Know The Tax Rules For Selling Online

Selling items on eBay and other online auction Web sites has become a very popular way to get rid of unwanted household stuff, as well as a way to turn a little profit. Many users have even started full-time businesses auctioning merchandise on the Web. But like any business venture, selling items in the virtual world has tax implications that are all too real. From a tax standpoint, casual selling on eBay is essentially the same as holding a garage sale. If you sell an item for less than you paid for it, you cannot deduct the loss. When you
Read More

Is A Business Valuation Useful? Absolutely!

For many business owners, a business appraisal or “valuation” can furnish vital planning information and help mitigate risk. Consider the following: * Establishing a verifiable value for your business can show whether assets have appreciated at a reasonable rate. If not, the firm’s strategy may need to be adjusted. * Business valuations furnish documentation to support new financing. Lenders need strong evidence that their loans are properly secured, and a business appraisal can supply that evidence. An independent evaluation of business assets also may encourage lenders to offer favorable interest rates. * If you decide to sell the business, a
Read More

Are You Overpaying Your Taxes?

Diane Gardner Interviewed By Jim Palmer (The Newsletter Guru) During this Podcast Diane discusses the big question, Are You Overpaying Your Taxes? Main Questions Asked What is a tax coach and why do small business owners and entrepreneurs need one? What are the biggest mistakes you see entrepreneurs and small business owners make when it comes to tax? How would a small business owner work with someone like yourself? Are there any general rules about LLC versus S-CORP? How does a business owner decide what type of business they should have? If someone is a solopreneur, how do they decide
Read More

Incorporate or Not To Incorporate – That Is The Question!

One of the first decisions you face as a new business owner is whether or not to incorporate the business. The biggest advantage of incorporating is limitation of your liability. Your responsibility for debts and other liabilities incurred by a corporation is generally limited to the assets of the business. Your personal assets are not usually at risk, although there can be exceptions to this general rule. The trade-off is that there is a cost to incorporate and, in some cases, tax consequences. Should you incorporate? You might not need to incorporate. Depending on the size and type of your
Read More

Who Owes Self Employment Tax?

If you earned $400 or more of net profit during 2013 (as an example) from work as a sole proprietor or independent contractor, you may owe self-employment tax. That’s true no matter what your age – even if you’re receiving social security benefits. The tax is assessed on your net earnings from self-employment, which can include income from qualified joint ventures and partnerships, as well as fees you earn working as a director for a corporation. In this context, “earnings” generally means your income after deducting expenses incurred while operating your business. If you have multiple businesses, you combine the
Read More

Dealing With Death, Disability & Departure in Business

Every business should give serious consideration to how the company would deal with the death, disability, or departure of one of the owners. Like a will, a buy/sell agreement (also known as a business continuity contract) spells out how assets and other business interests will be distributed should an owner quit, become disabled, or die. Without such an agreement, complications arising from ownership succession may capsize an otherwise thriving company. The remaining owners might be forced to share management and profits with unskilled or contentious outsiders. They may be embroiled in legal disputes over business assets and liabilities. A firm’s
Read More

Why Didn’t My CPA Tell Me About That???

Denise Griffitts interviews Diane Gardner, “Your Tax Coach”. Did you know that taxes are our biggest expense?  And did you know that owning your own business – even a startup or sideline business – is the best tax shelter in America? Are you taking advantage of every opportunity to lesson your tax burden? If you are like most of us, taxes are not only your biggest single expense but also your biggest nightmare. Can you imagine what you would do with an extra $15,000 per year? Sadly, that is the average amount small business owners waste in taxes that they just
Read More

Why Every Small Businesses Should Establish Control

Every week reporters publish stories about companies that have lost thousands, even millions of dollars because of fraud. They recount the dreadful details of business owners who learned – too late – that a lack of basic controls left their companies vulnerable to pilferage, embezzlement, and other types of misappropriation. How do these lessons apply to small businesses? After all, small firms generally can’t afford to hire internal auditors or set up separate divisions to break up incompatible duties. While it’s true that a small company can’t always protect itself in ways larger firms might, management can establish controls in
Read More

How to Make Your Business Stand Apart

Diane Gardner is the founder of Adept Business Solutions and Tax Pro Solutions. She is the best selling co-author of “Stand Apart: The World’s Leading Expert Reveal Their Secrets to Help Your Business Standout From The Crowd to Achieve Ultimate Success” featuring Dan Kennedy. Also “Why Didn’t My CPA Tell Me That? Small Business Write-Offs, Conventional Tax Advisors Miss.” Diane’s also the author of “Obamacare Survival Guide: How to Survive the Onslaught of Regulations, Mountains of Additional Paperwork and Added Expense.” Also, “10 Most Expensive Tax Mistakes that Cost You Thousands.”    
Read More

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Know The Tax Rules For Selling Online

Selling items on eBay and other online auction Web sites has become a very popular way to get rid of unwanted household stuff, as well as a way to turn a little profit. Many users have even started full-time businesses auctioning merchandise on the Web. But like any business venture, selling items in the virtual world has tax implications that are all too real. From a tax standpoint, casual selling on eBay is essentially the same as holding a garage sale. If you sell an item for less than you paid for it, you cannot deduct the loss. When you
Read More

Is A Business Valuation Useful? Absolutely!

For many business owners, a business appraisal or “valuation” can furnish vital planning information and help mitigate risk. Consider the following: * Establishing a verifiable value for your business can show whether assets have appreciated at a reasonable rate. If not, the firm’s strategy may need to be adjusted. * Business valuations furnish documentation to support new financing. Lenders need strong evidence that their loans are properly secured, and a business appraisal can supply that evidence. An independent evaluation of business assets also may encourage lenders to offer favorable interest rates. * If you decide to sell the business, a
Read More

Are You Overpaying Your Taxes?

Diane Gardner Interviewed By Jim Palmer (The Newsletter Guru) During this Podcast Diane discusses the big question, Are You Overpaying Your Taxes? Main Questions Asked What is a tax coach and why do small business owners and entrepreneurs need one? What are the biggest mistakes you see entrepreneurs and small business owners make when it comes to tax? How would a small business owner work with someone like yourself? Are there any general rules about LLC versus S-CORP? How does a business owner decide what type of business they should have? If someone is a solopreneur, how do they decide
Read More

Incorporate or Not To Incorporate – That Is The Question!

One of the first decisions you face as a new business owner is whether or not to incorporate the business. The biggest advantage of incorporating is limitation of your liability. Your responsibility for debts and other liabilities incurred by a corporation is generally limited to the assets of the business. Your personal assets are not usually at risk, although there can be exceptions to this general rule. The trade-off is that there is a cost to incorporate and, in some cases, tax consequences. Should you incorporate? You might not need to incorporate. Depending on the size and type of your
Read More

Who Owes Self Employment Tax?

If you earned $400 or more of net profit during 2013 (as an example) from work as a sole proprietor or independent contractor, you may owe self-employment tax. That’s true no matter what your age – even if you’re receiving social security benefits. The tax is assessed on your net earnings from self-employment, which can include income from qualified joint ventures and partnerships, as well as fees you earn working as a director for a corporation. In this context, “earnings” generally means your income after deducting expenses incurred while operating your business. If you have multiple businesses, you combine the
Read More

Dealing With Death, Disability & Departure in Business

Every business should give serious consideration to how the company would deal with the death, disability, or departure of one of the owners. Like a will, a buy/sell agreement (also known as a business continuity contract) spells out how assets and other business interests will be distributed should an owner quit, become disabled, or die. Without such an agreement, complications arising from ownership succession may capsize an otherwise thriving company. The remaining owners might be forced to share management and profits with unskilled or contentious outsiders. They may be embroiled in legal disputes over business assets and liabilities. A firm’s
Read More

Why Didn’t My CPA Tell Me About That???

Denise Griffitts interviews Diane Gardner, “Your Tax Coach”. Did you know that taxes are our biggest expense?  And did you know that owning your own business – even a startup or sideline business – is the best tax shelter in America? Are you taking advantage of every opportunity to lesson your tax burden? If you are like most of us, taxes are not only your biggest single expense but also your biggest nightmare. Can you imagine what you would do with an extra $15,000 per year? Sadly, that is the average amount small business owners waste in taxes that they just
Read More

Why Every Small Businesses Should Establish Control

Every week reporters publish stories about companies that have lost thousands, even millions of dollars because of fraud. They recount the dreadful details of business owners who learned – too late – that a lack of basic controls left their companies vulnerable to pilferage, embezzlement, and other types of misappropriation. How do these lessons apply to small businesses? After all, small firms generally can’t afford to hire internal auditors or set up separate divisions to break up incompatible duties. While it’s true that a small company can’t always protect itself in ways larger firms might, management can establish controls in
Read More

How to Make Your Business Stand Apart

Diane Gardner is the founder of Adept Business Solutions and Tax Pro Solutions. She is the best selling co-author of “Stand Apart: The World’s Leading Expert Reveal Their Secrets to Help Your Business Standout From The Crowd to Achieve Ultimate Success” featuring Dan Kennedy. Also “Why Didn’t My CPA Tell Me That? Small Business Write-Offs, Conventional Tax Advisors Miss.” Diane’s also the author of “Obamacare Survival Guide: How to Survive the Onslaught of Regulations, Mountains of Additional Paperwork and Added Expense.” Also, “10 Most Expensive Tax Mistakes that Cost You Thousands.”    
Read More

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