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Most Recent Questions in Money

Is a repayment to an S corp taxable income for the owner?

Based on the information you have provided, you would not owe income taxes on the repayment of capital as long as the distribution doesn't exceed your stock basis. The Internal Revenue Code... (more)

How do I give a temporary employee a 1099 form?

The 1099 verses W2 topic can definitely be confusing to employers so I can see why you asked this question. Before I address whether to issue a 1099 or a W2 form to the workers, let's first address... (more)

How can I figure out my startup costs to create a business social network?

It's great that you're asking about costs upfront! Since I don't know what kind of social network you would like to build and what kinds of features it will have, I can't tell you exactly how... (more)

How should I handle the loud and distracting employee that sits next to me?

You are describing a situation that is fueling resentment and it can take a serious toll on your overall work-life satisfaction. Often, when someone nearby is perceived as disruptive we feel... (more)

How do I secure a line of credit for my business if my personal credit is poor?

As I've said before, as tough as your situation may seem, you still have some options. But let's first discuss funding your business with personal capital since it is a very important topic. I'm... (more)

The recession forced us to burn through our credit line, how can we grow now?

As tough as your situation may seem, you still have some options. But let's first discuss setting collection policies since it is a very important topic and part of the reason you are in this... (more)

Ideally, what department should handle credit applications for new customers?

This is definitely an interesting question, especially the sales department vs. the accounting department element. But, it is important to keep in mind that while the sales employees and the... (more)

What's the best way for a husband-wife team to claim salaries?

Congratulations on preparing well by writing a business plan for your new venture. You are asking all good questions but it is important to understand the financial model of your business and to... (more)

What should I do if I paid a 1099 vendor from my personal bank account?

I am glad that you came to us, as this type of transaction often confuses business owners and bookkeepers. Going forward, try as much as possible to keep business expenses separate from your... (more)

Should I take on an investor or consider a high-interest loan?

Congratulations on your success on finding a niche business and executing it well. It's also nice to hear that you are making a business from your culinary ties to your Cuban heritage. Well, the... (more)

Can I draw a salary of 25 percent of my income and pay out the remaining 75 percent to myself in dividends?

That is a good question and I'm glad to hear that you're consulting with other business owners as that is one of the best ways to improve your business. Please note that the answer to your question... (more)

Do I have to pay taxes on a business that never got off the ground?

It is wise to think ahead in case things don't work out with your business. If things don't work out and you are considering dissolving the LLC, I have to warn you that this can be a timely and... (more)

What is the best source for an inventory loan for a new business?

Congratulations on the new business! It is small business owners like you who will turn this economy around. Also, great to hear that you are looking to grow your business with a new line of... (more)

Should I take out a bank loan in order to afford to hire employees?

Looking to expand your business and hire more employees is always a very exciting yet critical point in a business. I would caution you to really ask yourself again if you currently have the... (more)

How do I separate my business and personal credit?

This is a very good question, and kudos to you for asking it as this is often overlooked. So, I have good news and bad news. The good news is that it is possible to separate your business from... (more)

Will I be penalized for paying a now underestimated tax payment?

First off, congratulations on having a great year in this tough economy! Today, it's rare that I hear good news like this about a business. In terms of your question, it is very difficult to... (more)

What are the tax ramifications if I withdraw from my SEP-IRA?

Since you are under the age of 59 and a half, you are likely subject to a 10 percent IRS penalty for early withdrawal of the Simplified Employee Pension (SEP-IRA). This 10 percent penalty is in... (more)

Should I clear current debt before pursuing a business venture?

The answer depends on the type of debt you are talking about. If it is a mortgage, I would say there's no need to pay off the debt as long as you believe you will be able to make your monthly... (more)

Can I pay off my personal credit card through the company I work for?

Assuming the credit card is for personal expenses, the payment on that credit card is still taxable income for you--or the owner--whomever is receiving the personal benefit. The ideal situation... (more)

How do I get a business line of credit for an LLC?

Your best bet would be to visit with your business banker as each bank can have different stipulations on how they approach lending--within the governmental guidelines. I would normally say... (more)
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