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Accounting, Finance, Taxes

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Questions in "Accounting, Finance, Taxes" Category

I run several businesses on eBay. Do I have to prepare a Schedule C for each one?
Should I warn potential buyers that they may have to pay state use taxes on their winning online auction bid?
Do I need to include a sales tax statement in the Terms and Conditions section for an online auction item?
When considering adding a new e-commerce service, how do I evaluate it from a return-on-investment (ROI) standpoint?
Can an employer deduct contributions made to an employee's health savings account?
Is employer-financed education assistance deductible?
If you work alone, with no employees, can you have a 401(k) plan?
What does compensation mean?
What is the tax treatment for payment in kind or bartering?
What is payment-in-kind?
What is business income and business loss?
What employee tax records should be kept by the employer?
How long should employee tax records be kept?
How long should tax returns be kept?
What records are required to take deductions for depreciable assets?
What can cause the basis of an asset to vary?
What is the definition of basis in tax considerations?
What is sufficient evidence to support charitable contributions?
What is depreciation?
Should I consider factoring my receivables to produce quicker working capital?
What are the basic financial statements that I should use to manage my business?
What does the term "due diligence" mean and how would it apply to my small business?
What are the various credit evaluating and reporting organizations?
Why is customer loyalty so important?
Is it normal to be frightened at the reality of projected operating losses for my start-up?
How do you compare equity financing to debt financing to raise capital?
Why is it important to understand conversion costs in a management or manufacturing process?
What is the definition of "write-up"?
What is the definition of "wholesale price"?
What is the definition of "wharfage"?
What is the definition of "net worth"?
What is the definition of "equity financing"?
What is the definition of "demand curve"?
What is the definition of "conversion cost"?
What is the definition of "buffer stock"?
What is the definition of "quick ratio?"
What is a modified internal rate of return (MIRR)?
What is the definition of "variable expenses"?
What is a "promissory note"?
What is the definition of "marginal cost"?
What is the definition of "internal rate of return (IRR)"?
What is the definition of "fixed expenses"?
What is the definition of "equity"?
What is "employee leasing"?
What is the definition of "due diligence"?
What is the definition of a "demand note"?
What is the definition of "debt-to-equity ratio"?
What is the definition of "current ratio?"
What is the definition of "credit"?
What is the definition of "certified public accountant (CPA)"?
What is the definition of "capital budget"?
What is the definition of "business interruption insurance"?
What is the definition of "bottom line"?
What is business cash flow?
What is the definition of "usury"?
What is the definition of "cash reserve"?
Definition of bonus, or additional first-year depreciation
Why is it important to track my working capital position?
What approach should I create for writing down bad inventory?
What are some of the ways a break-even analysis can be used?
When and how is the "before-tax profit" margin used?
What is the best process to use to reconcile my bank statements?
What is the definition of "yield"?
What is the definition of "write-down"?
What is the definition of "workout"?
What is the definition of "working capital"?
What is the definition of "doing business as (DBA)"?
What is the definition of "discounted cash flow"?
What is the definition of "current liabilities"?
What is the definition of "current assets"?
What is the definition of "credit risk"?
What is the definition of "compound interest"?
What is the definition of "capital goods"?
What is the definition of "capital"?
What is the prime rate?
What is the "federal funds rate"?
What is the definition of "business cycle"?
What is the definition of "break-even analysis"?
What is the definition of "book value"?
What is the definition of "benchmark interest rate"?
What is the definition of "before-tax profit margin"?
What is the definition of "before-tax cash flow"?
What is the definition of a "basis point"?
What is the definition of "basis"?
What is the definition of "base interest rate"?
What is the definition of "bank reconciliation"?
What is the definition of "annuity"?
What is the definition of an "adjustable-rate mortgage (ARM)"?
What is "accounting period"?
How do you substantiate car expenses if you don't have adequate records?
How do you substantiate claiming a deduction for a gift?
How do you substantiate a business expense for tax purposes?
Is the Simple Plan a suitable alternative to a 401(k) plan?
Is the 401 (k) plan the best option for a group of less than 50 eligible participants?
What are the documentation requirements for claiming tax deductions for travel and entertainment expenses?
How long should I maintain tax related records?
What does the IRS apply a statue of limitations for keeping records?
How do I report consignment goods?
What is a defined benefit retirement plan?
What is nondiscrimination as it is used in employee benefits?
What are the rights of an employee to participate in a company's retirement plan?
What is a premature distribution penalty in an IRA?
What does the term, "above the line" mean?
What is a fiscal year?
What is the definition of "defect"?
What is the definition of "bulk material"?
What is the definition of "central buying"?
What is the definition of "break-even point"?
What is the definition of "bill of material"?
What is the definition of "bill"?
What is the definition of "backflush"?
What is the definition of "attribute sampling"?
What is an account statement?
What is the definition of "break-even pricing"?
What is the definition of "bootstrap financing"?
What is the definition of "billing cycle"?
What is the definition of "bill of sale"?
What is the definition of "benchmarking"?
What is the definition of "benchmark"?
What is the definition of an "arm's-length transaction"?
What is the definition of "waybill"?
Is there a formula to use in determining what a business is worth when selling it?
Why is it important to distinguish between elements on the profit and loss statement that are above the line and below the line?
How can we raise prices to pass on cost increases without having customers think we're overcharging?
What is the definition of "weighted average cost of capital (WACC)"?
What is factoring?
What is the definition of "bad-debt reserve"?
What is the definition of "bad-debt recovery"?
What is the definition of "bad debt"?
What is the definition of "backdating"?
What is the definition of "available inventory"?
What is the definition of "appreciation"?
What is the definition of "appraisal"?
What is the definition of "applied overhead"?
What is the definition of "value-added tax"?
What is the definition of "actuarial science"?
What is the definition of "actual cost"?
What is the definition of "activity-based costing"?
What is the definition of "accident insurance"?
What is the definition of "absorb"?
What is asset depreciation and how is it calculated?
What is "alternative minimum tax"?
What does it mean when someone refers to "cost of goods sold?
What does it mean when someone says, "below the line"?
What is "asset-based financing."
What is "accounts receivable financing"?
Should I use my personal revolving credit line to purchase equipment for my small business?
What is an employee accountable plan?
How do I prevent safety violations at work?
Should I use my personal credit from my bank to grow my business?
How can I make sure I'm collecting and remitting sales tax properly?
Should I bother to pay for and take time to review a monthly financial report in my fast moving business?
How do compliance with government regulations affect small businesses?
How much initial money should I set aside before starting my independent professional practice?
What are the most important financial facts I need to know to be a successful small business owner?
Will I be able to recoup my money for remodeling my home to accommodate a home-based business?
Can a safety plan help a small business keep insurance premiums down?
What is considered a physical presence when selling in a state?
Am I taxed on business equipment bought on the Internet from another state?
What are some examples of entries that might be included in a small business' corporate minutes?
When am I required to collect sales taxes from online sales?
What is a stock bonus compensation plan?
What constitutes a top-heavy retirement plan?
How can I estimate the break-even point for a direct mail campaign?
How can creativity contribute to profitability?
Is it possible for a small business to benefit from a cost reduction for profit improvement program?
What is the definition of net margin, and is it different from net profit?
What is the definition of standard cost?
What is the “Lean” concept and how can I use the principles to improve profits?
What are non-value-added activities in the quality process?
Can a service organization benefit from a cost reduction program the way a for-profit company can?
Are there expenses to implementing a cost reduction/profit improvement program?
How does the U.S. Small Business Administration's loan program work?
If making cuts will save my business money, why wouldn't I do that?
What is Form W-2 wage and tax reporting?
What is Social security tax withholding?
What is Chapter 7 bankruptcy for business?
What is Federal income tax withholding?
How can I deduct uncollectible debt?
What is a tax lien?
What is Medicare tax?
What is the federal unemployment tax?
What's the difference between trip cancellation insurance and trip cancellation waiver?
What is trip cancellation insurance?
What is the difference between using a mark-up percentage for pricing my products and using a gross profit margin.
What is the definition of mark-up?
What is the definition of gross profit?
What is the definition of gross profit margin?
What is a simplified employee pension plan (SEP)?
How do I make sure my business model will succeed?
What are prohibited transactions in a retirement plan?
What does "required retirement distributions" mean?
What is a Roth 401(k) retirement plan?
What is a Roth Individual Retirement Account (IRA)?
What is a employee salary reduction plan arrangement?
What is a savings incentive match plan of employee (SIMPLE)?
What is vesting by an employee?
What is casualty, for insurance purposes?
Can you deduct a loss in your business due to casualty damage or theft?
What are some examples of casualty damage, for insurance purposes?
What is a definition of theft, for insurance purposes?
Where can I find information about tax programs and zoning issues in my area?
What's the difference between online tax preparation and e-filing?
What do I need to qualify for an SBA loan guaranty?
How does the Small Business Administration financially assist small businesses?
Beyond paying them, what other financial responsibilities do I have to my employees.
Is it OK to use a short term credit line to purchase a machine for our plant?
How can I acquire venture capital to fund my business' growth opportunities?
When selling my company, what should I expect from prospective buyers?
How can I get a business credit card without giving a personal guaranty.
In addition to Dunn & Bradstreet, are there other business credit agencies with whom I need to build a credit file?
How do I go about getting an employer identification number (EIN)?
What are the options for tax year status for Sub-chapter S Corporations?
What is a financial lease?
Do I need to incorporate my independent professional service business?
What are the pros and cons of changing from a C corporation to an S corporation?
What types of assets can serve as collateral for a bank loan?
I keep hearing the term, "goodwill." What is this?
Why would a business choose to lease equipment rather than purchase outright through financing?
What would be strategic reasons for leasing equipment rather than owning outright with financing?
What is a Subchapter S corporation?
Do I incorporate my new business as a Sub-chapter S corporation?
How do you identify the fiscal year of a corporation when it begins in one year and ends in another?
Is leasing vs financing better for my cash flow?
When should I set up a business bank account separate from my personal account?
In this age of identity theft, does an independent contractor have to give his/her Social Security number to a customer?
What financial recourse do I have if luggage and a laptop are stolen on a business trip?
What is the best business legal structure to use if I purchase the building in which my small business is currently a tenant?
How does an asset qualify to be depreciated?
What is intangible property, and is it different from intellectual property?
What is tangible property?
What is the definition of personal property?
When can I begin depreciating an asset and claiming the deduction on my tax return?
What is an asset’s recovery period?
What does it mean to "place in service"?
How do I determine value of an item that's tax deductable, such as a business meal?
Can a sole proprietor who is profitable in the current year make a contribution to a qualified retirement plan, even though there was a net operating loss carryover from a prior year?
For tax purposes, how do I treat assets, such as a laptop, that have been converted from personal use to business use?
If an employee candidate requests to be treated as an independent contractor, should we allow this?
When do you select your tax year?
How do I expense the cost of software?
Is the research I do to discover whether to start a business part of my business start-up costs?
What is recapture of depreciation and when does it happen?
What is the alternative depreciation system (ADS) and why is it used?
What qualifies as start-up costs for corporations?
What are examples of business start-up cost?
When do you use the alternative depreciation system (ADS)?
When I make property improvements, do I depreciate them separately from the property?
How do I determine the in-service date of an asset for tax purposes?
When can you use the general depreciation system (GDS)?
What is modified accelerated cost recovery system?
What is amortization and how is it calculated?
What are the different asset depreciation methods?
What do I have to do to qualify for a home office deduction?
Where can I get the money to start a home-based business?
What kind of insurance coverage do I need for my home-based business?
Do I have to have a lawyer and accountant for my home-based business?
Is taking the home-office deduction on my taxes a red flag to be audited by the IRS?
As a home-based business owner, can I just use my personal checking account for my business?
What is the standard definition of a royalty paid by a franchisee to the franchisor?
What is the Uniform Franchise Offering Circular?
How can I find out how much money is made with various franchises?
As a new service provider, what is the formula for setting my fees?
Other than the obvious tax issues, are there other advantages of having an Employer Identification Number (EID)?
Do I have to get an employer identification number (EIN) for my new business?
How much can I deduct for giving to churches or charities without sending up a "red flag"?
A business valuation expert I'm considering has several designations following his name. Should I be impressed?
What credentials should I look for when hiring a business appraiser to value my company?
Is there anything wrong with running my home-based business finances through my family's check book and use my personal credit cards?
What tax deductions relate to the home office?
What insurance do I need for my home office?
Will my employer's insurance, or my home-owner's policy, cover me when I telework at home?
As a teleworker, who should pay for my additional property and casualty insurance, me or my boss?
How do I decide whether to set up my business as a for-profit venture or a non-profit venture?
How can I estimate expenses for my new small business, when there aren't any obvious comparisons available?
When developing the sales, net income, and gross benchmarks objectives in my business plan, is there any research available?
Can I get a loan, or investment capital, if I have no accounting and financial records or projections?
What are the first steps to starting a new law firm?
How do I deal with negative cash projections in my business plan?
How do you leverage investor promises of funds before they're received?
How do accounts receivable impact cash flow?
What is the best ownership structure for real estate investments?
What are the considerations in forming an LLC vs. an S corporation?
How are partnerships and limited liability companies (LLC) taxed?
What is the tax treatment on S corporations?
Is there a timing issue in choosing to change to a Sub-chapter S corporation status?
What are the shareholder requirements for a C corporation to make the Sub-chapter S election?
What are the circumstances that cause a Sub-chapter S corporation to pay tax, rather than pass it through to the owners?
Sub-chapter S corporations are tax-filing entities, but do they pay tax?
What is a C Corporation?
Why would a sole proprietor choose to use a Federal tax identification number in the business, instead of his or her social security number.
What are the tax-year options for a C corporation.
Are personal service corporations subject to different tax rules?
Can retirement plans be rolled over to a 401 (k)?
Does a sole proprietor need an Employee Identification Number (EIN)?
What is a tax identification number?
What are some benefits of a 401 (k) plan for the self-employed?
For maximum performance and professional management, what features must an electronic imaging system include?
What is an electronic imaging system?
Can a business' tax year be changed?
How do I get a Federal Employer Identification Number?
What is a business' tax year?
Can a business change the method of accounting?
How can I keep up with all of the tax filing and paying dates that I'm required to perform?
What are the primary tax responsibilites of a small business?
What is the tax treatment of income and deductions for C corporations?
When do you claim deductions?
Are all business expenses treated as deductions?
What is the cash method of accounting and how does it work?
What are the different accounting methods?
Should I use a computer for record keeping?
What is the accrual method of accounting and how does it work?
Are there restrictions on the use of the cash method?
Am I required to maintain financial records for my business?
When should I start bookkeeping?
How should I set up the bookkeeping for my new business?
What kind of software should I use for recordkeeping?
What are the parameters for establishing a corporation's fiscal year?
What are some retirement options for the self-employed?
What are some factors in choosing a business organization?
What are the basic elements of a partnership agreement?
How is a business partnership formed?
What is the definition of a sole proprietorship?
What are the requirements to becoming a sole proprietor?
What is my personal liability as a sole proprietor?
When are workers considered independent contractors?
What are the most prominent elements of a Limited Liability Company (LLC)?
Can I form a one-member limited liability company (LLC)?
When can sole proprietors be considered as employees for tax purposes?
Why do I have to prove independent contractor status?
How does an independent contractor claim business deductions?
What is an independent contractor?
What's the advantage of e-filing when submitting an income tax return?
What is the best way to structure property investments for tax purposes?
My banker and accountant are saying my business is growing too fast. How is that possible?
How do I get financing for my woman-owned business?
How do I start the process of tracking the financial activity of my small business?
How important is tracking the financial activity of my small business?
Is it okay to ask for an advance from a client at the beginning of a project?
Where do small businesses get the capital to start-up and grow?
What is property and casualty insurance?
What are specialty coverages on property and casualty insurance policies?
How do I establish a company standard for when to outsource a task?
Is outsourcing tasks in my small business a good practice?
How do I know when to convert my business phone service to VoIP?
Why would I outsource jobs that my employees can do?
Is there a rule of thumb for how much space to lease for my growing business?
How do I determine if my company should go public?
How much money do I need to start my small business?
What is a vertical budget and how is it used in a small business?
What is a horizontal budget and how is it used in a small business?
How does the Internal Revenue Service define an independent contractor?
What is the prime interest rate banks charge businesses?
Can a small business get a bank loan at the prime interest rate?
Will I have to sign a personal guarantee for a bank loan for my business?
How do I choose the right business form?
What is the North American Industry Classification System (NAICS)?
What are the first legal steps to take when organizing a new business?
How do I know when my business is in trouble?
What are the standard business insurance coverages a start-up business should have?
What do bankers want to know before they make a loan?
Where can I find industry statistics to help complete my business plan?
What is asset-based lending?
Can I borrow against my accounts receivable?
How do I find angels investors?
What is accounts payable?
Why does my start-up business already have an operating loss?
Is there anything wrong with running my business through my family's check book and use my personal credit cards?
As an independent contractor, can I expense capital equipment, like a computer, like larger businesses?
Where can I get a grant to start my home-based business?
Can I use personal credit cards to make business purchases for my home-based business?
Where can I find affordable health insurance as a home-based business owner?
Does my homeowners insurance cover my home-based business?
When starting an employment agency, what employees must be on my payroll?
What does it mean to "take an inventory?"
What is production lot coding?
What does the term "inventory turns" mean?
How is inventory accounted for in standard bookkeeping?
Should I pursue venture capital investment for my business?
How do inventory turns impact profits?
Can you explain the two inventory accounting methods, FIFI and LIFO?
What factors determine the cost of holding inventory?
What is considered an acceptable rate of inventory turns?
What is stock rotation and why is it important?
What does the term "stock keeping unit" or SKU, mean?
What are the different types of inventory?
What is inventory?
What kind of profits can I expect for my new business?
When does it make sense to contract out services?
How can I manage grants of authority to help control costs?
How do contingency cost reduction consultants work?
What is a grant of authority?
Should we develop a travel policy to help control costs?
Should I give my employees credit or purchase cards to buy supplies?
How does employee turnover hurt profits?
Can I really save money by purchasing remanufactured equipment?
How can my employees help improve profits?
How can I identify cost reduction opportunities?
How can I think of a safety programs without seeing just the expense?
Which has a greater profit impact: increasing sales or reducing costs?
Is it more profitable to lease or finance capital assets?
How can I maximize cash flow in my small business?
How can I maximize profits in my small business?
What is business profit?
Should I focus the management of my business more on profits or cash flow?
What is a franchise royalty?
What are the best ways to finance a franchise?
How can I share accounting information among my three business locations?