Small Business: Finance & accounting
If your business is in a target zone, don't miss out on the benefits.
Ros Borden, Miami
My wife and I own a convenience store in a federally designated enterprise zone. We have eight employees and we have owned the store for two years. We are struggling to stay afloat and to hold onto our employees. Can you get us information on how to use this designation to benefit us and our employees? I have already cashed out my retirement money. If we can’t get help, we’ll have to put eight people out on the street. Read more…
Tax tips for getting the most bang for your automotive buck.
Mike Vazques, Cincinnati, Ohio
What are the rules governing what tax breaks I can get for a vehicle I use for my business? Read more…
An entrepreneur's query: Can I write off expenses for a roving business office?
Jim Fong, State College, Pa.
I am thinking about purchasing an RV to use as a business office as I travel around the country for a few months to gather information to write a book. Can I only write off the mileage, or can the purchase of the RV be depreciated just like any other vehicle? I certainly don’t want to draw the attention of an audit, and I want to do this honestly and ethically. Read more…
Austin Wiggleton, Mark's Office Furniture, Virginia Beach, Va.
My father has been operating a small furniture company for the past 20 years as a sole proprietorship, and I have been begging him to form an LLC. My question is, if he owes a small amount of back taxes, do the balances have to be paid in full in order to form an LLC or does the balance transfer?
Ask FSB's experts demystify the math of pricing services in the booming home and office cleaning industry.
Joe Vitale, New York City
I currently own a carpet-cleaning business that is about six years old. I am thinking of expanding into home and office cleaning, but have no idea on how to bid the jobs. I used to work for a large cleaning firm in a large city in California, so the prices were set really high. I now live in a small town where there is not so much cash flow. Is there a source or guide that anyone knows about that is not a scam? Read more…
Uninvolved owners can receive profit distributions instead of salaries, but mind the legal and financial fine print.
Antonio Costa, West Palm Beach, Fla.
I have two uncles living in Florida who co-own a successful business up north. Although they stopped running day-to-day operations about four years ago, they still receive full salaries. Because they no longer run the business, can their salaries become dividend payments instead? Can they still receive dividends if the S-corp shows a loss?
Armanath Nanduri, Owner, Shubisoft, Herndon, Va.
I provided software consulting services for a large corporation, which has failed to pay me the $28,000 I am owed. The corporation claims it can't pay me until it receives funds from its client. Our contract includes no term limiting my right to payment in this way. How can I ensure that my invoices are paid without hiring a pricey lawyer?
John L., Lakeland, Fla.
My product/service business needs the customer base of another company. I fully expect to revenue share with this company. What percentage should I expect to share if I have an exclusive agreement with them? How much for a non-exclusive agreement?
Dayzon Johnson, CEO, Ice Cold Music, Clarksville, Tenn.
I own an independent record label that I started two years ago. It's growing quickly, and I'd like to get a bank loan to help me expand. But I have a bankruptcy on my personal credit record. Will this make it impossible for me to get bank credit for my business?
Ron McCue, PTI Engineered Plastic, Shelby Twp., Mich.
I'm trying to convince my employer to let me work from home one day a week. I currently reside in Michigan. Are there any tax savings for my employer for letting me telecommute?
