Q. Hello, I recently opened a small business and I have a few questions. First of all, how much of a small business's income am I able to use? And how much does the business has to make before I have to send out taxes? I'm sorry it's just something i'd like to be made clear. It is something I do on the side of my current job so the income will most likely be low ( less then $20.000) annually.
A. if it's a sole proprietorship, you and the business are the same
If you earn $400 you have to file taxes. If you make more than $400 at a traditional job, all the profit from this business gets added on top of that income.
If you earn $400 you have to file taxes. If you make more than $400 at a traditional job, all the profit from this business gets added on top of that income.
If I register a new business can I claim equipment I already own as a business expense on taxes?
Q. I have been building electric guitars at home and am considering registering this as a new small business. My question is, can I claim the woodshop equipment that I have already purchased as a business expense? Is there a way to sell the equipment to the business so that it can be claimed as a deduction on taxes?
A. Using the date you officially started the business (as opposed to it being a hobby as it appears it has been) you can convert the equipment from personal use to business use property and begin depreciating the equipment for it's value as of that date (not what you originally paid for it).
If you are self employed you cannot sell the equipment to the business. You are the business.
If you incorporate (not an LLC) the equipment can move from personal to business property, and in essence be sold to the co. Be careful, however, if you incorporate you may have to prepare payroll taxes, etc. in addition to the extra corporate returns at the end of each year.
If you are self employed you cannot sell the equipment to the business. You are the business.
If you incorporate (not an LLC) the equipment can move from personal to business property, and in essence be sold to the co. Be careful, however, if you incorporate you may have to prepare payroll taxes, etc. in addition to the extra corporate returns at the end of each year.
Where can I learn to run a small business in Southern California?
Q. I have a small business and I have lots of questions about how much to spend on advertising, keeping customers, etc. I know there are websites, but I wonder if there are any inexpensive courses or programs where I can get face-time with an expert.
A. Try SCORE ( service corps of retired executives) They are a non-profit group that specialize in mentoring....
What are some common questions of small business owners looking to begin exporting?
Q. We are looking to form a list of frequently-asked-questions and answers for a resource for small businesses who are starting to export. We do not need the answers to the questions, just the questions themselves. We need an idea from those who have been in this situation of what questions they did have, so we can best construct the resource to meet their needs.
A. Hi,
Use google or other search engine and check on faq from many sites. With the help of this, you can come up with the faq relevant to your kind of business.
Solution.
Use google or other search engine and check on faq from many sites. With the help of this, you can come up with the faq relevant to your kind of business.
Solution.
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