Accounting


Business Startup Steps

business startup steps
Starting your own business can be overwhelming. We will help you set up your business forming a solid foundation with the major components in place and well-organized from day one. Just follow the business startup steps.

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C Corporation: The Pros and Cons

C Corporation
Converting a company to a C Corporation can help you establish some legal and financial separation between you and your business. But the switch involves more paperwork and red tape, and you could face double taxation. Do the benefits of being a C Corp outweigh the risks?

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Starting a Business in Coeur d’Alene Idaho

vacation rental companies coeur d'alene
If you are thinking about starting a business in Coeur D'Alene Idaho, then you will enjoy this helpful guide. Before taking on such an endeavor, it is very important that you cover all basis. Let us start by diving right into the bread and butter of any successful business venture, its targeted customer/client.

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Payroll: Setting Up The System In 10 Steps

Payroll
Whether you have one employee or 50, setting up a payroll system not only gives you the ability to stay on top of your legal and regulatory responsibilities, but it will also prevent you from being fined by costly (IRS) penalties.

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Debt Collection Strategies For Unpaid Invoices

Debt Collection Strategies
Avoiding The “Deadbeats” It’s inevitable that any business owner, big or small, is going to encounter clients that are just not willing to pay. It is no surprise that many small businesses do not survive the first two years, and the inabilities to collect from nonpaying clients are likely a large contributor business failure.

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Idaho Sales Tax: Temporary Lodging

Idaho Sales Tax
Beware! Homeowners Providing Temporary Lodging Must Charge Idaho Sales Tax Air B&B and similar websites have made it easy for homeowners to rent a room, cabin or other temporary lodging to the public. Homeowners are just opening their doors without first registering as a business with the Secretary of State's office, and securing required permits.

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Employee Versus Independent Contractor: The Pros & Cons

employee versus independent contractor
Let's look at hiring an employee versus independent contractor including the pros and cons. If you are wondering if you should hire full time employee or use independent contractor, don’t make the mistake of thinking they are basically the same thing. They aren’t. Although both are hired to perform tasks for your business, they are not viewed the same by the IRS. And if the IRS suspects that you are not classifying your workers correctly, they might audit you. As you should know by now, auditors are not your friends.

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Business Closing Checklist

Business Closing Checklist
There are important actions that must be taken when closing a business. These filing need to be filed through an annual return for the year you go out of business. If you have employees, you must file the final employment tax returns, in addition to making final federal tax deposits of these taxes. Also attach a statement to your return showing the name of the person keeping the payroll records and the address where those records will be kept. There are other items on the business closing checklist.

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Important Gift Tax Updates

Gift Tax
Here are some important gift tax updates for 2014 - 2015. Who pays the gift tax? The donor is normally responsible for paying the gift tax. Under special arrangements the done may agree to pay the tax instead. What is considered a gift? Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money’s worth) is not received in return.

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Equipment Depreciation: 5 Ways To Calculate

equipment depreciation
When a business purchases an asset/equipment that will last for greater than one year, the cost of that asset is not counted as an immediate expense. Rather, the cost is spread out over several years in a process known as depreciation. Let's look at different ways to calculate equipment depreciation.

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Business Entity Types: Pros and Cons

business entity types
When starting or purchasing a new business it is important to thoroughly understand your risk before choosing to file your businesses new entity. Below I have given a definition for each of your four business entity types as well as the pros and cons. If you have any questions about your rights or liability concerning your business, then you should speak to a qualified professional.

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Free Tax Advice For the Independent Contractor

Free Tax Advice
A few common occupations that receive a 1099-MISC are sub-contractors, real estate brokers and insurance agents. Independent contractors who have their income reported on a 1099-MISC are considered self-employed by the IRS, and are responsible for paying their own taxes.

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3 Rules Of Charitable Donations

charitable donations
There are so many rules and regulations pertaining to charitable contributions. The IRS takes these things very seriously! If you get caught unintentionally donating to an unauthorized organization, all of your respectable deductions may be withdrawn. This could have an extraordinary impact on your previous tax filings; let on alone the fines on the monetary value once the effected tax return is adjusted to exclude the illegal contribution.

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