Single Owner LLC, Why don't I owe any taxes?!? small business |
- Single Owner LLC, Why don't I owe any taxes?!?
- First time leasing a retail space questions
- I'm considering buying this business
- REMINDER: US Individual Tax Returns Due SOON!
- Crepe stand ideas
- Have you considered offering a 401k loan option for your employees?
- Doing ad-hoc freelance work. Want to protect myself. What next?
- Applied for single-member LLC, but now not ready to start. Do I have to file taxes?
- Partnership Issues
- Anybody accepting a cryptocurrency as a form of payment? How do I implement this into a POS System?
- Equity and operating agreement for LLC
- Proper tone when cold calling a small business?
- Finance question
- Leaving the office job for greener pastures
- Overall Cost of Services Calculations
- Hey handyman of Reddit...
- How much should accountant cost to file first income tax for an LlC?
- For small business-ers, what is the best way to get a great and affordable logo?
- [UK] Is there no longer any financial benefit for a higher rate tax payer to incorporate?
- How much planning did you do, and what kind?
- Freshbooks isn't correctly multiplying time by hourly rate. Does anybody else have this problem?
- How do I approach my dad about taking over the family business?
- How do I determine how much I should pay for a company?
| Single Owner LLC, Why don't I owe any taxes?!? Posted: 27 Mar 2018 04:44 PM PDT I started my business in April 2017 in Pennsylvania. I pay Sales Use tax quarterly, that's easy enough. Now that it is tax season though, I am using HR Block Deluxe (online) and I file a Schedule C for my LLC-- and after inputting the numbers, I don't owe a single thing. Does that sound right? It doesn't feel right! This is what I did. 1) I input my income: Self-employment or business income (Schedule C) 2) Entered business address, EIN, date of corporation, etc 3) Input start up costs 4) Input cost of goods sold: -Cost of items purchased for sale: $11,000 (this means my Gross sales for the year, right???) - Cost of materials and supplies : $5,000 - Cost of labor: $4,000 (labor is me. I hand-make all of my products for sale) 4) Added some basic deductions, like advertising costs, insurance premiums, whatever Why don't I owe anything? I know I pay quarterly for sales tax but I figured I would have to pay some sort of income tax for the LLC. Weird. Any help would be appreciated! [link] [comments]  |
| First time leasing a retail space questions Posted: 27 Mar 2018 11:12 PM PDT I'm working with the leasing agent for a space that my business partner and I want to lease for our new business. The agent is working on a letter of intent to pass off to the owner and asked me four questions: 1. Term of lease, 2. Commencement date of lease, 3. Rent Offered, 4. Rental escalations. Questions 3 and 4 catch my interest. The location is an up and coming area and the posted lease price $42/sf/yr, the space is 1950sf. During walkthroughs with the agent he thinks we can get that rent down and didn't lock a number in. I'm probably going to move on this like buying a used car and start low, but want to check with reddit: Anyone have advice or experience dealing with retail space rent? Anyone ever negotiate 4. rental escalations? Should I ask for a deal like first months free since we're a new business? What is common practice? The business that was there before had been there 15 years so I'm positive the owner is gonna come out on top in most scenarios. And my partner and I are prepared for a three year lease. [link] [comments]  |
| I'm considering buying this business Posted: 28 Mar 2018 12:10 AM PDT I'll save you the long story of how I've ended up here but this is my first time buying a business. I'll share some info, and I'm hoping some of you, especially those who have purchased/sold businesses, can help with what kind of things I need to watch out for. This is a food and beverage business. The business profile: Currently, it is owned by 2 partners, and they're absentee owners. Sounds like they, as two young friends, opened this business and for the past few years, have been hands-off. But because they have their own work, and now are married with family, the business is a distraction and they don't have enough time to devote to it. Gross - 1.2M Lease - $6500/mo (including NNN) through 2022 with two 5 year options Owner salary - $72,000 FF&E valued @ $500k I have their '16 P&L right now. Will try to get '17 P&L. According to '16 P&L, the business netted $26875 (after owner salary). Their COGS and labor cost are running high, which I believe I can fix. There are also some improvements I can make in the business by being a hands on owner. Were those costs under control and in line with averages the restaurants in the area are running, I think there was opportunity to net about $50k more. It is offered at $250k. I know that the seller is also willing to carry paper which I take as a sign that the business is indeed profitable and they believe they can get their money back. I also take this a sign that the price can be negotiated because I will be paying cash. (Is my thinking wrong in this regard?) I plan on asking for and digging in to '15 and '17 P&L as well as the lease, make sure everything looks good. What are some things that I need to watch out for? In what areas should I seek professional help with either an attorney or my CPA? I think this is a good deal with potential, do you? Does the pricing make sense? [link] [comments]  |
| REMINDER: US Individual Tax Returns Due SOON! Posted: 27 Mar 2018 02:32 PM PDT Tax Accountant here.... Just a quick reminder for all my entrepreneurs and small business owners out there, that we are getting close to the filing deadline for Form 1040s! By now, you should have already either filed your business returns, or requested an extension for them! As for the personal returns, there is always the option of filing an extension to buy you more time to file. REMEMBER, the extension is only a request for additional time to file the actual return, not pay the taxes you owe. The taxes are still due on April 17th, regardless of if you file an extension or not. The government wants their money now, not in October! For small business owners that don't receive additional income in the form of a W2, it's important for you to either get your return filed by 4/17, OR at least get an extension estimate done. This will allow you to have a better idea what you owe in taxes, giving you a chance to pay this amount, without filing the actual return. This will give you more time to get your numbers in order for filing the return, and help mitigate/eliminate interest and penalties for paying, post 4/17. Also a quick reminder, 2018 Q1 estimated tax payments are due 4/17 as well. These payments are important to get ahead of, if you make a decent income and don't pay in income tax throughout the year. A lot of small business owners fall into this category! Feel free to PM me, should you have any questions, need advice, or are seeking accounting/tax services! -GrubsLife [link] [comments]  |
| Posted: 28 Mar 2018 03:30 AM PDT I run a Crepe stand and am looking for new ideas. I currently offer crepes with a combination of either strawberry, blueberry, banana, pineapple, almonds, peanuts, oreos, and for sauces, peanut butter, chocolate, Nutella, caramel, and strawberry. I'm looking for new ideas, either with toppings or something completely different. I have two burners so I can use one for something else. I recently tried candy apples, but it was a mess and a long process. How bout eggs and fruit crepe? or just egg and cheese? Roast beef and cheese crepe or just put it on a roll with some brown gravy? [link] [comments]  |
| Have you considered offering a 401k loan option for your employees? Posted: 27 Mar 2018 02:09 PM PDT We have received some comments regarding this option but I wanted to see if others have done it and if there are any specific or important questions to ask our plan provider. [link] [comments]  |
| Doing ad-hoc freelance work. Want to protect myself. What next? Posted: 27 Mar 2018 12:52 PM PDT Hey all. Recently, I started doing ad-hoc freelance IT work. I want to protect myself. I know that if I were to make this a for-real thing, I'd need/want to, at a minimum, do the following:
But, the issue, is I do not plan on doing this full time. We're talking odd jobs here and there. I may make MAYBE a couple thousand a year. Obviously, if I don't get insurance, I assume some risk here. If I don't form an LLC, I assume some risk. What are your thoughts/opinions? How far down this rabbit hole do I need to go, and ultimately, will it be worth the expense? [link] [comments]  |
| Applied for single-member LLC, but now not ready to start. Do I have to file taxes? Posted: 27 Mar 2018 09:42 PM PDT I submitted my application for a single member LLC (Washington State, dog walking), and I'm expecting it to be processed within a few days - let's say by April 1st. Some circumstances suddenly developed today (the day after I applied) and I think I need to put starting my business on hold. Do I need to file a tax return for my LLC by April 17th? Or since there is no activity taking place (and since it's being formed so close to the deadline), can I just wait until next quarter or whenever I'm ready to actually start my business? [link] [comments]  |
| Posted: 27 Mar 2018 01:53 PM PDT Hi guys, throwaway account for obvious reasons here. I recently entered into a business partnership with a guy who I was working for for several years previous. The first 6 months or so were fantastic - business was booming, staff were happy and our relationship was getting stronger by the week. However, it was brought to my attention a short while ago that we now owe a large VAT bill. The reason for this is that my partner had not filed his VAT returns for a substantial amount of time. I was not aware of this before I entered into the partnership and when I asked my partner were they aware of it, their response was "I knew we hadn't filed a return but I did not think it was going to be that big at all". The last few weeks have been hell and I seem to be the only one panicking over this large bill. My partners solution to the problem was to take out a loan to cover the majority of it which we have went ahead and done. However, I have obviously changed my focus a little and am concentrating on sales to cover the monthly repayment of this bill - in fact, last week I won the company's largest contract to date. My partner informed me on the same day that due to the next 12 months plus being 'pretty tight' he has cut both his and mine wages quite substantially. I have a young family, he does not. I am winning work every week, he hasn't got a single sale since last year. This is really starting to put straight not only on my working relationship but my personal relationship with my Wife as I do not know how long I can pay my mortgage for on this heavily reduced wage. I guess my question to you guys is WHAT THE HELL DO I DO!? We have a very strong team and have huge potential however the person who owns the largest percentage of the business does not give a shit and is looking at ways to pay the bill that effects everyone but himself. I truly believe that without him, the business would be better off. Can I ask him to step down? Can I ask him to hit targets and if he doesn't GTFO!? Do I just leave? Can I just leave? TLDR; business partners fuck up got company into huge debt, doesn't seem bothered to try and fix it. What do I do about him? [link] [comments]  |
| Anybody accepting a cryptocurrency as a form of payment? How do I implement this into a POS System? Posted: 27 Mar 2018 08:58 PM PDT |
| Equity and operating agreement for LLC Posted: 27 Mar 2018 11:06 AM PDT I currently operate a sole proprietor LLC, but wish to write up an operating agreement and thus include at least one or two associates in this operating agreement as equity-holders. I have written an operating agreement before but I am wondering if there are any guidelines or provisions for somewhat of an unconventional setup: Would I be able to give out two types of equity: decision-making equity via shares, and financial equity? The former would give the shareholders decision making power within the LLC but would not entitle them to that percentage of dividends or financial equity. I would then grant those same shareholders an arbitrarily lower percentage of financial equity that can be paid out via dividends. A quick google search doesn't yield any results on this subject, so I am assuming it is unconventional at best, and not possible at worst. Any suggestions? [link] [comments]  |
| Proper tone when cold calling a small business? Posted: 27 Mar 2018 12:41 PM PDT Hi everyone, I'm an engineer who was run numerous waste reduction and process improvement efforts for my full time employer, but I'm looking to apply my trade for small businesses to maintain their competitive edge and so I can one day leave me nine to five. There are a few businesses I've identified that have opportunities to improve their efficiency with a few cost free process improvements. These businesses are small, not franchises, and most likely run by private individuals or families, which leads me to asking the community here about what the most respectful, professional, and effective way to reach out to these businesses would be. I was thinking I could reach out to them through their "contact us" emails if they have created websites for their establishments, otherwise contacting them though their social media presence. Any advice or criticisms you could provide would be greatly appreciated! Thank you. [link] [comments]  |
| Posted: 27 Mar 2018 07:39 PM PDT December and January are really dead for our company and I have put off paying dept of revenue the last couple of months due to customers not wanting to pay. We finally have some money and I got approved for a 130k loan. I am wondering what do i pay first? The 3 personal credit cards we used for business expenses, the 2 months of taxes for department of revenue and lets not forget the personal taxes that we've been paying on that's about 10k. [link] [comments]  |
| Leaving the office job for greener pastures Posted: 27 Mar 2018 08:16 AM PDT Hello! I've come to a point in my career where I've been doing my desk/office job for 3 years and have hit my breaking point. I went to school to get this job, have worked my way up through promotions, make a decent salary, but I am NOT happy. I'm not planning on opening my own small business right away, rather joining successful one in order to learn the skills and get the experience. I want to work with dogs and I know a successful dog trainer that has his own thriving business. I'm nervous about making ends meet financially especially where I live, but I know I won't be happy in 5 years if I'm still doing my current job. I'd love to hear anyones stories that gave up their salaries and pursued what made them happy. [link] [comments]  |
| Overall Cost of Services Calculations Posted: 27 Mar 2018 07:31 PM PDT Hi everyone. Thanks in advance for your responses. tl;dr: What are best practices, or how do you calculate Cost of Goods and Services for your company? The Details: I own a small business with 30 employees. We are strictly a service based business. Think tax document preparation. We generate a fixed fee per transaction that we process. There are about 7 different "types" of transactions that we process. I am trying to figure out what the best way for me to calculate my cost of services and what to include and what not to include. (I have no formal business or accounting training.) In my initial reading, the example I read said leave out the paper the accounting department uses, but include labor for the actual processing transaction. But I feel like those are definitely components of what my real cost is to do that transaction. Is the standard or best practice to just have a separation of "operating expenses" for administrative functions and completely ignore that for item specific calculations, or is there some way to allocate that, or something I am not considering. [link] [comments]  |
| Posted: 27 Mar 2018 07:02 PM PDT Is it profitable? I'm starting one now and trying to calculate the profitability. Looks like I'll only make about 45-50k in a perfect world. True? [link] [comments]  |
| How much should accountant cost to file first income tax for an LlC? Posted: 27 Mar 2018 05:15 PM PDT Hey guys, my multi member LLC has been open for its first year. I have all my accounting on quick books and have a profit/loss statement, etc. How much generally should an accountant cost to file my taxes for the year? Thanks! [link] [comments]  |
| For small business-ers, what is the best way to get a great and affordable logo? Posted: 27 Mar 2018 10:57 AM PDT |
| [UK] Is there no longer any financial benefit for a higher rate tax payer to incorporate? Posted: 27 Mar 2018 03:47 PM PDT I'm a sole trader and also in the higher rate tax band due to my other job. Am I right in thinking that with current dividend rates and reduced allowance, I would actually be worse off tax wise by incorporating my business? Right now I pay 40% tax on my company's profit because being a sole trader means I just need to care about my personal income tax. But if I were to go the way of an Ltd, am I right in thinking that I would effectively be paying somewhere around 50% in taxes due to the initial corporate rate and then in addition the dividend rate and reduced allowance? If so, putting liability aside, it seems remaining a sole trader can potentially offer some serious savings. [link] [comments]  |
| How much planning did you do, and what kind? Posted: 27 Mar 2018 03:12 PM PDT I've got a hobby I'd like to turn into a business, or at least file as a business for tax purposes, but I want to do my due diligence before I actually put my name on anything or pay any fees, and everything I find about planning a business appears to be things along the lines of "10 tips about your tech startup that doesn't apply to you really" or the Small Business Administration's plan which focuses on key parts like impressing investors and buying a storefront. What resources would you suggest for someone who wants to start an online business from his own handiwork? [link] [comments]  |
| Freshbooks isn't correctly multiplying time by hourly rate. Does anybody else have this problem? Posted: 27 Mar 2018 03:09 PM PDT When I create an invoice based on time that I tracked in Freshbooks, it pretty consistently ends up with a dollar figure that's about 1% low based on the total time and my hourly rate. I reported this to them a couple months ago but nothing has changed. Eg. at an hourly rate of $100, I have a time entry for 7h37m which Freshbooks shows me has a total of $750. It really should be $761.67 (100 * (7 + 37 / 60.)). Is anybody else seeing this problem? [link] [comments]  |
| How do I approach my dad about taking over the family business? Posted: 27 Mar 2018 05:17 AM PDT My dad is in his 60s and has built a fairly successful business that he started about 25 years ago when I was in kindergarden. I've worked for his business in entry level roles for summers and helped him with random parts of it throughout the years. He's never really seriously talked to me about his plans, but when he has a few beers in he says stuff like "one day this will be yours" etc etc. so I think he has at least thought about it. I am a CPA so I have business experience, but not as an owner. What do you think is the best way for me to talk to him about it? [link] [comments]  |
| How do I determine how much I should pay for a company? Posted: 27 Mar 2018 10:16 AM PDT I have an opportunity to purchase a company with a single location that offers financial services. I'm well versed in this field, so the running/maintaining the business doesn't worry me. I'm just now sure how I should determine how much I should pay for it. [link] [comments]  |
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