As a sole proprietor/independent contractor, your income is the most heavily taxed of all wage earners. You will be assessed a federal tax, state tax, local tax, and a self-employment tax. The best way to lower your tax liability (the amount of tax dollars you owe to these entities) is for you to take time […]
When Businesses Barter Is it Taxable Income?
Due to our slow moving economy, we’ve seen an increase in businesses bartering with one another. Bartering occurs when you exchange goods or services without exchanging money. An example of bartering is a plumber doing repair work for a dentist in exchange for dental services. – IRS Topic 420 So, is this exchange considered taxable […]
Question: How Can I raise Money to Start a Business with Poor Credit.
A young lady asked: Do you have any advice on how to raise money to start your business when you have poor credit? Many people responded, but I believe they failed to answer her actual question. They said things like: Consider the “Big Picture”. Write out your SMART Goal. Determine Roadblocks. Take Responsibility. Take Action. […]