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Most Recent Questions in Money

Should we be using our business credit card for purchases yet?

Accruing credit card debt will increase your costs due to finance charges. What I would recommend for you and your partner is making equity contributions or loan the business money to pay the... (more)

How do you calculate or determine what your business is worth to an investor?

Calculating the value of a startup or early-stage company with limited sales and profits is always an arm wrestle between the entrepreneur and the investor. Unlike a public company with a share... (more)

Can this out-of-inventory order be called a business expense?

It would be a reimbursable business expense. You paid for the door, so it's a cost-of-goods-sold expense. The amount you charge the customer is income to you. If it's dollar for dollar, then you... (more)

Should I lease a car through my business to offset my yearly business income?

If you use it for mostly personal use, that part isn't going to be a "business deduction" and most likely is not going to be advantageous to your situation. Depending on your past tax... (more)

How do I keep my business credit separate from my personal credit?

As a business owner, the two will always be intermixed. The more you get loans, bank accounts, credit cards, etc. in your business name and tax id number, it will build its credit. Though lenders... (more)

Is there a target return that I should be looking for when I invest in a company?

Return has to relate to risk too. You don't know the future. Are you ready to lose $190,000? Do you have a good business plan, have you studied this business well and do you feel you've minimized... (more)

Can you deduct startup costs for a business that had no sales until the next year?

Generally, your startup costs are deductible, even if you don't make sales or turn a profit immediately. However, the time frame for deducting expenses (and the amount you can deduct) can depend... (more)

How do we determine our salary without consistent income?

There are a couple of important parts to note. If you take money as draws versus payroll, then you may need to remit tax payments quarterly. Your tax accountant can help you determine if these are... (more)

What do I do when my main investor passes away and I am in another country?

Do you have anything in writing? If the investor has given you only a promise, then passed away, you have probably had some very bad luck. Check to see whether the investor's heirs might honor... (more)

What are the key ingredients to attracting and securing capital investors to your business?

Good question. Reads like you're already well informed. It might also be good to browse the AsktheVC blog and TheFunded.com. TheFunded is a data (more)

Can we pass our business down to our children for free without any tax consequences?

A preliminary problem you have is that, as a sole proprietorship, your husband has no business to transfer. Whether the business goes to your sons or otherwise, if there's no separate entity, the... (more)

How can I recalculate the value of the initial investment in our company?

Wow. For others reading this, what a great example of why so many experts, including me, urge people to get it in writing. (more)

I do I file taxes on my independent contracting work without getting slammed every year?

You can make estimated tax payments on your extra income or increase the withholdings from your 9-5 paycheck to help offset it. Also, any business related expenses will reduce your tax liability... (more)

Should I use a W-9 document when obtaining a new business client?

The W9 form is for the protection of the business when they are paying a subcontractor for services. It enables them to 1099 that subcontractor if services are greater then $600 in a calendar year... (more)

How do I determine the cost of my products for tax purposes if I forget how much they were in the first place?

You should have receipts from your purchases that can substantiate your cost. Contact the vendors and see if they have receipts. Otherwise, visit with your personal tax professional for more advice. (more)

Is a non-employee end of the year form better than a 1099?

I'm not sure what you are referring to as a "non-employee" end of the year form. A 1099 is a form that states the amount you were paid as a non-employee aka subcontractor. If you did not... (more)

What vehicle expenses should I pay for my salespeople?

Why would you not just pay a standard per mile? This would be much easier for tracking and reimbursement reasons. Documentation should be provided to back up the number of miles being turned in as... (more)

Quickbooks is too complex to me--what other accounting software do you recommend?

Quickbooks is the ideal software for accounting. I would recommend going to a local training class or finding an accountant who will take the time to work with you on setting up good financial... (more)

We always fall behind on cash flow at the beginning of the year--what are we doing wrong?

They key is understanding how much money you have wrapped up in your inventory and how profitable your business is. Ideally, you would have adequate cash flow coming out of the holiday season to... (more)

How do I use QuickBooks to keep track of all the small things?

You will set up your various expenses on your chart of accounts. Direct expenses are classified as a "type" of cost of goods sold and overhead expenses are classified as a... (more)
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