Small Business News
April 15th is coming quickly. If you are not ready to submit your tax return the IRS does allow a six month extension. Here are four things you should know if you are planning on filing an extension.
1) File your tax return by April 15th even if you can not pay all of the taxes owed. If you need an extension because you can not pay all of your taxes then still file file. Do not request an extension. The IRS recommends for you to file your return on time and then pay as much as you can. This will reduce any penalty and interest charges for the amount you are able to pay. Read the rest here »
Many are predicting the end of money as we know it in the near future. With the Eurozone counties working to restrict cash payments, Canada discontinuing the penny, and several online payment start-up companies popping up, are we going to become a cashless world soon?
Predictions about future technology and changes in society rarely come true. Remember our promise of flying cars by the year 2000? Read the rest here »
Those looking to form an LLC in California can choose either to hire a professional who specializes in the formation of Limited Liability Companies and Corporations, or you might decide to save a little bit of money and form the LLC yourself. If you choose to do the work yourself we have listed here a few things steps to take.
Paying state taxes might seem a little tricky since each entity in California has different tax rates. Understanding the tax rates can also help you decide if you want to Incorporate, setup an LLC, or set up a Partnership. Currently the LLC is taxed with a $800 per year and a world-wide gross receipts tax based on a current tax table. The C Corporation has a 8.84% net profits tax and the S Corporation has a 1.5% net profits tax. Read the rest here »
The Paydex score system with Dun and Bradstreet goes from 0 to 100. Although your Paydex score is not as important as your DnB rating your business, it is a very important start to building your business credit.
To receive an 80 Paydex score your business much have at least three vendors that report to DnB that you have paid your bill on time. Although this seems very easy since most businesses have far more than three vendors they deal with. The tricky part is finding three of your vendors that will actually take the time to report to DnB. Read the rest here »
A class-action settlement reached in July 2012 will now allow retailers to charge their customers more for paying with a credit or debit card. Prior to this settlement credit card companies banned retailers to charge any extra fee for customers choosing to pay with a credit card, actually disallowing the practice in retailers service agreements with the credit card company. This settlement is the culmination of a lawsuit started on behalf of about seven million merchants in 2005. Read the rest here »
Starting with the 2011 tax year, all payment providers were to issue the 1099-K forms to businesses and to the IRS. The 1099-K forms indicated gross sales processed through the payment provider.
Under this new IRS rule online electronic payment processors (such as PayPal & Amazon) as well as any credit card provider were required to submit a 1099-K for every seller that processed more than 200 transaction in a year and totaled at least $20,000.
With the 2012 tax year being the second year of the new tax law taking affect, the IRS is expected to look very closely as online sellers of all sizes for any discrepancies in gross sales figures. Read the rest here »
Small business owners have many aspects of their business to oversee and manage every day. Many ignore or don’t think about their business credit score, making the mistake of thinking it is not important. In reality your business credit score is a vital part of your business success and ability to expand your business down the road.
This is the perfect time to focus on your business credit score as the economy starts to recover. Banks are starting to ease on making small business loans and consumers are starting to spend more money.
The first thing you need to do is to check what your business credit report. Make it a habit to check it once or twice a year. You should schedule this, just as you would schedule your taxes and other business reports. Read the rest here »
The economy is still in constraint and the CPA firms are supposed to go through a flat season throughout 2012. There aren’t going to be any positive or negative outlook for the majority of the firms, as per reports. But, the question is what after this? What about the debts that these small businesses may have incurred till now. Paying off the debts incurred is perhaps the toughest part for one and all – may it be a person or a small business. However, the only good news for the small business owners is that the SBA 504 debt refinance rules have been revised, thereby making the refinance process easier for the businesses and the firms. Read the rest here »
If you haven’t been keeping up with cell phone credit card processing and current merchant account news relative to mobile and tablet shopping, it’s all good. Even before the December rush of tablet giving, the Wall Street Journal published findings in September 2011 indicating that consumers who browse web stores via their tablets are more likely to make a purchase than other online shoppers.
Global shipments of tablets jumped to 26.8 million units in 4Q 2011, which means for the year, 66.9 million tablets were sold. That’s an increase of 260 percent over 2010. Still, tablets do represent a fairly small percentage of online browsing, but it’s not their numbers that are putting tablets in the headlines of merchant account news circles, but rather the conversion rate they return when used for web shopping. Read the rest here »
Large businesses have more complicated systems of functioning than smaller ones, so the process of growing is riskier. As an establishment grows, managers could lose a significant amount of control as they try to deal with the larger number of issues. Many companies set up detailed growth-control plans in order to deal with this troublesome situation. Read the rest here »