Questions tagged [small-business]
Questions specific to small businesses, generally under 100 employees and revenues less than $1,000,000.
58
questions with no upvoted or accepted answers
5
votes
0
answers
143
views
What counts as different sources of income?
I'm a freelance writer (in US), but I also do some freelance video editing, programming, and virtual assistance along the side. I'm wondering if each of this counts as a "separate source of ...
- 331
4
votes
0
answers
92
views
Understanding Nexus as a small business owner
I'm interested in becoming a 3rd party Amazon FBA (fulfilled by Amazon) seller. I recently learned about a rule called "nexus". Basically, I understand I have nexus (tax liability) in the state ...
- 521
3
votes
0
answers
48
views
can SEP contribution be made more than one time for same year
Can a small employer make contribution to SEP similar to 401K with each pay check/1099 or at end of the year for previous year. So for example for 2021 contributions, can one give 10% in January 2022, ...
- 1,245
3
votes
0
answers
181
views
Risks of initiating Voluntary Classification Settlement Program?
I just found that it is illegal for Employer to give form 1099 to workers who could potentially be classified as Employees. Also, Employer can end up being punished with imprisonment and/or heavy ...
- 31
3
votes
0
answers
133
views
Valuation of service-based small business
I have a small transcription business that I want to sell, but I'm not sure how much to ask for it. Searching around for evaluating businesses gives me lots of formulas for calculating the value of ...
- 171
2
votes
0
answers
37
views
Are Employer Taxes (medicare and social security taxes) eligible expense for PPP forgiveness purposes?
Let's assume sole proprietor with 1 employee received $10K in PPP loan. As per SBA at least 60% of PPP loan must be used for payroll expenses in the 24 week period. This means at least $6K.
My ...
- 709
2
votes
0
answers
633
views
PPP loan for business owner who "converted" 1099 contractors to w-2 employees starting from 2020?
Due to AB-5 bill passage many small business owners in California reclassified Independent workers (1099) as Employees (w-2) starting from January 1st 2020.
Now when filing the PPP loan application ...
- 709
2
votes
0
answers
67
views
Revenue Recognition, Foriegn Currency, and Exchange Rates
I live in Canada, and run a small hobby website (under a sole proprietorship) which earns advertising revenue from various sources. Some of that is paid in CAD, some in USD, and some in EUR, etc.
My ...
- 206
2
votes
0
answers
112
views
What qualifies as a small business in the United States?
I am a Canadian citizen living in the United States (in California) and would like to buy an investment property. I want to declare a small business for owning and managing the property which I ...
- 667
2
votes
0
answers
372
views
FBAR reporting for non-resident aliens with single-member LLC
(1) According to the FinCen's FBAR filing instructions,
"Any US person that has a financial interest in or signature authority
over foreign financial accounts must file an FBAR..."
This implies ...
- 299
2
votes
0
answers
172
views
Stop filing federal annual return (Canada)
I incorporated my company several years ago and since then I've been filing both my provincial and federal annual returns (pay $20 and confirm info). According to many sources, having the federal ...
- 101
2
votes
0
answers
51
views
Forgot to file 1065 for business that did not get any income. What do I do now?
It just came to my attention that my business missed the deadline for filing Form 1065. We also make no income.
How should I proceed from this point to make sure that the IRS does not come after us (...
- 21
2
votes
0
answers
67
views
Covering all legal/tax bases for sole proprietorship selling apps?
I'm just starting a sole proprietorship for making & selling iPhone/Android apps. I expect buyers all over USA/world.
As a traveling performer, my personal location is 50% Florida 50% California, ...
- 21
2
votes
0
answers
69
views
Am I eligible for a CDC/504 loan as a sole proprietor?
I have a sole proprietor software consultant business, and I am thinking of buying a small office because it would be a better investment than my current office rental. I was looking into loans for ...
- 121
2
votes
0
answers
44
views
Ontario resident working contract job in British Columbia
If my corporation is registered in Ontario and I am an Ontario resident, then if I take a contract in Vancouver, will it be legal? Do I pay taxes once for British Columbia and once for Ontario?
- 16k