You’re about to enter the big bad world of owning your own business, and you’ve been advised that becoming a ‘sole trader’ is the best option for yourself. But what is a sole trader, and do the positives out way the negatives? “A sole proprietorship, also known as the sole trader or simply a proprietorship, [...]
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Filing for a ‘Doing Business As’ name is usually nowhere near the top of a small business owner’s to-do list. It costs money, requires you to fill out paperwork and, depending on where you do business, might mean running an announcement in a local paper for a few weeks. Many people just put it off, [...]
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Running your small business without the proper insurance is a little like skydiving without a parachute. Many variables determine what sort of business insurance you should carry, including the size of your business, whether or not you have employees, and what sort of work you do. Wading through all of the insurance laws and recommendations [...]
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As is the case with many small businesses, owners often don’t take a salary but do incur expenses. I attend many meeting and events to do with my business and am able to charge for my mileage. My accountant takes the total mileage into account at year end and any GST/HST owing is added to [...]
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I simultaneously like, don’t like, and disagree with Dealing With – And Enforcing – Verbal Contracts on TheSelfEmployed.Com. And I definitely recommend that you read it. What I like about it is Post author Marshall Lee practical advice on what to do when you didn’t get it in writing. Immediately archive and back up all secondary documents [...]
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If you’re a U.S. resident and you haven’t done your taxes yet, what are you waiting for? Why are you reading a blog about taxes when you should be compiling receipts, filling out forms, and scrambling to get it all done??? Taxes are due on April 17th this year, which means you’ve got just over [...]
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This video from CBS contradicts much of my thinking on this subject: how federal, state, and local governments can boost small business and entrepreneurship. Watch it and see what you think: What I like about it is the quick rotation through real people, real business owners, making specific and concrete suggestions. It’s also nice that [...]
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According to the IRS, each year millions of taxpayers overlook deductions and credits resulting in overpaying their taxes. Here are seven tips so you won’t become one of the statistics. Section 179 Deduction. If your business acquired assets in 2011 either through a lease or by purchasing them out right, you may be eligible to [...]
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We love the internet, but a 50-state-drop-down menu is not the way to select the best state for your new company. It’s a tax decision, and one you’re stuck with if you choose incorrectly. Every start up faces three initial decisions: (1) Should I form a LLC or corporation?, (2) Where should I form my [...]
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