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Small Business Cents
Tax requirements are constantly changing and different laws and forms apply to different business structures. This quick guide provides information to understand the basics on filing taxes for your LLC as of December, 2009. Nevertheless, please visit the IRS's LLC page for up to date information. First, some background on Limited Liability Companies (LLC): An LLC is a relatively new, hybrid-type of legal structure that provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a...
This is part two in our series on State Issues that Affect the Survival of your Small Business. Each state has the authority to impose its own tax laws - which means that not all businesses across the country are taxed equally. Understanding what your state obligations are and how it affects the success of your business can help you find the best tax environment for your business. See Part One for more information on state taxes that affect your small business. Alternative Minimum Taxes Many business owners do not realize that U.S....
This is part one in our series on State Issues that Affect the Survival of your Small Business. In addition to federal tax obligations, small businesses are also required to pay state and local taxes. Because each state has the authority to impose its own tax laws, not all businesses across the country are taxed equally. Understanding what each tax is and how it affects the success of your business can help business owners find the best tax environment for their business. Personal Income Tax Personal income tax is a tax imposed on the...
Placing a value on your business's worth can be a difficult task with no clear path to an accurate answer. To be fair, there really isn't one "right" way to value your business; however, there are probably several "wrong" ways that could get you into trouble. It is prudent to seek professional advice when trying to determine the best valuation method for your business , but even before you speak to an expert, you should have a good understanding of what can be a very complex topic. Here is a brief overview of common...
The Small Business Cents blog recently published an article on accept debit and credit cards: Accepting Cash Only Accepting cash is the most commonly accepted and reliable form of payment for a business. Many small businesses today still operate as "cash only" merchants. Years ago this wouldn't have been uncommon but with today's advances in technology, business owners must ask themselves if they're hurting their bottom line by limiting payment options. If you're thinking about starting a "cash only"...
Whether you keep your books on paper, through computer software, or hire an accountant or bookkeeping expert, proper bookkeeping practices are important to the operation and survival of any business. Without them, your business is susceptible to not only cash flow issues, but potential legal problems as well. To help business owners have a better understanding of smart bookkeeping practices, we've compiled a quick guide on the basics. Business bookkeeping serves two purposes - to enable the IRS to evaluate your operations, and to help...
By liquidating your business, you convert your business assets into cash. Business owners choose to liquidate for various reasons - they can't find a buyer, their business is not profitable etc. However, if you ultimately choose to liquidate your business assets, there are some best practices to keep in mind in order to ensure that you are not only making the right choice for your business, but also maximizing the benefits of liquidation. Why Would I Liquidate My Business? Small businesses liquidate for various reasons, the most...
Without question, the majority of our users are looking for information about business grants. Tha;s why we built the Loans & Grants search tool, and published numerous articles on the topic of grants, including Grants.gov- the federal grant search engine, Government Grants Scams, and Myths about Government Grants. This overview provides some additional context surrounding grant information that is useful to small business owners. Why ca-t I find a grant for my business? While some grants are available to small businesses, keep in mind...
Are you starting a small business and trying to set up an accounting and bookkeeping method? Are you filing your taxes and are confused about how to record your business income and expenses? If you answer yes to either of the questions above, read on to learn when cash vs accrual accounting method can work better for your small business. Cash Accounting Cash accounting is the more popular method of recording and reporting small business income and expenses. In a cash accounting method, income and expenses are recorded only when funds are...
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by JamieD, Former Moderator on Monday, April 12, 2010 - 15:10