The Small Business Tax Help Blog

Posts Tagged ‘money’

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If it feels like your refund’s pokey, you’re not alone

Preparing taxes is nobody’s idea of a good time, but for most taxpayers, there’s a payoff: a sizable refund check. This year, though, residents of several states, including New York, will have to wait to receive their state tax refunds because of budget shortfalls.

How to Calculate for Salary, Withholding Tax, etc. (Part 2)

Question: What is the best way to get funding for my small business expansion?

I have been operating a small business out of my home for the past two years selling live koi and pond supplies. Business has been good and I love the tax deduction. But I am out growing my backyard and I have set up a deal with a local nursery to sub lease me 3500 sq ft of land for $1500 a month….not too shabby. But now I need the funding. Setting up tanks and filters will cost apx $20,000, not including labor. Then I need to build some sort of shade structure, another $10K, buy more inventory, $10K to $15K, and launch a marketing campaign. So I figure I need at least $50K just to get started. I have a credit line available to me for at least 40K, but I don’t want to use it as it has a high rate. Should I get an SBA? Those are such a pain. Search for an investor? and even bigger pain. I am working on my business plan as we speak. Just wondering what the best way to go is.

Any ideas?

Answer: Go to your local bank. Most banks loan money to existing businesses with just the business and personal guaranty. It is usually a percent of sales that they would lend to. The SBA would only need to be done if the bank does not think that your personal credit or business credit is good enough. The SBA does not loan money. They only guaranty the bank that a portion of the loan is guarantied by the government. Go to Bankofamerica.com under small business and apply for a business loan.

Coalition offers small Business Tax relief

THE Coalition is preparing to fight the next election with an agenda that targets tax relief for small businesses over cutting the company tax rate.

Government measures to help small business

Question: If I sponsor a local junior football side how do I stand tax and accounts wise?

I have been asked if I would be interested in sponsoring a local junior football clubs kit (in England) for about £500 next season. They would have the name of my small local business on their shirts would this have any tax benefits to me? I have just started my business and need a quick idea of whether this would be classed as advertising (or what) for my business. Don’t want to get involved in anything too complicated but has anyone any idea of how I stand (tax wise etc) if I do this. You are my first port of call before I take professional advise elsewhere. Thanks.

Answer: You can list this as a business expense. And claim tax relief for the entire £500.

Hometown Happenings 0108

Community happenings

Trump Network business starter kit- part 1-Jackie Tsai

In the market of eyeglasses, most people may get confused by the diversity of options. It often takes a customer much effort to buy a right pair of eyewear, that either he or she wants a prescription pair or non-prescription pair. The situation is similar within each category that there are many styles. Most people know more or less how to group those numerous eyeglasses in the market. Similar to other kinds of products, eyeglasses have branded ones and non-branded ones. In some cases, the first type is usually called designer eyewear and the latter category will be named ordinary eyewear in brief. This way of classification is applicable to nearly all fields. For example, there are branded clothes, ordinary clothes, branded shoes and regular ones and so forth. Nowadays, even some tiny goods have certain brands. The differences between designer eyewear and ordinary ones are mostly similar to that between the two types of other goods.

The most impressive difference between branded eyeglasses and those regular ones is the price. This is in most cases the exact reason why designer eyewear is exclusively for the rich. Either from a local optical store or an online one, customers can get non-branded spectacles much cheaper than designers ones from a same source. Nearly all customers can notice this gap of price without much effort. In a further step, both local shops and eyewear vendors on the Internet would put designer eyeglasses and those without a brand in two different groups. This way of business is convenient for buyers with different buying capabilities to find their target products. If an individuals brought him with little money tries to have a look at those designer spectacles at a local store, he will probably be scared. In general, a pair of designer eyewear usually costs several times the expense of an ordinary pair.

Even within different brands of designer glasses, there are varying prices because of the simple point that they have uneven degrees of popularity. In other words, the well-known brands always charge much more than those less well-known ones. Designer eyewear from different brands may have not so many differences in style or design, most of the price gaps originate solely from the degree of popularity of the brands themselves. This is the reason why more and more manufacturers put more attention to advertisements, with the basic goal of improving the influence of their brands. But for customers, they may have difficulty in deciding which brand to choose. While a famous brand charges higher prices, it is necessary to have a second thought.

Global Payments Reports Second Quarter Earnings

ATLANTA, Jan. 7 /PRNewswire-FirstCall/ — Global Payments Inc. (NYSE: GPN) today announced results for its fiscal second quarter ended November 30, 2009. For the second quarter, revenues grew 12% to $409.0 million compared to $365.9 million in the prior year.

Creating New Expense Categories for Small Business Accounting

Celebrating National Home Business Week

From October 12 – 18, home-based business operators will be celebrating their courage, determination and entrepreneurial spirit in New Zealand’s third annual National Home Business Week.

Self Employment Tax Tips : Omission of Income: Self Employment Tax