Small Business Cents

How to Claim the Tax Deduction for Business Use of Your Home

NicoleD — Fri, 20 Nov 2009 16:23:22 GMT

In our earlier post – Do You Run a Business Out of Your Home? You May Qualify for Tax Deductions – we outlined the requirements for claiming the business use of the home tax deduction. Here are the basics on how qualified businesses can file these deductions.

A Bank Alternative: FAQs About Credit Unions

ChristineL — Wed, 18 Nov 2009 20:53:26 GMT

Banks provide many critical business services - business checking accounts,loans, financial advisors - but credit unions are another provider to consider if you run a small business. If you haven't heard of credit unions beforehand or want to learn more about how you can leverage them in your business,this blog will give you a concise overview of what credit unions are all about.

Death and Taxes – Estate Planning and Trust Terms for Your Business

JamieD — Tue, 17 Nov 2009 19:35:17 GMT

Successful owners of family businesses know that it's never too early to start planning for the inevitable transfer of ownership. Although it may not seem logical to plan for succession during the prime of your career, detailed and often confusing tax laws make holding off a poor choice.

Re: President Obama's Plan to Boost Small Business Lending

paulms — Sun, 15 Nov 2009 05:06:23 GMT

I'm trying to understand the 378 Million figure in light of small business size standards as outline in this table of business size standards.

Is there current publicly available reporting of what industries have received what percentage of SBA loans in the past?

Re: Paying the Boss: 4 Tips for Setting Your Own Salary

fanioed — Fri, 13 Nov 2009 18:59:47 GMT

Thanks for the guide, it does help where business owners often get stuck in finding a 'balanced point' when it comes to rewarding themselves.

Taking the percentage route is indeed good. Nevertheless, we still need to put some portion aside as business reserve, just in case of some unforeseen circumstances.

Money Camp

Message Edited by NicoleD on 11-14-2009 12:23 PM

Re: Applying for a Business Line of Credit

bsarratt — Fri, 13 Nov 2009 16:48:51 GMT

The best way to get a business loan with good interest rates is to have strong business credit before applying for any business loan.

Re: Selecting a Small Business Accountant

AtlProfAcctg — Fri, 13 Nov 2009 13:19:13 GMT

This article includes good, solid advice for small businesses. Bringing a professional in to consult with you or lend a hand with your bookkeeping makes good sense.

I have worked with several small business owners who attempted to handle the bookkeeping on their own, in addition to running the day-to-day operations of their businesses. Unfortunately this situation can result in missing or incorrect accounting information, as well as amended tax returns.

Trying to make business decisions without accurate financial information is like working in the dark!

Lisa

Atlanta Professional Accounting LLC

www.atlantaprofessionalaccounting.com

Message Edited by NicoleD on 11-13-2009 09:30 AM

Re: Do You Run a Business Out of Your Home? You May Qualify for Tax Deductions

FranchiseKing — Fri, 13 Nov 2009 00:47:48 GMT

Nicole,

Great article! So many people don't know about some of these deductions..

I just linked to this article on my main franchise blog. http://www.thefranchisekingblog.com/2009/11/homebased-businesses-are-no-laughing-matter.html Look

The Franchise King

Joel Libava

Message Edited by NicoleD on 11-13-2009 09:29 AM

Re: Credit and Debit Cards: To Accept or Not to Accept

NicoleD — Thu, 12 Nov 2009 21:12:31 GMT

good point, jaymar!

Re: Credit and Debit Cards: To Accept or Not to Accept

jaymar2 — Thu, 12 Nov 2009 19:53:48 GMT

I think data liability would be another con; most systems require the storage of credit/debit card data. If this data got stolen, your business would suffer loss of reputation and possibly financial liability if a user's data is used for fraudulent purchases.

Do You Run a Business Out of Your Home? You May Qualify for Tax Deductions

NicoleD — Thu, 12 Nov 2009 00:51:36 GMT

A simple guide to home office tax deductions, including a requirements checklist.

Re: I'm Applying for a Loan. How Do I Know if I Have Enough Collateral?

NJ1018 — Wed, 11 Nov 2009 13:46:11 GMT

Great post. Thanks so much for the tip and guidelines. Often times, the first time we borrow money, our first lenders are our parents. When parents decline to buy a wanted item, children often besiege parents with promises to pay them back from their allowance. Although you may not realize it, that is the first time you have offered collateral in exchange for a loan.

Cars can be used as collateral in many ways. The most common is to borrow the money for the car from a lender. This installment loan is divided into a set number of payments – most often 36, 48, 60 or even 72 months. The lender’s assurance that you will make the payments is your car is their collateral. Even if you make 71 of 72 payments, the lender can repossess your car, sell it, and collect the balance owed.

A title loan can be obtained using a car that has not been pledged as collateral to another lender already. These loans typically carry very high interest rates, and are given to people with poor credit who need short term cash. Cars can also be pledged as collateral when borrowing money between friends and family.

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$500 payday loans

Message Edited by NicoleD on 11-12-2009 09:04 AM

Online Payment Services

JamieD — Tue, 10 Nov 2009 23:42:16 GMT

The rise in popularity of alternative online payment services such as PayPal and Bill Me Later have begun to change how consumers shop online. If you've never used one of these services, the idea may sound confusing but in reality is quite simple. Check out this quick guide to understand what these alternative payment options are, how they're used, who uses them, and if they're realistic options for your small business.

Re: A Quick Guide to Microloans

sbinformation — Tue, 10 Nov 2009 23:23:47 GMT

Microloans are possible, but they are hard to get. Two schools are borrowing. One says you should always use other people's money if you don't have to give up ownership. The other says you should try to bootstrap it on your own because you have more incentive to produce income now.

Thanks for the informative article!

Re: Loans for Business Owners with Poor Credit Scores

phanio — Tue, 10 Nov 2009 15:22:57 GMT

There are not programs for weak credit - plus, given this financial crisis - minimum credit score requirements have risen. A 640 + FICO use to be considered OK - Now it is 740 +

Even micro-loan programs require 680 or above.

Re: Will That Be Cash or Credit?

JamieD — Mon, 09 Nov 2009 16:33:41 GMT

Thanks for your input jaymar2! You're right - many businesses that have a great deal of very small transactions find cash a smarter option.

Does anyone else have personal experience or thoughts on the cash vs. credit debate?

Re: Will That Be Cash or Credit?

jaymar2 — Mon, 09 Nov 2009 16:29:35 GMT

I think it depends on the type of customer you serve, if your business is a local shop where transactions are on average $5 or less, I think its fine to stay cash-only; customer are used to paying for small transactions in cash, also it costs more to carryout small transaction.

There's also the issue of trust, some customers might not be comfortable leaving their card details with a merchant in the local market, in these cases the customer is happy to pay by cash.

Re: Selecting a Small Business Accountant

ruzzel01 — Thu, 05 Nov 2009 15:56:41 GMT

That's a good thought to keep in mind. There a re lots of things to consider when venturing on this kind of business. Having small business merchant accounts will save you from a lot of things.

Message Edited by NicoleD on 11-09-2009 09:43 AM

Re: Child Care Industry Loans and Grants

arshumum — Thu, 05 Nov 2009 03:29:38 GMT

child care industry is most important fact now for our future, because if we nurture it tha for sure, it will be benefited for our own nation. Silk Flowers

Message Edited by NicoleD on 11-09-2009 10:22 AM

Selecting a Small Business Accountant

ChristineL — Wed, 04 Nov 2009 14:40:42 GMT

Many small business owners do their finances and taxes on their own, so you may ask: why should I find an accountant? The reason: no matter what stage your small business is in, you can benefit from a having an accountant on your side.