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)

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)

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)

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)

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)

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)

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)

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)

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)

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

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)

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)

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)

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)

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 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)

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)

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)

The planning process works better when you keep an open mind as you set out to develop the plan, but in this case you know you want cost-cutting and that your father doesn't think it's necessary.... (more)

Whenever you borrow money to start a business, you're taking a risk. The advantage to using a credit card is that you get access to capital now--no business plan or collateral required. The... (more)