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Credit enables many customer transactions that would not otherwise be possible. If your business offers customer credit, yo;ve most likely had someone unable to repay their debt. If you report these sales as income but cannot collect, the IRS calls this-business bad debt- In these cases, the IRS allows you to deduct those debts to decrease your federal tax liability. These frequently asked questions will help you understand how to proceed if this happens to your business. When is a business debt considered'ba'? There are two kinds of...
Imagine the worst case scenario - you were just let go from a job that you've dutifully and successfully performed for years. Due to the recent economic downturn, many businessmen and women find themselves in this position for the first time in their careers. Whether you are job hunting or planning to use the time off to start your own business, learn the dos and do;ts of collecting unemployment benefits. What are unemployment benefits? The Federal-State Unemployment Insurance program provides temporary financial assistance to eligible...
Are you looking to buy a franchise, or do you currently own one? If so, you're part of a growing population. The popularity of franchises over the last several decades has contributed to the massive growth of related jobs and new businesses. To help facilitate their development, the Small Business Administration has created a franchise program to simplify their financing process. What does it mean to be an SBA-approved franchise? SBA-approved franchises are select business opportunities whose agreements have been accepted by the SBA. When...
Financing Your Start Up with Venture Capital Venture capital refers to investments made into start-up or emerging companies with high potential for growth and return. Venture capitalists not only provide money, but also business planning expertise and assistance to help start-ups succeed in its industry.Venture capitalists are interested in businesses that have high growth potential to quickly produce large profit margins. Venture capitalists tend to focus on start-ups in technology, health care, manufacturing and consumer products, since...
Exporting can allow your business to tap into new markets and increase sales. However, there are important financial factors to consider before you make the leap. An honest assessment of expected exporting costs can save you time, effort, and money to ensure that your business export-ready. The most obvious exporting expenses are the costs associated with moving your goods to your international customers. Research the costs and schedule associated with each method of transport (air, sea, land), taking into consideration the physical...
An employe;s death is a tragedy that can affect any business. Small businesses with a few employees may feel the impact even harder. Nevertheless, there are legal ramifications that an employer must consider. Read these five steps to ensure that yo-re following the law when issuing final wages and benefits as a result of an employee death. Before you authorize any pay or death benefits, verify the employe-s passing by obtaining a copy of the death certificate. Though it may seem insensitive to the employe's family, verifying the death...
What is Cause Marketing? You may not be familiar with the term;cause marketin-, but chances are yo-ve experienced it' if not with your own business, then as a consumer. Have you ever added $1 to your grocery bill for a charitable donation? If so, yo've participated in a cause marketing campaign. Cause marketing is a mutually-beneficial branding partnership between a for-profit business and a non profit organization. The win-win attributes of a cause marketing campaign enable the non profit to receive donations and free advertising from the...
Compared to their big-business counterparts, small businesses are especially vulnerable to patent infringement because they may lack the knowledge, expertise or resources necessary to prevent the theft of their invention. Use this guide to navigate the application process, understand costs and fees, and identify financial assistance opportunities available for small businesses. Do;t dismiss patent protection A patent signifies the granting of property rights to the inventor of a new, useful and non-obvious invention. Having patent...
The Department of Veterans Affairs Homeless Providers Grant and Per Diem Program facilitates permanent, transitional, or temporary housing and ongoing case management and treatment services for homeless veterans. To help Veterans obtain residential stability, the VA sets aside annual funding to community agencies and non profits that provide housing or supportive services to homeless Veterans. Grant and Per Diem Funding The funding program has two opportunities for non profits, including a grant and a per diem award: The...
Small business owners usually look towards traditional financing options like loans for help. While loans can be a lifeline, revolving lines of credit may be simpler and more suitable for short-term needs like extra cash flow. Read on to learn about the basics: the 'who, what, when, where, why' of revolving lines of credit. What Is a Revolving Line of Credit? A revolving line of credit (RLC) is a flexible method of borrowing cash for your small business. It is very similar to a credit card in the sense that an RLC has an established...
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by JimD, Former Moderator on Wednesday, July 28, 2010 - 05:56