480", "score": 0.7236515283584595, "text": "A 15% discount is a 17.6% return. (100/85 = 1.176). For a holding period that's an average 15.5 days, a half month. It would be silly to compound this over a year as the numbers are limited. The safest way to do this is to sell the day you are per...
107
Income tax on my online drop-shipping business (India)
[ { "id": "276408", "score": 0.6822920441627502, "text": "Please consult a tax advisor. You may be voilating the FEMA [Foreign Exchange Management Act] and can land into trouble. Further what you are doing can land up into various other acts as illegal including AML. Further if there is income genera...
[ { "id": "519321", "score": 0.642308235168457, "text": "Are you being paid through a limited company or an umbrella company ? Are you self employed If not what they are doing is illegal. If you are being paid a salary, then the employer has to contribute their part of National Insurance. I believe they a...
108
How to find a business consultant that would ensure that all your business activities are legal and compliant with all regulations?
[ { "id": "396982", "score": 0.6810122728347778, "text": "\"Getting a specific service recommendation is off-topic, but the question of what type of professional you need seems on-topic to me. You may be looking for more than one professional in this case, but you could try these to start your search: Di...
[ { "id": "406707", "score": 0.6420747637748718, "text": "For this reason, whilst preparing to hire an consultant to preserve and assist your application and additives it's far crucial to realize the one of a kind industry certification and in reality confirm that the computer professional has them. You c...
110
How to determine how much to charge your business for rent (in your house)?
[ { "id": "520386", "score": 0.7932466864585876, "text": "Your best approach is to assess rent levels in your local area for offices of a similar size. You need to take into account all the usuals - amenities, parking, etc, just as if your home-office was provided by a third-party. Get your $/sq ft and wo...
[ { "id": "113566", "score": 0.6821302771568298, "text": "Narratively from the POV of the landlord, the hip retailer ABC offered me a 10 year lease at $1000/month for an empty store front on an empty block. I agreed. ABC attracted a large youth market, so other stores filled in the rest of the block in ...
111
Dual Citizen British/US and online business taxes
[ { "id": "46092", "score": 0.7135306000709534, "text": "I see no reason why a US ID would be mandatory anywhere in the UK. I'm sure they have their own tax IDs in the UK. However, if the gallery requires US persons to submit US W-9 - then yes, you're covered under that requirement." } ]
[ { "id": "274359", "score": 0.677463173866272, "text": "The data provided in your question is irrelevant. The data that you provided in the comments (that you're physically present in the US while doing the work) is the only relevant information needed to answer your question. You will need to pay taxes ...
112
Will my wife's business losses offset my income on a joint tax return?
[ { "id": "153541", "score": 0.887065589427948, "text": "\"First, filing status. If you and your wife are legally married, you should be filing your tax returns as married, either jointly or separately. In the US, \"\"head of household\"\" has a specific meaning and is for unmarried people who are support...
[ { "id": "208989", "score": 0.7725319862365723, "text": "\"It's not possible to determine whether you can \"\"expect a refund\"\" or whether you are claiming the right number of exemptions from the information given. If your wife were not working and you did not do independent contracting, then the ans...
439
Do I need a Like-Kind Exchange when selling a personal vehicle for a company car
[ { "id": "202630", "score": 0.8379067182540894, "text": "You cannot do a like-kind (Sec. 1031) exchange for personal property, only for business/investment property. Since you said that you traded in your personal car - no like-kind exchange is possible. Also, since the new car doesn't belong to you - yo...
[ { "id": "309758", "score": 0.7841037511825562, "text": "If you had an agreement with your friend such that you could bring back a substantially similar car, you could sell the car and return a different one to him. The nature of shares of stock is that, within the specified class, they are the same. I...
442
Why are earning credit card rewards often tied to groceries and gas?
[ { "id": "92144", "score": 0.7935253381729126, "text": "Every reward program has to have a funding source. If the card gives you x percent back on all purchases. That means that their business is structured to entice you to pump more transactions through the system. Either their other costs are lower, or...
[ { "id": "369083", "score": 0.711859941482544, "text": "Their income is from the two sources you mentioned - they charge the merchants for each use, and they make interest money on people who carry a balance. This is one reason a lot of merchants will be willing to give you a discount if you pay cash - t...
443
1099 versus corporation to corporation for payments?
[ { "id": "194955", "score": 0.7552698850631714, "text": "Do not mix personal accounts and corporate accounts. If you're paid as your self person - this money belongs to you, not the corporation. You can contribute it to the corporation, but it is another tax event and you should understand fully the cons...
[ { "id": "435798", "score": 0.7174366116523743, "text": "Well, you won't be double taxed based on what you described. Partners are taxed on income, typically distributions. Your gain in the partnership is not income. However, you were essentially given some money which you elected to invest in the partne...
444
Why do most banks in Canada charge monthly fee?
[ { "id": "573518", "score": 0.7618148922920227, "text": "\"Arguably, \"\"because they can\"\". Canada's banking industry is dominated by five chartered banks who by virtue of their size, pretty much determine how banking is done in Canada. Yes, they have to abide by government regulation, but they carry...
[ { "id": "121071", "score": 0.7194654941558838, "text": "Another reason for banks to push this is sitckyness. Once you have all of your bills setup, its more trouble to change banks. This reduces the customer turnover rate, which lowers their costs.", "topk_rank": 0 }, { "id": "436168", ...
445
Do I need to register as self employed in Ontario, Canada?
[ { "id": "178942", "score": 0.6584798097610474, "text": "If your business name is your name, you are automatically considered a sole-proprietorship and any income you generate and expenses you incur can be calculated on your personal tax return. You can use QuickTax Home & Business tax software to lead y...
[ { "id": "449116", "score": 0.6254478096961975, "text": "\"You would put your earnings (and expenses, don't forget) on Schedule C, and then do a Schedule SE for self-employment tax. http://www.irs.gov/businesses/small/article/0,,id=98846,00.html 1040ES isn't used to compute taxes, it's used to pay taxes....
446
Why do credit card transactions take up to 3 days to appear, yet debit transactions are instant?
[ { "id": "450371", "score": 0.7951384782791138, "text": "When you swipe your credit card, the terminal at the store makes a request of your bank, and your bank has only a few seconds to accept or reject the transaction. Once the transaction is accepted by your bank, it appears in the Pending transactions...
[ { "id": "481648", "score": 0.727008581161499, "text": "For me, it is mostly for the fraud protection. If I have a debit card and someone makes a fraudulent charge the money is removed from my bank account. From my understanding, I can then file a fraud complaint with the bank to recover my money. Howe...
447
Why do VAT-registered businesses in the EU charge VAT to each other?
[ { "id": "297588", "score": 0.7108968496322632, "text": "Not doing this would defeat the entire purpose of a VAT. The reason for a VAT rather than a simple sales tax is that it's harder to evade. Having a simple sales tax with the type of rates that VAT taxes typically are is unworkable because evasion i...
[ { "id": "203905", "score": 0.6822735071182251, "text": "\"As far as I know any business can register for VAT regardless of the nature of the business. If all the goods you sell (or services you provide) are VAT-exempt or zero-rated then you will get refunds from HMRC on VAT your business pays. Any busi...
448
How To Report Cryptocurrency Earnings?
[ { "id": "378437", "score": 0.6079151630401611, "text": "\"While this does fall under the \"\"All-inclusive income\"\" segment of GI (gross income), there are two questions that come up. I invested in a decentralized bitcoin business and earned about $230 this year in interest from it Your wording is co...
[ { "id": "495418", "score": 0.6115177273750305, "text": "Use TWIRR (aka TWRR). Time Weighted rate of return. It's sort of the opposite of XIRR. XIRR results change dramatically depending on the timing of the cashflows. It might be useful to also model returns that are unaffected by the timing. This is ho...
449
Allocation between 401K/retirement accounts and taxable investments, as a young adult?
[ { "id": "130118", "score": 0.7389822006225586, "text": "I'm afraid you're mistaking 401k as an investment vehicle. It's not. It is a vehicle for retirement. Roth 401k/IRA has the benefit of tax free distributions at retirement, and as long as you're in the low tax bracket - it is for your benefit to tak...
[ { "id": "439249", "score": 0.7026603817939758, "text": "\"With no match, the traditional 401(k) for someone otherwise in the 15% bracket makes little sense. I'd suggest contributing just enough if you were in the 25% bracket to be in the taxable 15% but no more. Use a Roth IRA if you are saving more tha...
450
Income Tax form in India for freelancing
[ { "id": "159709", "score": 0.7545437812805176, "text": "\"ITR1 or ITR2 needs to be filed. Declare the income through freelancing in the section \"\"income from other sources\"\"\"" }, { "id": "347590", "score": 0.7354605197906494, "text": "Since you are living in India and earning income...
[ { "id": "197870", "score": 0.697253406047821, "text": "The best way is for X to work as Independent consultant fro c.com from India by raising monthly invoices for the work done. This will avoid the complications and paperwork associated by registering a LLC in US by XF and then employing X as independe...
452
Should I be filling out form W-9 for somebody I sold used equipment to?
[ { "id": "467704", "score": 0.7197949886322021, "text": "They are a business. You're not a corporation. They paid you more than $600 during the year, so they're supposed to send 1099 to you and the IRS about it. They need your taxpayer certification (W9) for that. They were supposed to ask for it before ...
[ { "id": "454931", "score": 0.6835259795188904, "text": "Get the worker put it in writing, and deduct it in December under constructive receipt rules. The fact that you're getting the actual cash in January isn't significant as long as you've secured the payment. Verify this with a tax adviser, but that'...
453
Where I am I liable for taxes?
[ { "id": "592926", "score": 0.632672131061554, "text": "You will have to pay your taxes in the UK not USA. For tax purposes it is the company's tax residency not where the server is located. You are just hiring a server in USA. Take for example a CDN being used for your same service then would you pay ta...
[ { "id": "4992", "score": 0.6009328365325928, "text": "Yes, this extra income would be taxed at your marginal rate because it is increasing your total income. This does not necessarily apply to all income, however. Capital gains are taxed at a different rate. Depending on the amount of extra work, you ma...
454
Can I Accept Gold?
[ { "id": "144927", "score": 0.6584514379501343, "text": "\"You can accept almost anything mutually agreeable to you and the other party as payment. That's the definition of \"\"barter\"\". If you agree to trade manufactured goods for livestock, as long as both parties agree on the terms, I'm not aware of...
[ { "id": "201222", "score": 0.6810966730117798, "text": "I agree that there is no reliable way to buy gold for less than spot, no more than there is for any other commodity. However, you can buy many things below market from motivated sellers. That is why you see so many stores buying gold now. It will...
456
Can a company have a credit rating better than that of the country where it is located?
[ { "id": "146995", "score": 0.7202566266059875, "text": "\"BlackJack's answer is technically correct: government credit ratings are independent of corporate credit ratings. The rating should reflect the borrower's ability to repay its obligations. One reason the book you read may have stated that corpor...
[ { "id": "309199", "score": 0.7150197625160217, "text": "It is very important to note the strength and reputation of the country's regulatory agency. You cannot assume the standards of say the SEC (US Securities and Exchange Commission) apply in other countries (even well-developed ones). These regulatio...
457
Do I owe taxes in the US for my LLC formed in the US but owned by an Indian citizen?
[ { "id": "59686", "score": 0.7312472462654114, "text": "You're doing business in the US and derive income from the US, so I'd say that yes, you should file a non-resident tax return in the US. And in Connecticut, as well, since that's where you're conducting business (via your domestic LLC registered the...
[ { "id": "353926", "score": 0.7134243249893188, "text": "Yes, you can still file a 1040nr. You are a nonresident alien and were: engaged in a trade or business in the United States Normally, assuming your withholding was correct, you would get a minimal amount back. Income earned in the US is definitely...
458
How would IRS treat reimbursement in a later year of moving expenses?
[ { "id": "263485", "score": 0.8153113126754761, "text": "IRS pub 521 has all the information you need. Expenses reimbursed. If you are reimbursed for your expenses and you use the cash method of accounting, you can deduct your expenses either in the year you paid them or in the year you received the ...
[ { "id": "503651", "score": 0.765253484249115, "text": "You cannot deduct anything. Since you're actually moving, your tax home will move with you. You can only deduct the moving expenses (actual moving - packing, shipping, and hotels while you drive yourself there).", "topk_rank": 0 }, { "id...
461
I have $100,000 in play money… what to do?
[ { "id": "237392", "score": null, "text": "" }, { "id": "159156", "score": 0.6677331924438477, "text": "\"For any sort of investment you need to understand your risks first. If you're going to put money into the stock or bond market I would get a hold of Graham's \"\"The Intelligent Inves...
[ { "id": "30825", "score": 0.6356812119483948, "text": "First of all, make sure you have all your credit cards paid in full -the compounding interests on those can zero out returns on any of your private investments. Fundamentally, there are 2 major parts of personal finance: optimizing the savings outpu...
462
Is it possible, anywhere in the US for a funding firm to not have a license number showing somewhere?
[ { "id": "447167", "score": null, "text": "In the United states the US government has the Small Business Administration. They also have Small Business Development Centers SMDC to help. These are also supported by state governments and colleges and universities. SBDCs provide services through professiona...
[ { "id": "54216", "score": 0.5783511400222778, "text": "If they're making 100k a month in sales, why do they need your 92k so badly that they're willing to pay 200% annual interest? Going to a loanshark or the mob would be cheaper, to say nothing of all the legal options available to them. Or they could ...
464
How to deduct operational loss from my personal income tax?
[ { "id": "167494", "score": 0.7304874658584595, "text": "\"I'm not an accountant, and you should probably get the advice of one to be sure about what to do. However, if the business is a sole-proprietorship, you'd complete a Schedule C for the business, and you'd end up with a loss at the end. If the i...
[ { "id": "364938", "score": 0.6939234733581543, "text": "It looks like you can. Take a look at these articles: http://www.googobits.com/articles/1747-taking-an-itemized-deduction-for-job-expenses.html http://www.bankrate.com/finance/money-guides/business-expenses-that-benefit-you.aspx http://www.hrblock...
465
Can my company buy my personal debt?
[ { "id": "446553", "score": 0.693520724773407, "text": "When your debt is forgiven, you have to consider the amount written off as an ordinary income item (with the exclusion of the debt originated from the purchase of primary home). If you're trying to write the debt off from your taxes - then it won't ...
[ { "id": "361698", "score": 0.6586127281188965, "text": "Short-term, getting a balance transfer will help. It'll reduce the interest you pay. You can also reduce the interest you pay on your cars if you are able to consolidate your debt into a personal loan. To your question about debt consolidation com...
466
Need small buisness ideas with 100k $ budjet in a 3rd world country
[ { "id": "217218", "score": 0.7330975532531738, "text": "Firstly, I highly doubt anyone on this site will be able to provide you with accurate input on this matter regarding what TO DO. It's the what not to do that may be possible. That said, if you want to offer equipment for rent, which in a developin...
[ { "id": "47690", "score": 0.6952818632125854, "text": "That's awesome! You're going to want to learn how to fly a small technical one first. Once you are comfortable spend couple thousand and start with basic maneuvers, as the size of your drone has changed! Do you understand the legal responsibilitie...
468
Loan holder wants a check from the insurance company that I already cashed and used to repair my car
[ { "id": "498927", "score": 0.7821101546287537, "text": "What would happen if you was to cash a check, didn’t realize it was to you and your finance company, take it to a local business that has a money center, they cash the check without even having you sign let alone having the finance companies ...
[ { "id": "584305", "score": 0.7195214629173279, "text": "\"You won't be able to sell the car with a lien outstanding on it, and whoever the lender is, they're almost certain to have a lien on the car. You would have to pay the car off first and obtain a clear title, then you could sell it. When you took...
471
I started some small businesses but need help figuring out taxes. Should I hire a CPA?
[ { "id": "158122", "score": 0.7091107964515686, "text": "The only professional designations for people allowed to provide tax advice are Attorney, EA or CPA. Attorney and CPA must be licensed in the State they practice in, EA's are licensed by the Federal government. Tax preparers are not allowed to prov...
[ { "id": "207997", "score": 0.7043913006782532, "text": "You can ask the client to pay you through the LLC. In that case you should invoice them from the LLC and have them pay the invoice. If they pay you personally, you can always make a capital contribution to the LLC and use that money to buy equipmen...
472
Is Mint allowed to share user data with other Intuit entities?
[ { "id": "337071", "score": 0.8234263062477112, "text": "I wound up asking Mint over email so I'll share the answer I received: Thank you for contacting Mint.com. From my understand you want to know if Mint can transfer data to other Intuit products and vice versa. Let me address your concern based fr...
[ { "id": "430605", "score": 0.7540388107299805, "text": "Mint is only an organizer of information that is actually aggregated by different services. Currently data aggregation for mint is being done by Yodlee and also by Intuit's own aggregation service.", "topk_rank": 0 }, { "id": "173649", ...
473
Financially Shielded Entity Separating Individuals Behind It From Risks
[ { "id": "466037", "score": 0.7464879155158997, "text": "You are describing a corporation. You can set up a corporation to perform business, but if you were using the money for any personal reasons the courts could Pierce the corporate veil and hold you personally liable. Also, setting up a corporation...
[ { "id": "191326", "score": 0.7034497857093811, "text": "I wonder if there are times (like when BofA bought Merrill) when it might be alright to not disclose everything right away. Particularly if what needs to be disclosed are losses and the government has told you that they'd cover them.", "topk_r...
474
Forgot to renew Fictitious Name application within the county. What is the penalty for late filing?
[ { "id": "430901", "score": 0.7322193384170532, "text": "I checked this myself and there is no monetary penalty for late filing. However, since I am late I have to do all publication over again which costs me extra $50." } ]
[ { "id": "332858", "score": 0.6746774315834045, "text": "Your county wants the fee to record your newly owned house into the public record. Congratulations on the new wave of junk mail you are going to get =)", "topk_rank": 0 }, { "id": "532656", "score": 0.6710745692253113, "text": ...
478
Help: Being charged interest on a loan for which I received no statements telling me of this debt for the past 15 years. Surprise!
[ { "id": "306280", "score": 0.6981005072593689, "text": "\"There is a ten year statue of limitations on debt collection, bankruptcy, etc. The problem is, if you start paying, even say, $1, you \"\"acknowledge\"\" the debt and the clock starts again. Debt claims fall under the \"\"he said, she said,\"\" r...
[ { "id": "351044", "score": 0.6930773258209229, "text": "I would strongly encourage you to either find specifically where in your written contract the handling of early/over payments are defined and post it for us to help you, or that you go and visit a licensed real estate attorney. Even at a ridiculous...