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Most Recent Questions in Money

To start restructuring the way our company spends money, who should I talk to?

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)

Should I use loans or credit cards to fund my startup?

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)

How can I start propositioning capitol investors if I'm not sure how much money I need yet?

Sorry, but nobody serious will take you seriously when you say "I have no idea what my product will cost." If you don't know, who does? You are expected to come up with a good estimate.... (more)

How can I find the right person or program to help me get out of debt?

You are not in an enviable position. I'm also not clear on how you "know" you can make the money back when your liabilities exceed your assets and you have not mentioned any other... (more)

I need some accounting help here--who should I give my 1099s to?

1099's are for services paid to non-incorporated businesses and individuals for services greater then $600 in a calendar year. So if you are paying your promoter for their services and they are not... (more)

Should I have more than one bank account set up to handle vendor payments and one for payroll?

That is a personal option as to whether you want payroll to be a separate bank account. I have clients who do both. I would keep it simple and just have one bank account because it will be one less... (more)

Our floorplan, architect, and blueprint costs seem high--how can I get them lower?

You're right--it does seem high for that square footage. I am not sure what city you are in though, so there might be built-in city fees in this proposal. Remember everything is negotiable and... (more)

How do I claim cash purchases on my business taxes?

Purchasing large dollar equipment (over $500) will be categorized as the purchase of an asset. If the cash came from personal funds, then the offsetting entry to assets will be either a loan to the... (more)

What percentage of profits should go back into operating costs?

I wish it were that easy. Profits are what's left over after operating costs (including direct and indirect costs, costs and expenses, cost of goods and services, fixed and variable costs --... (more)

What is an acceptable rate of growth for a small business during the first five years?

There is no rule hidden somewhere that an expert can retrieve and share with you. The acceptable rate of growth is what you accept until you have bosses or owners or investors that establish... (more)

How should one keep track of used coupons?

I recommend recording the amount of the meal at full cost and then having a "discount" or "coupon" option on your price register so that you can track the amount of income you are giving away... (more)

Should we invest in a company right before retirement?

You need to review the last 5 years of financial statements with your own business accountant along with the balance sheet and cash flow statements to analyze the profitability and stability of the... (more)

Should we invest in a company right before retirement?

You need to review the last 5 years of financial statements with your own business accountant along with the balance sheet and cash flow statements to analyze the profitability and stability of the... (more)

I bought out my partner with "owner financing." Is the interest I am paying on the loan deductable?

Yes, if you are paying interest as it relates to business, they should provide you with a 1099 Int. and it is a deductible business expense. (more)

How do I know when my business is financially ready for a second location?

If the first and only location isn't doing well or needs fixing, then don't get into a second location. If your first location is doing well, then that's something that comes from business... (more)

Is it possible to find out the annual revenue of my competitors?

The short answer is no, not easily. In most cases you settle for reasonable estimates. Publicly traded companies (meaning that their stock is traded on a stock exchange) are required by... (more)

Is it possible to find out the annual revenue of my competitors?

The short answer is no, not easily. In most cases you settle for reasonable estimates. Publicly traded companies (meaning that their stock is traded on a stock exchange) are required by... (more)

What do you think of obtaining a credit card receivables loan in order to supplement cash flow when the business currently cannot work through a more traditional borrower?

The answer is hidden in your question. Additional debt is never good or bad in a vacuum; it depends on what got you into the need for that extreme debt, and how realistic your prospects of getting... (more)

What do you think of obtaining a credit card receivables loan in order to supplement cash flow when the business currently cannot work through a more traditional borrower?

The answer is hidden in your question. Additional debt is never good or bad in a vacuum; it depends on what got you into the need for that extreme debt, and how realistic your prospects of getting... (more)

Do commissions from a sale get included in payroll taxes?

Yes -- if it is for an employee, then taxes need to be withheld on ANY compensation. (more)
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