Taxes: I missed a large purchase that I should be able to write off... should I amend it? small business |
- Taxes: I missed a large purchase that I should be able to write off... should I amend it?
- Shoplifting is on The Rise at my Business
- Merchant Account Processor Stealing Money. How to Deal With?
- Are there any completely free Instagram scheduling tools?
- What would you guys do ?
- I made a discord server for anyone who wants to network with each other
- My microSaaS is now generating $300 MRR
- Do LTL carriers suck or am I just really really unlucky when it comes to freight damages?
- Etsy vs Shopify ?
- How should I split gains/pay my uncle on a business I own but he contributes a little?
- After you sign the customer up, how do you keep them?
- I have 50 acres of grassland and want to start a small business with it. Any suggestions?
- Amazon FDA / dropshipping
- Best software for invoices and running a company
- Business Checking - Sole Props in California. What's Your Zelle Name?
- Best Wholesale price?
- Online Boutique
- How do I pick the right business structure for loose, multi-partner consultancy?
- Good website builder for a small trades company?
- Selling in Texas to out-of-state non-profits
- What is the maximum length for an LLC name in Delaware?
- New EIN or no?
- Do we need to log hours when an equipment was used for business or personal purposes?
- What is the best small business content out there for spa/salon or barbershop owners out there?
| Taxes: I missed a large purchase that I should be able to write off... should I amend it? Posted: 04 Aug 2020 08:04 PM PDT So this is my side business that made ~12k in 2019 (company started Jan 2019) that is a single member LLC. I ended up owing ~$600 (not unexpected). Just now I realized I had missed a drawer of receipts (first months and didn't have a system yet) that include a few large purchases and all in all totals to about $2500.... First - Am I required to Amend my taxes? Second if not - is it worth my time? could i get money back? ($600 would be nice to have) Thank you! [link] [comments]  |
| Shoplifting is on The Rise at my Business Posted: 04 Aug 2020 09:58 AM PDT Hello Reddit, as the title suggests we recently did a hand count inventory and found that we were "missing" more inventory than usual. I already have a regular security camera system in place with 4k cameras so we are able to capture video in high resolution. However I am looking for a more active solution rather than have someone passively staring at a screen all day. I've heard that there are camera software/hardware solutions which can assist with loss prevention. Does anyone use anything like this? For example, I heard Walmart has a system where the LP employee can keep an eye on a specific item that someone is holding by selecting it and if the item disappears from view, it gives a notification. Another example would be the system Amazon Go uses to keep track of people shopping, putting items back, etc. It doesn't have to be fully automated like Amazon Go, as we have LP personnel, but something that would assist LP to be more effective. Also anyone try using facial recognition software to prevent shoplifters from re-entering your business after you catch them? I'm also open to any other solutions you may have tried to mitigate loss. Unfortunately raising prices to cover my loss is not an option for me at the moment. Please, I need your help Reddit! Thank you! [link] [comments]  |
| Merchant Account Processor Stealing Money. How to Deal With? Posted: 04 Aug 2020 07:30 PM PDT We have an eCommerce site that processes about $15-20K per month in credit card transactions. We are and have been PCI-Compliant. Completed the questionnaires and our site in PCI-Compliant. I have called and written them a number of time about this. They told me they would give us a partial refund. Would not even offer to refund the entire amount fraudulently taken. Even then the refund never came through. They still continue to take $44.95 from our account, every month. This has gone on so long, its clear this is a business practice and not a "mistake". What recourse do we have? Switching merchant account processors is not a simple task when you have all you code written to their API's. Has anyone had this experience? Should we hire an attorney? Should we contact the States Attorney General? Federal Trade Commission? [link] [comments]  |
| Are there any completely free Instagram scheduling tools? Posted: 05 Aug 2020 12:37 AM PDT Hi there, I've searched google and within this sub for a platform that allows me to schedule and post Instagram posts. I'm unable to find one that is completely free, usually they'll have free trials and then charge. I'm in the Pacific Northwest and half my following is from Europe so it's been difficult to aim for peak times with the time zone difference. Any advice would be fantastic! [link] [comments]  |
| Posted: 04 Aug 2020 10:16 PM PDT I know this is a personal question but given that I don't need to decide now I rather ask for opinions. Basically I'm managing three lines of family business in Argentina, I could make good money for an international standard an enjoy a comfortable life IN A THIRD WORLD COUNTRY, the struggle is real, it's not like a developed country even in here that is not that bad. In the other hand I want to risk some years to see if I can get into the European action sports industry in the Alps, I know it's a fucking kids dream but I feel that I should take the chance, working with the events, learning the industry, maybe realizing that it's just a fantasy. I know English and German beside Spanish of course and have a not great degree on business. In my mind every day is the question about if it's worth it or not trying, my brother is going to be studying at least two more years and working on the business, he is not as into making money as me but he is really smart, id say smarter than me and gets the gig. This may be the hardest choice for me to make in my life until now. [link] [comments]  |
| I made a discord server for anyone who wants to network with each other Posted: 04 Aug 2020 11:41 AM PDT Hi everyone, So I just made a discord for fellow entrepreneurs to chat and network with each other. I think it's important for people to get to communicate with others who are in the same field and bounce ideas off of each other. If anyone is interested the link is [link] [comments]  |
| My microSaaS is now generating $300 MRR Posted: 04 Aug 2020 10:33 AM PDT I want to start this post off by thanking the community for the quality material, tips and endless motivation which kept me on track while developing, launching and marketing my microSaaS. It's been a dream of mine for a long time and I've managed to push through and reach my initial goals ahead of time. In order to give back, I've decided to post some tips regarding my journey, which I hope will help some of you. Three months ago I've developed and launched my SaaS https://voxiso.com - an online AI separation engine, which enables users to isolate audio sources, remove vocals, instrumentals and separate individual instruments of uploaded files on the fly. I've decided to use Wordpress as my main CMS considering its infinite scalability options. It works in cohesion with a custom built API and Python script in the back-end which does the actual processing. I've developed the whole thing in a month and a half during the Corona downtime, since I had a lot of time on my hands. The main stages are described below to give you more detail:
I'm currently working on SEO and audio engine optimization. I'm creating a blog in order to post useful articles on audio separation for existing and potential users. The only expenses I currently have are DigitalOcean for hosting + Stripe processing fees. Lastly, I would encourage everyone to work on your dream relentlessly. It's a slow and sometimes stressful process, but if I can do it - you can too! Good luck to you all! P.S. Make sure to ask any questions you might have and I'll be glad to help! [link] [comments]  |
| Do LTL carriers suck or am I just really really unlucky when it comes to freight damages? Posted: 04 Aug 2020 09:51 PM PDT I really don't think it has to do with the vendor's prep because we've suffered damages for multiple items from three different vendors now. One was so egregious that it looked like they picked up the freight, folded the wooden pallet in half, and set the stuff back down to drag on the ground. We've suffered damages from Central Transport (I know has a really bad reputation), XPO, and YRC. I try a new carrier and it's like a crap shoot. The only ones we have had any consistent luck with are FedEx Priority and ODFL, but FedEx is hardly ever available and OD charges a lot. We insure everything now. About 2-3 out of 10 shipments have damages with maybe 1 being severe. [link] [comments]  |
| Posted: 04 Aug 2020 06:03 PM PDT Starting a small online business selling handcrafted accessories: Would it be better to make an Etsy or sell through Shopify ? While Shopify is $30 a month, Etsy takes out a large amount of fees. I want to be able to break even after shipping and other costs as well. Any advice ? [link] [comments]  |
| How should I split gains/pay my uncle on a business I own but he contributes a little? Posted: 05 Aug 2020 02:43 AM PDT Hello everyone! So I am in the process of starting a business. I am in Canada and I will be doing almost all of the work which is selling, marketing, funding, paperwork, etc. I involved my uncle in it because he is in the country of the manufacturer and he speaks their language. So his job would be to communicate with the manufacturer and be the middle man between them and me, which is already happening. Now I'm wondering how should he be paid. On one hand, I absolutely want to be fair with him and make him happy. On the other hand, I don't want to make him a crazy good deal that would be unfair to me. So here's my question: what's pretty much the standard? Should I pay him a salary? Should I pay him based on my gains? What is a price so we're both not getting screwed? I thought of 5% after ALL expenses and taxes. Side note if pertinent: honestly, I kinda feel like I didn't need to involve him. Communication with the manufacturer could've been solved in another way but my parents are saying it's good because it's our part of serving the family, which I think sure, it's a good idea. Thank you for your help everyone! [link] [comments]  |
| After you sign the customer up, how do you keep them? Posted: 04 Aug 2020 05:17 PM PDT Hi, I run a micro-SaaS that has a small number of customers. Obviously, I want to grow the number of customers, and the revenue of the SaaS. Apart from offering a good product and good customer service, what else can you do to keep them interested and signed up? [link] [comments]  |
| I have 50 acres of grassland and want to start a small business with it. Any suggestions? Posted: 04 Aug 2020 08:06 AM PDT |
| Posted: 04 Aug 2020 09:43 PM PDT Hello! I've been learning about fulfillment by amazon and really wanting to do it. However, I'm wondering what are the risks associated to it and if it is as profitable as we think it is. What are your average revenues and margins? Also, some people are also doing Shopify dropshipping and I was wondering which one is the best between these two. Also I'm from Canada. [link] [comments]  |
| Best software for invoices and running a company Posted: 04 Aug 2020 09:20 PM PDT I just started a business. Figured an amazing idea and did it. Going to make about 5k month 1 super easily and i see this scalling up fast. I am at 3k already and im pretty much 2 weeks in with just a few hours a week since I have a main job. I am using quick books but they seem to take a free on transactions. Anything else that doesnt? [link] [comments]  |
| Business Checking - Sole Props in California. What's Your Zelle Name? Posted: 04 Aug 2020 05:54 PM PDT This is for those who bank with Chase, Bank of America, Wells Fargo, or Citibank. As other banks don't have free Zelle feature for their small business checkings. I've been getting different answers from different branches, even the call centers. So I figured it's best to ask those who actually have the accounts. For Sole Props in California, we gotta use DBAs, and the account will read "Joe Smith DBA Companyname". But what name is shown on your Zelle profile when you request money to people? (Assuming your names are not too long and don't get cut off by Zelle) a) Joe Smith DBA Companyname b) Companyname c) Joe Smith Anybody recently opened a business checking account and can share this answer with me? And what bank are you with? Thanks [link] [comments]  |
| Posted: 04 Aug 2020 08:41 PM PDT For a small online business what would you think is the best price to purchase a few beaded jewelry pieces ? I am just starting out and buying them handmade from a different company to also support the artists. [link] [comments]  |
| Posted: 04 Aug 2020 01:41 PM PDT I just started an online women's clothing boutique. Right now some loungewear, I made 6 or so sales between Friday and Sunday. I only have 130 instagram followers and am trying to promote/grow my business. Does anyone have any recommendations? I would be willing to share the link to get some honest feedback, as well. [link] [comments]  |
| How do I pick the right business structure for loose, multi-partner consultancy? Posted: 04 Aug 2020 03:15 PM PDT Hi all, I've got 3 or 4 friends with some interesting skill and network overlaps and we think there's an opportunity to run a side business doing tech consulting. Some projects may just be one of us; some may include all of us, or any other combination. There's no expectation for equal contribution in any sense. We're imagining invoicing customers with hourly rates for each us in different work categories. We don't really imagine selling the company or trying to raise money. We're geographically distributed, but all in the US. We don't currently foresee anyone making any large investments into the business, other than some occasional computer hardware. We're looking for the most tax-efficient, low-mantenance business structure to accommodate all of this. I guess the first-order question is whether this is complicated enough (or has enough implicated questions) to warrant to cost of talking to a tax/business/legal specialist. I'm not afraid to read books or other resources if people want to point me in that direction; if it's a common enough (I'd be shocked if this was rare??) that there's a standard approach, I'd love to hear it. Finally, does anyone have any experience going through something similar and can share things to avoid or discuss/manage at the outset rather than wait for it to come up? Thank you in advance for any and all insights!! greg [link] [comments]  |
| Good website builder for a small trades company? Posted: 04 Aug 2020 02:51 PM PDT Hey y'all! I have a small painting (not the artsy type) company and I'm wondering what would be the best website builder on a budget? I've heard that Wix isn't too bad for beginners, but I've also heard that I could use Wordpress' Personal Plan (5 CAD a month) as well? What do you guys prefer? I currently bought my domain via GoDaddy. [link] [comments]  |
| Selling in Texas to out-of-state non-profits Posted: 04 Aug 2020 02:14 PM PDT Hi, I'm new here and just starting my own business based in Texas. The nature of my business means I'll be selling to a lot of non-profit organizations through an online platform. This technically means these organizations qualify to be tax exempt. However, I'm confused about Texas laws regarding tax-exempt status. It seems that non-profits who wish to purchase from me without paying tax will need to fill out a tax exemption certificate. But do they also need to register with Comptroller even if they aren't based in Texas? I'm really confused because Comptroller doesn't seem to specify what out-of-state non-profits need to do. Any insight would be helpful! [link] [comments]  |
| What is the maximum length for an LLC name in Delaware? Posted: 04 Aug 2020 05:08 PM PDT I'm incorporating an LLC in Deleware and coming up with a name. I'm building an app and the name of the company directly affects the App Store search results. So I'm trying to stretch the name as long as possible, but I'm not sure what the limit is, can't seem to find it anywhere. Does anyone have any thoughts? Also - Stripe Atlas vs Firstbase.io - any thoughts on the best one to use? [link] [comments]  |
| Posted: 04 Aug 2020 12:55 PM PDT This link is a little bit confusing: https://www.irs.gov/businesses/small-businesses-self-employed/do-you-need-a-new-ein I have a Multiple Member Delaware LLC with another individual. We are a Limited Liability Company with a "partnership" designation in the eyes of the IRS. I am leaving the company, and my business partner has decided to move forward as 100% owner. I am trying to help him make my exit graceful. My initial thoughts were that he did not need a new EIN, and if he wanted to avoid one, he could elect to be taxed as an S-CORP to keep current EIN and not need to open new bank accounts, credit cards, stripe account, etc. However, his accountant is telling him that, no matter what, if he's going from a partnership to a sole proprietor (even if he chooses to be taxed as an S-CORP), he needs a new EIN. In that case, I'm almost wondering if it makes sense for us to dissolve the current LLC and he just forms a new one from scratch vs. trying to do an acquisition document. TL;DR -- is there a way for me to leave the company but still allow him to keep the current EIN so he doesn't need to open new bank accounts, credit cards, etc.? [link] [comments]  |
| Do we need to log hours when an equipment was used for business or personal purposes? Posted: 04 Aug 2020 04:33 PM PDT Hello. We have established a software development company (S-Corp) and just bought new computers. These computers will be used for both business (~8 hrs/day) and personal (? hrs/day) purposes. Do we need to keep a log of hours when the computer was used in order to calculate how much percentage it was used for business for tax purposes? Thank you. [link] [comments]  |
| What is the best small business content out there for spa/salon or barbershop owners out there? Posted: 04 Aug 2020 04:27 PM PDT |
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