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7e77480d7a7df720e5369648e731fae8
|
Starting a new online business
|
[
{
"docid": "7a0f5ae5d21bde5bfb381e841ac88197",
"text": "Most US states have rules that go something like this: You will almost certainly have to pay some registration fees, as noted above. Depending on how you organize, you may or may not need to file a separate tax return for the business. (If you're sole proprietor for tax purposes, then you file on Schedule C on your personal Form 1040.) Whether or not you pay taxes depends on whether you have net income. It's possible that some losses might also be deductible. (Note that you may have to file a return even if you don't have net income - Filing and needing to pay are not the same since your return may indicate no tax due.) In addition, at the state level, you may have to pay additional fees or taxes beyond income tax depending on what you sell and how you sell it. (Sales tax, for example, might come into play as might franchise taxes.) You'll need to check your own state law for that. As always, it could be wise to get professional tax and accounting advice that's tailored to your situation and your state. This is just an outline of some things that you'll need to consider.",
"title": ""
}
] |
[
{
"docid": "1a949988273831ba706baa2e52f20924",
"text": "You're gonna start a business but you can't choose your own name? C'mon man, that's the fun part.. Have you researched the demand? In a dying industry like hard copy games, what sets you aside from big players like GameStop? What's gonna set you apart from all the rest? Sorry to say but right now you don't even have a name, my friend. My advice is to write out a detailed business plan & come up with ways to keep yourself afloat. Either way, like I said, you're entering a dying industry that may have something like 10 years at the max considering digital copies are becoming the majority. Personally, i'd rethink your business concept because you may be calling it Game Over before you even push start.. Good Luck",
"title": ""
},
{
"docid": "34d5a488129484a5a5d253c3815c3209",
"text": "First of all $1k is not enough money to start a web business. You're probably going to lose all your money, your business and your friendship. Second of all you need to retain a lawyer. I really can't emphasize this enough. If a lawyer is too expensive for you, then THIS BUSINESS IS TOO EXPENSIVE FOR YOU. If you don't have the money, then you don't have the time. When you say it's his idea - did he come to you with a fully written business plan? Even if he did, that's not really worth 20% of the equity. I would insist on 50/50 if the capital is 50/50, and salary to whoever is working on it. You're not going to have profits in the first year. Let me repeat that. YOU'RE NOT GOING TO HAVE PROFITS IN THE FIRST YEAR. Things never, ever, EVER work that way. Or ok they do but it's like 1%. It's not going to happen to you.",
"title": ""
},
{
"docid": "55cab6c8c047f51ea5f0380b2fb3c27b",
"text": "\"Watch out for PO financing. A lot of those contracts have nasty terms like \"\"I agree that SCAM CAPITAL will be my sole source of credit for the next 2 years.\"\" that can get in the way of using bank debt or credit cards. They may even tell you otherwise to get you to sign, but they are the payday lenders of the business world. It can be great when it works, but there are a lot of shark men. While you can grow your company on po financing, understand that those companies exist to suck all the profit out of small, non-innovative companies, who needed a hand and their terms reflect that. If your business is that good maybe you can get someone to buy in instead? The second benefit to this is that if things go tits-up, then you don't have any personal guarantee. You will likely have to guarantee PO financing in most parts of the country.\"",
"title": ""
},
{
"docid": "c0d157b54df2e9a51e6e0fff91b6bbd7",
"text": "**http://www.newpa.com/business/growing-business/download-guide** You want practical? This is nuts and bolts and geared to someone starting their own business from scratch. It is put out by the Commonwealth of Pennsylvania so it is very Pennsylvania oriented. You might want to check and see what kinds of similar business publications your state, province, or territory has for free. Do not discount this kind of information. The price is right.",
"title": ""
},
{
"docid": "576c253d76c272420c7130eb8ad5afa3",
"text": "On the web have a major scale business website, for example, Amazon, eBay, shopclues etc. When your business website additionally connected the web index like yahoo, google, and bing through the internet this is known as the Business to business directory. You can list your business in global trade connect business directory and get a huge buyer from all over the world. Else you are really missing a huge opportunity to find the online searcher.",
"title": ""
},
{
"docid": "8c4898f903f252efd310e0f149accf0c",
"text": "If you have a new company and you want to attract investors, such as venture capitalists and private equity, incorporating in Delaware LLC probably makes sense. There are actually many investors who will only invest in a Delaware Online incorporation, so starting off by creating a Delaware corporation from the beginning may save a lot of money and stress down the road. You can also choose to form an LLC in Delaware, to begin with, then convert it to a C corporation later.",
"title": ""
},
{
"docid": "83ccfe7a14924f2312a884665c1db75d",
"text": "\"For practical purposes, I would strongly suggest that you do create a separate account for each business you may have that is used only for business purposes, and use it for all of your business income and expenses. This will allow you to get an accurate picture of whether you are making money or not, what your full expenses really are, how much of your personal money you have put into the business, and is an easy way to keep business taxes separate. You will also be able to get a fairly quick read on what your profits are without doing much accounting by looking at the account balance less future taxes and expenses, and less any personal money you've put into the account. Check out this thread from Paypal about setting up a \"\"child\"\" account that is linked to your personal account and can be set up to autosweep payments into your main account, should you like. You will still be able to see transactions for each child account. NOTE: Do be careful to make sure you are reserving the proper amount out of any profits your startup may have for taxes - you don't want to mix this with personal money and then later find out that you owe taxes and have to scramble to come up with the money if you have already spent it This is one of the main reasons to segregate your startup's revenues and profits in the business account. For those using \"\"brick and mortar\"\" banking services rather than a service like Paypal: You likely do not need a business checking account if you are a startup. Most likely, you can simply open a second personal account with your bank in your name, and name it \"\"John Doe DBA Company Name\"\" (DBA = Doing Business As). This way, you can pay expenses and accept payments in the name of your startup. Check with your banker for additional details (localized information).\"",
"title": ""
},
{
"docid": "c58daa07acae659b5335af1ae1dfa254",
"text": "Keep in mind a good lawyer will have the contract cover the five D's: Its really best to lay these things out ahead of time. I watched, first hand, two friends start a business. When they were broke and struggling the worked very well together. Then the money started rolling in. Despite exceeding their dreams they were constantly at each other's throats fighting and bickering over stupid stuff. In the end, because they had decent legal docs, they both were able to pull money out of the business. Had that not been worked out they would have destroyed the business so that no one would have profited.",
"title": ""
},
{
"docid": "8d1793d8dad93f2b5d895f0241e47e9b",
"text": "If you do go the online route (there's TONS of information out there on how to launch an e-store) make sure you're aware of the caveats. Amazon sellers for example can be shafted pretty hard on returns, as policy generally dictates that you eat the costs. If you don't have a lot of capital this could be back-breaking. Don't let that discourage you, though! You could make a decent business essentially just setting up an online storefront and drop shipping items from elsewhere, which could fund the capital needed to open a brick and mortar shop. To answer your question directly, what everyone else has said is definitely important and correct but don't ignore the smaller things like the fact that you could have a page that presents the items better and makes things look more appealing/luxurious, and the fact that not everyone punches every item they're considering buying into Google to compare. Decent marketing can go a long way (depending on what you're selling, at least)",
"title": ""
},
{
"docid": "f01f96df1cf05cedc0e666c3927043dd",
"text": "\"This question is really general to answer. That's like asking \"\"Is it easier to be a dog or a cat?\"\" Your answer is going to be defined by your circumstances and approach, which are going to come somewhere from the following: - How much capital do you have to start stuff? - Can you get a loan? If so, how much is it? - Do you already have a business model? Is it going to effectively compete against existing, successful businesses? - Do you have a unique advertising gimmick? - Is this a technical business? Does it require a patent? Is that patent already secured? - Do you already have a new idea or technology? - Where will you find talent? - Do you have any experience with investment? How aggressive are you going to be investing? - Do you have any experience with business? Just remember, the overwhelming majority of businesses fail. I know several business owners (some successful, some unsuccessful). The list goes on, and honestly I don't think Reddit is a good place to start.\"",
"title": ""
},
{
"docid": "f1f2772f286afe2073551bb026368900",
"text": "Yes. I'm not a coder by trade, but learned on my own as a hobby and then launched a barebones version in 2015 and then a full-fledged version just a few months ago. I'm a lawyer by training and I had been thinking for 12+ years that there needed to be a more efficient way for professionals to get clients and for clients to know the level of expertise of a professional through the power of the Internet. I had tried to hire outside web developers on my own about 10 years ago, but got burned but learned some valuable life lessons - if you are passionate about something, learn to do it yourself - you almost always will be better off. The result today is Hire.Bid and I'm happy to say we are kicking ass. If Reddit has taught me anything, it is to chase your dreams and make shit happen yourself. You'll regret not doing so. Make it happen. If it is a hobby and something you are passionate about first, you'll have a much better chance of success in the long run. Just my $0.02.",
"title": ""
},
{
"docid": "eb389b09b7bb394c4430165a6c427d6f",
"text": "Now today all small and big business depends on the internet. So businessman should be those business lists in the multiple online directories. In the USA maximum user buy product through the web. If you have a business, then you can list your business globaltradeconnect's Business directory online. Where you can get more customer, product information, business location and direction. It's awesome to list a business on other online website like Google, Facebook, Bing.",
"title": ""
},
{
"docid": "2c7280ef2f9b1af1a1f051cf8bd8c9ac",
"text": "A good idea is try use your weekends to develop your business/plans at first. Most business startups don't boom overnight, it takes time to build. Dont quit your job, that is revenue you can build your business with. The most important thing is to have a sound business plan, not too ambitious, not too realistic.",
"title": ""
},
{
"docid": "359ae73ca6999b03de77b0dbf6ff2063",
"text": "Well I was trying to describe it very generally because I think if other people heard the idea especially on an business thread the idea would be taken easily. And the idea came to me about a month ago and I guess I didn't explain well but I was wondering what kind of homework I need to research. My intention was for people to give me an idea of where to start. I've already started to write out a business plan I just didn't know if there were places to go to find people to invest into it or not. And I'm totally fine with criticism and what not but the way he came out was actually humorous to me, to call someone's idea bad when you don't know what it is is just silly. Snapchat seemed like a stupid idea in my opinion. Why would I only want to see someone's picture for 10 seconds and it goes away forever? But hey that turned into gold. So you never know what can be successful and not these days and how are you supposed to find out without taking the risks and going for it. So I guess a specific question is, if I write a business plan, what is my next step, who do I show it to?",
"title": ""
},
{
"docid": "2d63890e6541973a8b8c3136391aa5f1",
"text": "Become your own boss web business can be easily done with great fortune. The bonus are apparent to running your own kind of business particularly online, however, what you require to attain those bonus might not be so apparent. There’re various elements, however, the 3 most essential elements are mindset, proper training and education and posting yourself as a leader.",
"title": ""
}
] |
fiqa
|
d5053afdacf3773674f1cf4928bfd1b3
|
“Business day” and “due date” for bills
|
[
{
"docid": "0fe8ad531b8303ea06ea6b21256025fe",
"text": "I don't believe Saturday is a business day either. When I deposit a check at a bank's drive-in after 4pm Friday, the receipt tells me it will credit as if I deposited on Monday. If a business' computer doesn't adjust their billing to have a weekday due date, they are supposed to accept the payment on the next business day, else, as you discovered, a Sunday due date is really the prior Friday. In which case they may be running afoul of the rules that require X number of days from the time they mail a bill to the time it's due. The flip side to all of this, is to pick and choose your battles in life. Just pay the bill 2 days early. The interest on a few hundred dollars is a few cents per week. You save that by not using a stamp, just charge it on their site on the Friday. Keep in mind, you can be right, but their computer still dings you. So you call and spend your valuable time when ever the due date is over a weekend, getting an agent to reverse the late fee. The cost of 'right' is wasting ten minutes, which is worth far more than just avoiding the issue altogether. But - if you are in the US (you didn't give your country), we have regulations for everything. HR 627, aka The CARD act of 2009, offers - ‘‘(2) WEEKEND OR HOLIDAY DUE DATES.—If the payment due date for a credit card account under an open end consumer credit plan is a day on which the creditor does not receive or accept payments by mail (including weekends and holidays), the creditor may not treat a payment received on the next business day as late for any purpose.’’. So, if you really want to pursue this, you have the power of our illustrious congress on your side.",
"title": ""
},
{
"docid": "639cc7a31d1d784762a35b44780f1a2c",
"text": "You definitely have an argument for getting them to reverse the late fee, especially if it hasn't happened very often. (If you are late every month they may be less likely to forgive.) As for why this happens, it's not actually about business days, but instead it's based on when they know that you paid. In general, there are 2 ways for a company to mark a bill as paid: Late Fees: Some systems automatically assign late fees at the start of the day after the due date if money has not been received. In your case, if your bill was due on the 24th, the late fee was probably assessed at midnight of the 25th, and the payment arrived after that during the day of the 25th. You may have been able to initiate the payment on the company's website at 11:59pm on the 24th and not have received a late fee (or whatever their cutoff time is). Suggestion: as a rule of thumb, for utility bills whose due date and amount can vary slightly from month to month, you're usually better off setting up your payments on the company website to pull from your bank account, instead of setting up your bank account to push the payment to the company. This will ensure that you always get the bill paid on time and for the correct amount. If you still would rather push the payment from your bank account, then consider setting up the payment to arrive about 5 days early, to account for holidays and weekends.",
"title": ""
},
{
"docid": "300207fb417715762863a5b3d7fa6275",
"text": "It's likely that your bill always shows the 24th as the due date. Their system is programmed to maintain that consistency regardless of the day of the week that falls on. When the 24th isn't a business day it is good to error on the side of caution and use the business day prior. It would have accepted using their system with a CC payment on the 24th because that goes through their automated system. I would hazard a guess that because your payment was submitted through your bank and arrived on the 23rd it wasn't credited because a live person would have needed to be there to do it and their live people probably don't work weekends. I do much of my bill paying online and have found it easiest to just build a couple days of fluff into the schedule to avoid problems like this. That said, if you call them and explain the situation it is likely that they will credit the late charge back to you.",
"title": ""
}
] |
[
{
"docid": "133464c876056ea6f006d3b68d5352cd",
"text": "In the US there is no set date. If all goes well there are multiple dates of importance. If it doesn't go well the budget process also may include continuing resolutions, shutdowns, and sequestrations.",
"title": ""
},
{
"docid": "f2001e382087977d58faadeb8485548a",
"text": "I'm not familiar with Gnucash, but I can discuss double-entry bookkeeping in general. I think the typical solution to something like this is to create an Asset account for what this other person owes you. This represents the money that he owes you. It's an Accounts Receivable. Method 1: Do you have/need separate accounts for each company that you are paying for this person? Do you need to record where the money is going? If not, then all you need is: When you pay a bill, you credit (subtract from) Checking and debit (add to) Friend Account. When he pays you, you credit (subtract from) Friend Account and debit (add to) Checking. That is, when you pay a bill for your friend you are turning one asset, cash, into a different kind of asset, receivable. When he pays you, you are doing the reverse. There's no need to create a new account each time you pay a bill. Just keep a rolling balance on this My Friend account. It's like a credit card: you don't get a new card each time you make a purchase, you just add to the balance. When you make a payment, you subtract from the balance. Method 2: If you need to record where the money is going, then you'd have to create accounts for each of the companies that you pay bills to. These would be Expense accounts. Then you'd need to create two accounts for your friend: An Asset account for the money he owes you, and an Income account for the stream of money coming in. So when you pay a bill, you'd credit Checking, debit My Friend Owes Me, credit the company expense account, and debit the Money from My Friend income account. When he repays you, you'd credit My Friend Owes Me and debit Checking. You don't change the income or expense accounts. Method 3: You could enter bills when they're received as a liability and then eliminate the liability when you pay them. This is probably more work than you want to go to.",
"title": ""
},
{
"docid": "c7925c388a4ae383d3f58c8a67ecb5e9",
"text": "Maybe it's just because of the foundation date. If I start a company on August 1st, I would like its FY starts on that date too, in order to track my first whole year. Would be quite useless to finish my year on December, after just five months. I want to have data of my first year after a twelve months activity.",
"title": ""
},
{
"docid": "cfbb547b620fea17de7b1d8d8b42af06",
"text": "it means that 20% of my closing balance each day will be added up over the course of a month and then given once the month is over. Yes apart from the typo 0.20% of every day balance. The rate itself is quoted for a year, so for a day it will be (Px0.20)/(100x365). Where P = The principal amount of every day. The credits will be every month-end. For leap year will be 366. Check with your Bank quite a few Banks still use the old convention of 360 days in year.",
"title": ""
},
{
"docid": "c522e1e5a10c5380d40f06148f473874",
"text": "In addition to the company-specific annual business cycle reasons and company-specific historical reasons mentioned in the other answers, there is another reason. Accounting firms tend to be very busy during January (and February and March) when most companies are closing and auditing their calendar-year books. If a company chooses its fiscal year to end at a different time of year, the accounting firms are more available, and the auditing costs might be lower.",
"title": ""
},
{
"docid": "af8082def21f44a1b9f418f3c16c3302",
"text": "\"Trying to figure out how much money you have available each day sounds like you're making this more complicated than it needs to be. Unless you're extremely tight and you're trying to squeeze by day by day, asking \"\"do I have enough cash to buy food for today?\"\" and so on, you're doing too much work. Here's what I do. I make a list of all my bills. Some are a fixed amount every month, like the mortgage and insurance premiums. Others are variable, like electric and heating bills, but still pretty predictable. Most bills are monthly, but I have a few that come less frequently, like water bills in my area come every 3 months and I have to pay property taxes twice a year. For these you have to calculate how much they cost each month. Like for the water bill, it's once every 3 months so I divide a typical bill by 3. Always round up or estimate a little high to be safe. Groceries are a little tricky because I don't buy groceries on any regular schedule, and sometimes I buy a whole bunch at once and other times just a few things. When groceries were a bigger share of my income, I kept track of what I spent for a couple of months to figure out an average per month. (Today I'm a little richer and I just think of groceries as coming from my spending money.) I allocate a percentage of my income for contributions to church and charities and count this just like bills. It's a good idea to put aside something for savings and/or paying down any outstanding loans every month. Then I add these up to say okay, here's how much I need each month to pay the bills. Subtract that from my monthly income and that's what I have for spending money. I get paid twice a month so I generally pay bills when I get paid. For most bills the due date is far enough ahead that I can wait the maximum half a month to pay it. (Worst case the bill comes the day after I pay the bills from this paycheck.) Then I keep enough money in my checking account to, (a) Cover any bills until the next paycheck and allow for the particularly large bills; and (b) provide some cushion in case I make a mistake -- forget to record a check or make an arithmetic error or whatever; and (c) provide some cushion for short-term unexpected expenses. To be safe, (a) should be the total of your bills for a month, or as close to that as you can manage. (b) should be a couple of hundred dollars if you can manage it, more if you make a lot of mistakes. If you've calculated your expenses properly and only spend the difference, keeping enough money in the bank should fall out naturally. I think it's a lot easier to try to manage your money on a monthly basis than on a daily basis. Most of us don't spend money every day, and we spend wildly different amounts from day to day. Most days I probably spend zero, but then one day I'll buy a new TV or computer and spend hundreds. Update in response to question What I do in real life is this: To calculate my available cash to spend, I simply take the balance in my checking account -- assuming that all checks and electronic payments have cleared. My mortgage is deducted from my checking every month so I post that to my checking a month in advance. I pay a lot of things with automatic charges to a credit card these days, so my credit card bills are large and can't be ignored. So subtract my credit card balances. Subtract my reserve amount. What's left is how much I can afford to spend. So for example: Say I look at the balance in my checkbook today and it's, say, $3000. That's the balance after any checks and other transactions have cleared, and after subtracting my next mortgage payment. Then I subtract what I owe on credit cards. Let's say that was $1,200. So that leaves $1,800. I try to keep a reserve of $1,500. That's plenty to pay my routine monthly bills and leave a healthy reserve. So subtract another $1,500 leaves $300. That's how much I can spend. I could keep track of this with a spreadsheet or a database but what would that gain? The amount in my checking account is actual money. Any spreadsheet could accumulate errors and get farther and farther from accurate values. I use a spreadsheet to figure out how much spending money I should have each month, but that's just to use as a guideline. If it came to, say, $100, I wouldn't make grandiose plans about buying a new Mercedes. If it came to $5,000 a month than buying a fancy new car might be realistic. It also tells me how much I can spend without having to carefully check balances and add it up. These days I have a fair amount of spending money so when, for example, I recently decided I wanted to buy some software that cost $100 I just bought it with barely a second thought. When my spending money was more like $100 a month, lunch at a fast food place was a big event that I planned weeks in advance. (Obviously, I hope, don't get stupid about \"\"small amounts\"\". If you can easily afford $100 for an impulse purchase, that doesn't mean that you can afford $100 five times a day every day.) Two caveats: 1. It helps to have a limited number of credit cards so you can keep the balances under control. I have two credit cards I use for almost everything, so I only have two balances to keep track of. I used to have more and it got confusing, it was easy to lose track of how much I really owed, which is a set up for getting in trouble.\"",
"title": ""
},
{
"docid": "117688752ea927341f36a9f0a79df182",
"text": "A debt is created when the service is rendered or the goods are sold to you. The bill is simply a way of recording the debt and alerting you to it.",
"title": ""
},
{
"docid": "4f1b1c566e68e180bc8d2edd76e7676a",
"text": "\"But I have been having a little difficulty to include the expenditure in my monthly budget as the billing cycle is from the 16th to 15th of the next month and my income comes in at the end of the month. Many companies will let you change the statement date if you want, so one way to do this would be to request your bank to have statements due at the end of the month or first of month. You can call and ask, this might resolve your problem entirely. How can I efficiently add the credit card expenditure to my monthly budget? We do this using YNAB, which then means our monthly budget is separate from our actual bank accounts. When we spend, we enter the transaction into YNAB and it's \"\"spent.\"\" Additionally, we just pay whatever our credit card balance is a day before the end of the month so it is at $0 when we do our budget discussion at the end of each month.\"",
"title": ""
},
{
"docid": "4fd0d70975a9e25e6f4df9b653ffceee",
"text": "\"I cannot answer the original question, but since there is a good deal of discussion about whether it's credible at all, here's an answer that I got from Bank of America. Note the fine difference between \"\"your account\"\" and \"\"our account\"\", which does not seem to be a typo: The payment method is determined automatically by our system. One of the main factors is the method by which pay to recipients prefer to receive payments. If a payment can be issued electronically, we attempt to do so because it is the most efficient method. Payment methods include: *Electronic: Payment is sent electronically prior to the \"\"Deliver By\"\" date. The funds for the payment are deducted from your account on the \"\"Deliver By\"\" date. *Corporate Check: This is a check drawn on our account and is mailed to the pay to recipient a few days before the \"\"Deliver By\"\" date. The funds to cover the payment are deducted from your account on the \"\"Deliver By\"\" date. *Laser Draft Check: This is a check drawn on your account and mailed to the pay to recipient a few days before the \"\"Deliver By\"\" date. The funds for the payment are deducted from your account when the pay to recipient cashes the check, just as if you wrote the check yourself. To determine how your payment was sent, click the \"\"Payments\"\" button in your Bill Pay service. Select the \"\"view payment\"\" link next to the payment. Payment information is then displayed. \"\"Transmitted electronically\"\" means the payment was sent electronically. \"\"Payment transaction number\"\" means the payment was sent via a check drawn from our account. \"\"Check number\"\" means the payment was sent as a laser draft check. Each payment request is evaluated individually and may change each time a payment processes. A payment may switch from one payment method to another for a number of reasons. The merchant may have temporarily switched the payment method to paper, while they update processing information. Recent changes or re-issuance of your payee account number could alter the payment method. In my case, the web site reads a little different: Payment check # 12345678 (8 digits) was sent to Company on 10/27/2015 and delivered on 10/30/2015. Funds were withdrawn from your (named) account on 10/30/2015. for one due on 10/30/2015; this must be the \"\"corporate check\"\". And for another, earlier one, due on 10/01/2015, this must be the laser draft check: Check # 1234 (4 digits) from your (named) account was mailed to Company on 09/28/2015. Funds for this payment are withdrawn from your account when the Pay To account cashes the check. Both payments were made based on the same recurring bill pay payment that I set up manually (knowing little more of the company than its address).\"",
"title": ""
},
{
"docid": "f76bbbe3bdcffd70db05c0c0aa87e869",
"text": "How about the fact that when a stranger calls me at 3pm on a Tuesday it means only a few things: * I've forgotten to pay a bill * Someone I know is in the hospital * Someone wants my opinion on something I don't care about At 3pm on a Tuesday (like nearly every other weekday afternoon) I'm busy. I answer the phone to ensure it isn't a forgotten bill or someone in the hospital, but it's usually someone trying to sell me stuff or ask for my opinions. I always decline. BECAUSE I'M BUSY, LIKE EVERY OTHER WORKING ADULT WITH A FAMILY!",
"title": ""
},
{
"docid": "e3d56be34cfc8de0abbc03ac42ee8256",
"text": "As with most things accounting/tax related it depends. In general though yes. As an example, if the client were to buy equipment on credit before fiscal year end, in lets say December, but did not pay until the next year started in January, then under cash basis they would not have the purchase accounted for until they made payment. That means they could not claim any deductions from the purchase. Under accrual, the purchase would have been put on the books in December, when the equipment was installed, and they would have been able to claim any deductions.",
"title": ""
},
{
"docid": "845b0104a1698b092c1d865f1661ebdc",
"text": "A loan is most generally a liability, a part of the balance sheet. Expenses & income are part of the income statement. Income is the net of revenues after expenses. The interest is an expense on the income statement, but the loan itself does not reside there unless if it is defaulted and forgiven. Then it would become a revenue or contra-expense, depending on the methodology. The original purpose of the income statement is to show the net inflows of short term operational accruals which would exclude new borrowing and repaid loans. The cash flow statement will better show each cash event such as borrowing debt, repaying debt, or paying off a bill. To show how a loan may have funded a bill, which in theory it directly did not because an entity, be it a person or business, is like a single tank of water with multiple pipes filling and multiple pipes extracting, so it is impossible to know which exact inflow funded which exact outflow unless if there is only one inflow per period and one outflow per the same period. That being said, with a cash flow statement, the new loan will show a cash inflow when booked under the financing portion, and paying a bill will show a cash outflow when booked under the operating portion. With only those two transactions booked and an empty balance sheet beforehand, it could be determined that a new loan funded a bill payment.",
"title": ""
},
{
"docid": "b288f4246d6d89e0c58cf716df4993bd",
"text": "\"$500, this is called \"\"cash basis\"\" accounting. A large company might handle it otherwise, counting shipments/billings as revenue. Not you. Yet.\"",
"title": ""
},
{
"docid": "5f4c85a0ec524834a22e73607839809b",
"text": "I wrote a small Excel-based bookkeeping system that handles three things: income, expenses, and tax (including VAT, which you Americans can rename GST). Download it here.",
"title": ""
},
{
"docid": "9f62569be9b7c332637d6eeed835ddb2",
"text": "It depends on the bank and network. Banks are to provide outgoing data at the certain time for the processing by the central clearing house (the Federal Reserve system, for ACH), which then distributes incoming data back to the banks. All this has to be done between the closing of the business day and the opening of the next one. If the transaction hasn't completed the full path during that time - it will wait at the position it was stuck at until the next cycle - next night. That's why sometimes ACH transactions take more than 1 day to complete (if, for example, multiple Fed banks have to be involved).",
"title": ""
}
] |
fiqa
|
70c2e3744d2a0b41ec097ee751e8dafe
|
Hobby vs. Business
|
[
{
"docid": "475ff0dce200c39f9e5720194d86cca2",
"text": "Miscellaneous income -- same category used for hobbies.",
"title": ""
},
{
"docid": "0e0ae1e5e3f2fc011f870fc4b608327e",
"text": "\"You can list it as other income reported on line 21 of form 1040. In TurboTax, enter at: - Federal Taxes tab (Personal in Home & Business) - Wages & Income -“I’ll choose what I work on” Button Scroll down to: -Less Common Income -Misc Income, 1099-A, 1099-C. -The next screen will give you several choices. Choose \"\"Other reportable Income\"\". You will reach a screen where you can type a description of the income and the amount. Type in the amount of income and categorize as Tutoring.\"",
"title": ""
}
] |
[
{
"docid": "2fca1facc06f3225c3ebc700424e3432",
"text": "Colloquially, there's no difference except for the level of risk (which is an estimate anyway). Classically, investment is creating wealth through improvement or production. Purchasing a house with the intent to renovate and sell it for a profit would be an investment, as the house is worth more when you sell than when you bought it. Speculation, on the other hand, is when you hope to make a profit through changes in the market itself. Purchasing a house, letting it sit for 6 months, and selling it for a profit would be speculation.",
"title": ""
},
{
"docid": "033b3dc786aabf615ad1a76442c0e644",
"text": "\"There are moral distinctions that can be drawn between gambling and investing in stocks. First and I think most important, in gambling you are trying to get money for nothing. You put $100 down on the roulette wheel and you hope to get $200 back. In investing you are not trying to get something for nothing. You are buying a piece of a hopefully profit-making company. You are giving this company the use of your money, and in exchange you get a share of the profits. That is, you are quite definitely giving something: the use of your money for a period of time. You invest $100 of your money, and you hope to see that grow by maybe $5 or $10 a year typically. You may get a sudden windfall, of course. You may buy a stock for $100 today and tomorrow it jumps to $200. But that's not the normal expectation. Second, gambling is a zero sum game. If I gamble and win $100, then someone else had to lose $100. Investing is not a zero sum game. If I buy $100 worth of stock in a company and that grows to $200, I have in a sense \"\"won\"\" $100. But no one has lost $100 to give me that money. The money is the result of the profit that the company made by selling a valuable product or service to customers. When I go to the grocery store and buy a dozen eggs for $2, some percentage of that goes to the stockholders in the grocery store, say 5 cents. So did I lose 5 cents by buying those eggs? No. To me, a dozen eggs are worth at least $2, or I wouldn't have bought them. I got exactly what I paid for. I didn't lose anything. Carrying that thought further, investing in the stock market puts money into businesses. It enables businesses to get started and to grow and expand. Assuming these are legitimate businesses, they then provide useful products and services to customers. Gambling does not provide useful products and services to anyone -- except to the extent that people enjoy the process of gambling, in which case you could say that it is equivalent to playing a video game or watching a movie. Third -- and these are all really related -- the whole goal of gambling is to take something from another person while giving him nothing in return. Again, if I buy a dozen eggs, I give the store my $2 (or whatever amount) and I get a dozen eggs in exchange. I got something of value and the store got something of value. We both walk away happy. But in gambling, my goal is that I will take your money and give you nothing in return. It is certainly true that buying stocks involves risk, and we sometimes use the word \"\"gamble\"\" to describe any risk. But if it is a sin to take a risk, then almost everything you do in life is a sin. When you cross the street, there is a risk that you will be hit by a car you didn't see. When you drink a glass of water, there is the risk that it is contaminated and will poison you. When you get married, there is a risk that your spouse will divorce you and break your heart. Etc. We are all sinners, we all sin every day, but we don't sin quite THAT much. :-) (BTW I don't think that gambling is a sin. Nothing in the Bible says that gambling is a sin. But I can comprehend the argument for it. I think gambling is foolish and I don't do it. My daughter works for a casino and she has often said how seeing people lose money in the casino regularly reminds her why it is stupid to gamble. Like she once commented on people who stand between two slot machines, feed them both coins and then pull the levers down at the same time, \"\"so that\"\", she said, \"\"they can lose their money twice as fast\"\".)\"",
"title": ""
},
{
"docid": "814386e466e2fcb8282aa0e2612cbcea",
"text": "\"I am a healthcare compliance consultant making good money. I understand the logic behind ROI and education. I was trying to raise the point that choosing what to study is more than what you make when you're done with college or what the \"\"value\"\" of your degree is. Can't we value education intrinsically? Why does it have to be tied to ROI? Maybe the business sub isnt the best place for this debate, but I think its important.\"",
"title": ""
},
{
"docid": "186949c06eb488b98bb884fff413d4d4",
"text": "Renting a house out using a management company is mostly passive income. Earning affiliate income from companies that pay on a recurring basis is closer to passive income.",
"title": ""
},
{
"docid": "f2eb9fcac14a964a1438a708467f2e8b",
"text": "Why is one person more succesfull than another? At the end of the day I think it simply comes down to personal choices, some people will choose to invest their time in profitable indevours and some will not. This of course assumes people have a reasonable access to a mean of improvement (free education, vocational training, etc.)",
"title": ""
},
{
"docid": "58f5c3b4f9fa26b9553a047ba094966b",
"text": "Agreed. If you create a small sustainable biz for yourself, you create the freedom to pursue the hobby project ideas as well. You have a strong base which protects you. A software biz like ours is WAY more tolerant than a job. Like when I got sick for 3 mos and couldn't work at ALL, we didn't grow, but we didn't collapse either. It pretty much coasted. That means we have way more free time than we think we do.",
"title": ""
},
{
"docid": "6adac1714e527948fccc024674e5b61a",
"text": "\"I appreciate your taking the time to shoot some holes in this oft repeated statistic. However, I do disagree on some points. > Nor is there anything wrong with the person then ENDING that \"\"business\"\" and moving on... to another (different name, different field) business... or taking a job with some company There may not be anything shameful about doing that, but that scenario is, indeed, a business failure. People do not shutter a profitable (successful) business and then go to work for someone else. I believe a key contributor to the confusion is talking about the self-employed and business owners in the same breath. Someone who's self-employed basically owns a job. His income will always be directly proportional to the amount of time spent working and the company does not exist apart from himself. A business owner, on the other hand, has processes/equipment/staff/IP in place that generates income whether or not she gets out of bed in the morning. These are different people with different goals and cannot be lumped into the same demographic block.\"",
"title": ""
},
{
"docid": "f06119600d3aea07f3eb0978ad02434e",
"text": "You would report it as business income on Schedule C. You may be able to take deductions against that income as well (home office, your computer, an android device, any advertising or promotional expenses, etc.) but you'll want to consult an accountant about that. Generally you can only take those kinds of deductions if you use the space or equipment exclusively for business use (not likely if it's just a hobby). The IRS is pretty picky about that stuff.",
"title": ""
},
{
"docid": "15f8fe31dafe995883d263bca748b91e",
"text": "I know. It's crazy, if you step back and look at it. The issue is that startup media is really tabloid media. It focuses only on the big, unlikely wins, which appeals to our base instincts. We want to believe that we are Cinderella dressed up in Ruby on Rails. But the fact is, the more you read about extraordinary things, the more likely you are to think it will happen regularly, and happen to you. That's a basic cognitive bias, the availability heuristic. That, and the cooing of venture capitalists, is what leads people to believe that their hobbies or fun non-profit projects could and should make them rich.",
"title": ""
},
{
"docid": "70959a94ab8dc442e876159289f59fd4",
"text": "\"? You quoted an oft cited oft disproven false factoid. It's extremely biased. Like you seem to be. Most of those \"\"self made\"\", notice those quotes, people came from money. Their business is \"\"self made\"\", with family money. Like the article implies.\"",
"title": ""
},
{
"docid": "691ed606e941985e1cf97265ec9495c9",
"text": "You could say the same thing but replace money with pacman and it would be true for the guys who are really good at pacman. Making money can be no different than any other hobby. The only difference is that you can engage in direct exchange after the fact instead of barter exchange. But make no mistake enjoying it does not make warren any more insane than the pacman guys (or more seriously most academics).",
"title": ""
},
{
"docid": "277aeb456c68a74536054f63adc22af7",
"text": "These 'issues' don't exclusively relate to the 'sharing economy', the challenge of uncertainty would exist for any small business / independent contractor. It's not as if people didn't work as independent contractors in these industries before, it's just now the industries are being enhanced and overhead lowered, from technology. For example: Uber driver vs Medallion [Leasing] Taxi Driver AirBNB landlord vs Apartment landlord, vacation rental landlord, or traditional bed & breakfast owner. PostMates messenger vs traditional bike messenger",
"title": ""
},
{
"docid": "84ab27a123f3a72dbaf250f4d0c4b850",
"text": "One owns bar/restaurants and is a millionaire, but claims he never used anything he learned from the degree. He is more of a COO so in a way he doesn't need to think about the economics of the business. He just needs to operate/maintain. The other, lost his job so parents bought him a gas station. These people never really went the corporate route so they aren't the best examples, imo.",
"title": ""
},
{
"docid": "a4753cca35c315b3f8d6cff278a55bfe",
"text": "By simplifying my hobbies, I have more time for money-saving activities such as researching deals, creating an effective coupon-clipping system, and making more foods from scratch (which doubles as entertainment since I enjoy it). When I run frantically from activity to activity, I tend to mindlessly throw away more money, too. By living more intentionally, I think about my purchases more as well. On the simplifying note, never underestimate the power of less stuff in terms of being able to fit into a smaller home. That leads to less space to heat and cool, which leads to savings. Everyone has their comfort level with less, of course, and some people love space. There are just trade-offs to more stuff.",
"title": ""
},
{
"docid": "a0df265d0fc10366cd384ff52dbfec00",
"text": "Possible alternative: In my case, the part-time locksmithing is a small enough portion of my I come that I just submit it as hobby income, rather than trying to track it as a separate entity.",
"title": ""
}
] |
fiqa
|
a6e62f7014faca1b943b69cc49cc2440
|
Requirements for filing business taxes?
|
[
{
"docid": "410ac68a03bad08212c249ea7a474349",
"text": "\"While she can certainly get an LLC or EIN, it isn't necessarily required or needed. She can file as a sole-proprietor on her (or your joint) taxes by filling out a schedule-C addition to the 1040. Any income or losses will pass through to your existing income situation (from W-2's and such). The general requirement for filing as a business in this regard has nothing to do with any minimum income, revenue, or size. It is simply the intent to treat it as a business, and unlike a hobby, the overall intent to earn a profit eventually. If you're currently reporting the 1099-MISC income, but not deducting the expenses, this would be a means for you to offset the income with the expenses you mentioned (and possibly other legitimate ones). There is no \"\"2% AGI\"\" restriction for schedule-C.\"",
"title": ""
}
] |
[
{
"docid": "c9465295f9681f3dc74f2e647335bfdd",
"text": "Since you are living in India and earning income not from salary, you must file your tax return under ITR4(Profits or Gains of Business or Profession). You can do it online on IncomeTax India eFiling website, step by step guide available here.",
"title": ""
},
{
"docid": "3a7145ec3e498ec494ec69fc53741a7b",
"text": "According to page 107 of the instructions for schedule A for form 1040 : Include taxes (state, local, or foreign) paid on real estate you own that was not used for business. ... If you want to make a business out of her property and be her agent in the management, you might be able to work with an accountant on this, but it won't be a valid personal deduction.",
"title": ""
},
{
"docid": "616eeb050776c24607530a993d6be9d5",
"text": "\"New York will want to you to pay taxes on income from \"\"New York sources\"\". I'm not sure what this means to a freelance web developer. If your wife is doing freelance web development under the same business entity as she did in New York (ie. a New York sole proprietor, corporation, etc), you probably do need to file. From nonresident tax form manual: http://tax.ny.gov/pdf/2011/inc/it203i_2011.pdf If you were a nonresident of New York State, you are subject to New York State tax on income you received from New York State sources in 2011. If you were a resident of New York State for only part of 2011, you are subject to New York State tax on all income you received while you were a resident of the state and on income you received from New York State sources while you were a nonresident. To compute the amount of tax due, use Form IT-203, Nonresident and Part-Year Resident Income Tax Return. You will compute a base tax as if you were a full-year resident, then determine the percentage of your income that is subject to New York State tax and the amount of tax apportioned to New York State.\"",
"title": ""
},
{
"docid": "9797c3ae43e312e7a4e29c26a0f28f57",
"text": "If i am not wrong, any business activities such should be declared on Year End Tax filing. If your friend is going to own that website either it is commercial or nonprofit, he has to declare in the year end taxation.",
"title": ""
},
{
"docid": "b785bcf974c97d43b0f71c871e9a9f2a",
"text": "No, even businesses pay taxes quarterly. So if you formed Nathan, LLC, or otherwise became self employed, you'd still have to file quarterly estimates and make tax payments. This would cause taxes to be a much more high touch part of your life. However, you should ensure that you're claiming the proper exemptions etc to avoid excessive withholding.",
"title": ""
},
{
"docid": "8c6959426bd997ccef966bf5cc436b54",
"text": "You need to fill out form 8606. It's not taxable, but you still need to report it",
"title": ""
},
{
"docid": "b15d163a90235fed85ed81ab71d178ac",
"text": "\"Do I understand correctly, that we still can file as \"\"Married filing jointly\"\", just add Schedule C and Schedule SE for her? Yes. Business registration information letter she got once registered mentions that her due date for filing tax return is January 31, 2016. Does this prevent us from filing jointly (as far as I understand, I can't file my income before that date)? IRS sends no such letters. IRS also doesn't require any registration. Be careful, you might be a victim to a phishing attack here. In any case, sole proprietor files a regular individual tax return with the regular April 15th deadline. Do I understand correctly that we do not qualify as \"\"Family partnership\"\" (I do not participate in her business in any way other than giving her money for initial tools/materials purchase)? Yes. Do I understand correctly that she did not have to do regular estimated tax payments as business was not expected to generate income this year? You're asking or saying? How would we know what she expected? In any case, you can use your withholding (adjust the W4) to compensate.\"",
"title": ""
},
{
"docid": "40f5a2a45d74603d13ef1f89e388476b",
"text": "You must file an FBAR when doing your taxes.",
"title": ""
},
{
"docid": "202aeddea4b9926aea2fc76fc7a785fd",
"text": "Process of registering business helps to structure about your firm to be different that range in several states. The most essential thing for incorporating business is to create extra tax burden and keep record of the business with administrative details. How to incorporate business are explained in below content. It will make ideal reason for vehicle and not contains any liability of shareholders.",
"title": ""
},
{
"docid": "67b68ecf5c993aeea42bb178987d334d",
"text": "Yes, you are the proprietor of the business and your SSN is listed on Schedule C. The information on Schedule C is for your unincorporated business as a contractor; it is a sole proprietorship. You might choose to do this business under your own name e.g. Tim Taylor (getting paid with checks made out to Tim Taylor) or a modified name such as Tim the Tool Man Taylor (this is often referred to as DBA - Doing Business as), under a business name such as Tool Time etc. with business address being your home address or separate premises, and checking accounts to match etc. and all that is what the IRS wants to know about on Schedule C. Information about the company that paid you is not listed on Schedule C.",
"title": ""
},
{
"docid": "11aa0d830ce41e174690756c06ce534f",
"text": "(do I need to get a W9 from our suppliers)? Will PayPal or Shopify send me a 1099k or something? Do not assume that you'll get paperwork from anyone. Do assume that you have to generate your own paperwork. Ideally you should print out some kind of record of each transaction. Note that it can be hard to view older transactions in PayPal, so start now. If you can't document something, write up a piece of paper showing the state of the world to the best of your knowledge. Do assume that you need separate receipts for each expenditure. The PayPal receipt might be enough (but print it in case the IRS wants to see it). A receipt from the vendor would be better (again, print it if it is online now). A CPA is not strictly necessary. A CPA is certified (the C in CPA) to formally audit the books of a corporation. In your case, any accountant would be legally sufficient. You still may want to use a CPA, as the certification, while technically unnecessary, still demonstrates knowledge. You may otherwise not be in a position to evaluate an accountant. A compromise option is to go to a firm that includes a CPA and then let them assign you to someone else to process the actual taxes. You are going to have to fill out some business tax forms. In particular, I would expect a schedule C. That's where you would show revenues and expenses. You may well have to file other forms as well.",
"title": ""
},
{
"docid": "8d28aa994d28e9404b96d8ac04f34c79",
"text": "LLC doesn't explain the tax structure. LLCs can file as a partnership (1065) Scorp (1120S) or nothing at all, if it's a SMLLC. (Single Member LLC). I really enjoy business, and helping people get started. If you PM me your contact information, id be more than happy to go over any issues you may have, and help you with your current issue.",
"title": ""
},
{
"docid": "2e8d2a6fc48ad0b5eb36446712f21708",
"text": "set up a US company (WY is cheap and easy), go south and open a personal and business bank account, ask for the itin form. file for the itin. set up your EIN for the company. get a credit card for both. pay some mail forwarding service with it. file for taxes in the next year using your itin. prepaid cards do not link to your tax id",
"title": ""
},
{
"docid": "b2ec0e4cfbb63734217e34fd4fd9f04d",
"text": "You are in business for yourself. You file Schedule C with your income tax return, and can deduct the business expenses and the cost of goods sold from the gross receipts of your business. If you have inventory (things bought but not yet sold by the end of the year of purchase), then there are other calculations that need to be done. You will have to pay income tax as well as Social Security and Medicare taxes (both the employee's share and the employer's share) on the net profits from this business activity.",
"title": ""
},
{
"docid": "35c5605589b6b4dbdea21675a10af603",
"text": "There might be a problem. Some reporting paperwork will have to be done for the IRS, obviously, but technically it will be business income zeroed out by business expense. Withholding requirements will shift to your friend, which is a mess. Talk to a licensed tax adviser (EA/CPA) about these. But the immigration may consider this arrangement as employment, which is in violation of the visa conditions. You need to talk to an immigration attorney.",
"title": ""
}
] |
fiqa
|
0cb400a482e3f9456531e52eb9bd8117
|
Finding a good small business CPA?
|
[
{
"docid": "43544cf49d9103aa148b03b6f70b5ce4",
"text": "Ask your colleagues! I know that sounds obvious, but just go to where people who do your sort of business hang out (or better, find some venture capital firms and ask their portfolio companies). It's not something people would keep secret from you...",
"title": ""
},
{
"docid": "d5d2969e3095dd87f04b0ffbbdb58be3",
"text": "Check your local better business bureau. They can tell you who is in business, who's bonded, and who has had a lot of complaints levied against them for shoddy practices.",
"title": ""
},
{
"docid": "c68d940b558813b57eb63f1bf1324a2d",
"text": "People to ask: Granted I live in a small town, but when the same guy's name comes up more than once that's who you should hire...",
"title": ""
},
{
"docid": "d1f7fe158bdbb3b8634828acc9ac4633",
"text": "Ask for at least 10 references. Ask for 10 because it will be harder for them to refer you to ringer references like their family or friends.",
"title": ""
},
{
"docid": "6d78f4b17c9d6c973abc5b0d6a83d9fb",
"text": "I have had better experiences with accountants in smaller towns. It seems they are used to working with small businesses and their reputation is very important to them.",
"title": ""
},
{
"docid": "da6133a494b25f496cbb955cd65ff21e",
"text": "The first place to look for an accountant is the American Institute of Certified Public Accountants which has a directory of CPAs, accounting companies, and local accounting societies. I was also looking for one for my own small firm. It really helps.",
"title": ""
},
{
"docid": "6e1d042d845a3ded83660b9fd7eb6eb0",
"text": "Consult your local Small Business Administration office - they may have resources that can help you find what you're looking for.",
"title": ""
},
{
"docid": "f0aed14ebdb745589147bf106ba7b8f4",
"text": "Look for an accountant who brings not only expertise in number crunching, but consulting and business planning - a full package.",
"title": ""
}
] |
[
{
"docid": "12d1a8b507f62f4a0cec0bd65c453fa8",
"text": "\"They are under the radar, but are very strong in Europe and Asia. Deal size will be middle market transactions in North America, a stark contrast to its accounting clients. The good: -established pipeline from accounting and consulting partners & contacts -much better work life balance than most IBs, no 100 hour weeks -widely known name brand -experience working on more than straight forward sell side deals; people underestimate the knowledge and skills you learn through being involved in turnarounds, refinancings, buy side advisory, etc. Cons: -exit opportunities are more limited -pay will be below street -partner \"\"buy in\"\" can be incredibly frustrating I will say that generally KPMG prefers CPAs (even for non-accounting positions) and requires 3-4 years of experience. But, considering you have the interview, they felt you were worth talking with.\"",
"title": ""
},
{
"docid": "276388f53db8e90d4b87333a7c07e18a",
"text": "Generally speaking no person or program is really going to be able to help you lower your current tax burden, most tax decisions are done well before you reach the tax time. You either qualify for the deduction/credit or your don't. Where a good accountant will really be able to help you out is in planning that will limit your future tax burden. Particularly if you run a small business or are very wealthy you will probably want to consider using an accountant. I would always avoid the large scale tax prep places like HR Block they provide the same or lower quality service for a higher price than the software. I run a small business and do my own taxes using turbo tax, but my business isn't overly complex Sole prop, no employees, couple 1099's simple expenses (nothing to amortize) etc.",
"title": ""
},
{
"docid": "c5473f78e89bb5a997d4a8fd639073f8",
"text": "I'm glad keshlam and Bobby mentioned there are free tools, both from the IRS and private software companies. Also search for Volunteer Income Tax Assistance (VITA) in your area for individual help with your return. A walk-in tax clinic strength is tax preparation. CPAs and EAs provide a higher level of service. For example, they compile and review your prior year's return and your current year, although that is not relevant to your current situation. EAs and CPAs are allowed to represent you before the IRS. They can directly meet or contact the IRS and navigate audits and other requests on your behalf. Outside of tax season, an accountant can help you with tax planning and other taxable events. Some people do not hire a CPA or EA until they need representation. Establishing a relationship and familiarity with an accountant now can save time and money if you do anticipate you will need representation later. Part of what makes the tax code complicated is it can use very specific definitions of a common word. Furthermore, the specific definition of a phrase or word can change between publications. Also, the tax code uses all-encompassing definitions and provide detailed and lengthy lists that are not exhaustive; you may not find your situation listed or described in the tax code, yet you are responsible for reporting your taxable events. The best software cannot navigate you through your tax situation like an accountant. Lastly, some of the smartest people I have met are accountants and to get the most out of meeting with them you should be as familiar as possible with your position. The more familiar you are with accounting, the more advanced knowledge they can share with you. In short, you will probably need an accountant when: You need to explain yourself before the IRS (representation), you are encountering varying definitions in the tax code that have an impact on your return, or you have important economic activities that you are unsure of appropriate tax treatment.",
"title": ""
},
{
"docid": "37d3deae559faa027f581038480369ba",
"text": "Should I go see a CPA? Not unless you are filing paperwork for a corporation. A CPA (Certified Public Accountant) is a certification required to file certain paperwork for a corporation. In any other situation, you don't need a CPA and can just use a regular accountant. You could conceivably go to a tax accountant, but unless you are doing something complicated (like your own business) or are rich enough that everything is complicated, you should not need to do so.",
"title": ""
},
{
"docid": "419c2cebfdf3fcf5bc0590e713494556",
"text": "I have a CPA. They said that it isn't possible. However, I've seen on message boards that it indeed IS possible, multiple times. I'll likely reach out to another CPA. However, I am interested to hear from somebody who has done this before, so that I at least have a name or defined process for what I'm attempting to do.",
"title": ""
},
{
"docid": "095938096f0729953b2f9a910c9744aa",
"text": "Hi, are you a business lawyer and do you happen to know the answer? I tried asking someone at a Small Business Center but I think he started getting annoyed at all my questions and starting becoming curt so I stopped asking even though I still wasn't clear on all the answers yet.",
"title": ""
},
{
"docid": "c4d74a187ce9d827a308f17fa8561d36",
"text": "okay, I was thinking of an investment advisor. I believe in not doing it alone too. But i don't believe in just one more person. Investing advisors, tax advisors, business and law. I don't go to an advisor bc I can't balance my monthly budget and also want to save, you know. Questions more like, highest growth sectors, diversified strategies, etc. And right, they wouldn't get fired bc their client is still happy, (even though their losing money during a record bull market). Guy must be a good sales man. I'd just want to know that my advisors performance is decent relative to the market. But again, I'm not handing over checks to people, only speaking with them. edit: Yes, the average person should worry about making their kids soccer games and shit, not necessarily the markets and what their investment is worth in 30yrs",
"title": ""
},
{
"docid": "1bc58462d1b93a9debd7c1241a6979f9",
"text": "\"I am perfectly qualified to not use an accountant. I am a business professor, and my work crosses over into accounting quite a bit. I would certainly find a CPA that is reputable and hire them for advice before starting. I know a physicist who didn't do that and found they ended up with $78,000 in fines. There are a number of specific things an accountant might provide that Quickbooks will not. First and foremost, they are an outsider's set of eyes. If they are good, they will find a polite way to say \"\"you want to do what?!?!?!\"\" If they are good, they won't fall out of their chair, their jaw won't drop to the floor, and they won't giggle until they get home. A good accountant has seen around a hundred successful and unsuccessful businesses. They have seen everything you may have thought of. Intelligence is learning from your own mistakes, wisdom is learning from the mistakes of others. Accountants are the repositories of wisdom. An accountant can point out weaknesses in your plan and help you shore it up. They can provide information about the local market that you may not be aware of. They can assist you with understanding the long run consequences of the legal form that you choose. They can assist you in understanding the trade-offs of different funding models. They can also do tasks that you are not talented at and which will take a lot of time if you do it, and little time if they do it. There is a reason that accountants are required to have 160 semester hours to sit for the CPA. They also have to have a few thousand field hours before they can sit for it as well. There is one thing you may want to keep in mind though. An accountant will often do what you ask them to do, so think about what you want before you visit the accountant. Also, remember to ask the question \"\"is there a question I should have asked but didn't?\"\"\"",
"title": ""
},
{
"docid": "6006ef38d0fc100958476f3a31823b0b",
"text": "This is a general rule of thumb that has worked for myself, as well as my Father, Brother and Sister. We all own separate businesses. Mine is B2B, my Father is a freelance architect, my Brother is a plumber, my Sister is a CPA. This is pretty much standard practice for what is required from a franchisee for a franchiser, as well. It may not apply to all businesses, but that can be easily determined by anyone reviewing this list, unless they're complete idiots. So, thank you, Mr. Obvious.",
"title": ""
},
{
"docid": "eaa2180e94ca419c10d2db37381389b7",
"text": "I'm not directly affiliated with the company (I work for one of the add-on partners) but I can wholeheartedly recommend Xero for both personal and business finances. Their basis is to make accounting simple and clean, without sacrificing any of the power behind having the figures there in the first place.",
"title": ""
},
{
"docid": "d7a6eff56f3a33ccc3d36c129fba03cd",
"text": "\"Although they may have some similar functions, CPAs and Enrolled Agents operate in two rather different areas of the accounting \"\"space.\"\" CPAs deal with financial statements, usually of corporations. They're the people you want to go to if you are making an investment, or if you own your own business, and need statements of pretax profit and loss prepared. Although a few of them are competent in taxation, the one thing many of them are weak at is tax rules, and this is where enrolled agents come in. Enrolled agents are more concerned with personal tax liability. They can 1) calculate your income taxes, and 2) represent you in hearings with the IRS because they've taken courses with IRS agents, and are considered by them to be almost \"\"one of us.\"\" Many enrolled agents are former IRS agents, actually. But they are less involved with corporate accounting, including things that might be of interest to stock holders. That's the CPA's province.\"",
"title": ""
},
{
"docid": "1dc280dc659eba1a66c2474e3a5ccbfd",
"text": "It depends on the person. i will take turbo tax over any mediocre or poor accountant ANY DAY. You get consistent, accurate tax preparation with the software (desktop - not the online version) I was in a housing rental partnership with my brothers and one of them insisted on using his accountant... what a mistake. I have been using turbo tax for 10+ years and have always been happy. It handles my non trivial situation with ease: I am happy with it but have to admit I don't have a good accountant to compare it to. I see no reason to go to an accountant except for planning purposes. Just for tax prep it is more than worth it and more than you will need.",
"title": ""
},
{
"docid": "668cecf9dd78bc8eeb8ac981a1655342",
"text": "Take a look at http://en.wikipedia.org/wiki/Comparison_of_accounting_software, in particular the rows with a market focus of 'personal'. This is probably one of the more complete lists available, and shows if they are web-based (like Mint) or standalone (like Quicken or Microsoft Money).",
"title": ""
},
{
"docid": "32b44a14f4784baafbf92a7751d9d834",
"text": "You're correct, there's always a conflict of interest in private professions whether you're a CPA, doctor or lawyer. There's always a possibility of backroom dealings. The only true response is that governmental bodies like the SEC, IRS and otherwise affiliated private organizations like the AICPA can take away your license to practice, send you to jail, or fine you thousands of dollars and ruin your life - if you're caught. I would personally draw a line between publicly traded corporations, amoral as you said, and public accounting. A CPA firm's responsibility is to the public even though they aren't a governmental body. Accounting records are required to do business with banks and the IRS. Without public confidence in the profession, CPA firms wouldn't exist. It's truly an incentive to do a good job and continually gain confidence. They incidentally make money along the way.",
"title": ""
},
{
"docid": "b2c2a2438b925a7ca203cf52bfabeaf3",
"text": "You really shouldn't be using class tracking to keep business and personal operations separate. I'm pretty sure the IRS and courts frown upon this, and you're probably risking losing any limited liability you may have. And for keeping separate parts of the business separate, like say stores in a franchise, one approach would be subaccounts. Messy, I'm sure.",
"title": ""
}
] |
fiqa
|
6779d2aa0fb930d47d36c1972c130a77
|
How to treat miles driven to the mechanic, gas station, etc when calculating business use of car?
|
[
{
"docid": "a57851d680f06d0d027cbc370f7c762e",
"text": "I contacted Stephen Fishman, J.D., the author of Home Business Tax Deductions, to let him know that this question was missing from his book. He was kind enough to send a reply. My original phrasing of the question: If your car is used for both business and personal use, and you deduct via the actual expense method, do trips to the mechanic, gas station, and auto parts store to service or repair the car count as business miles, personal miles, or part-business-part-personal miles? What about driving the newly-purchased car home from the dealership? And his response: Good question. I can find nothing about this in IRS publication or elsewhere. However, common sense would tell us that the cost of driving to make car repairs should be deductible. If you use your car for business, it is a business expense, just like transporting any other piece of business equipment for repairs is a business expense. This should be so whether you use the standard mileage rate or actual expense method. You should probably reduce the amount of your deduction by the percentage of personal use of the car during the year. The same goes for driving a car home from the dealer.",
"title": ""
},
{
"docid": "b54f359812447b459ce484e396958a5f",
"text": "Alright, IRS Publication 463: Travel, Entertainment, Gift, and Car Expenses Business and personal use. If you use your car for both business and personal purposes, you must divide your expenses between business and personal use. You can divide your expense based on the miles driven for each purpose. Example. You are a sales representative for a clothing firm and drive your car 20,000 miles during the year: 12,000 miles for business and 8,000 miles for personal use. You can claim only 60% (12,000 ÷ 20,000) of the cost of operating your car as a business expense Obviously nothing helpful in the code. So I would use option 1, weight the maintenance-related mileage by the proportion of business use. Although if you use your car for business a lot (and perhaps have a spouse with a car), an argument could be made for 3. So I would consider my odds of being audited (even lower this year due to IRS budget cuts) and choose 1 or 3. And of course never throw anything away until you're room temperature.",
"title": ""
},
{
"docid": "310bedf38bc6828437741be5699ffbf2",
"text": "Since you are using the percentage method to determine the home/business use split, I would think that under most circumstances the distance driven to get your car from the dealership to home, and from home to mechanic and back would be less than 1% of the total miles driven. This is an acceptable rounding error. When refueling, I typically do that on my way to another destination and therefore it's not something I count separately. If your miles driven to attend to repair/refueling tasks are more than 1% of the total miles driven, split them as you feel comfortable in your above examples. I'd calculate the B/P percentages as total miles less maintenance miles, then apply that split to maintenance miles as well.",
"title": ""
}
] |
[
{
"docid": "aa814b38cf9b2f1b54222b975753ec2a",
"text": "Firstly, thank you for taking the time to respond, let me see what I can answer to help give you a bigger picture. * I am the rental manager but like I say, it's a small unit where the operations team is only 5 strong. We all have a hand in everything really and it was my precedent for implementing procedures in the past that triggered them to ask me into looking into this. * Honestly, I don't think I have much of a budget. That being said, if there's a price to anything and I can justify the company spending the money, they will be fair. From a personal perspective, I never even considered that third party software would be required for this kind of thing. If there's any you could recommend (licensed or open sourced) that would be greatly appreciated. * From what I can tell, the people in charge want a process in which we can fully understand CSAT from both a service and product standpoint. We can use the information gathered from our service feedback to improve ourselves and we can use the information gathered about the vehicles we lease (the products) so we can market them correctly in the future. Seeing how the customer feels on the vehicle's fuel economy, performance, comfort on the driver, downtime, etc. which can lead us to marketing the vehicles better or influence what vehicles we purchase moving on. * For the most part, I think the working processes are going to remain the same, where the customer support manager will have a more active role in getting these calls/visits/emails out to the customers and react accordingly. Again, thank you so much for your help.",
"title": ""
},
{
"docid": "bfe679c5837b22f85af32ce08beb0e7b",
"text": "Back when I was 25 and living near Kansas City, I would put 500-700 miles on my car almost every weekend traveling to other places like Omaha, St. Louis, Iowa City, occasionally Minneapolis, once to Fargo, and one longer trip all the way to Virginia... There's a whole lot of nothing out there so road trips are quite naturally long. They're also quite attractive and I still wouldn't miss an opportunity to get up and drive somewhere for the weekend. But, I have spent less money on cars in my entire lifetime than you have on this single car. I preferred then, and still do, to buy older cars for a few thousand dollars (or even less) and drive them until they die or can no longer pass inspection. Changing the oil is usually the most maintenance I'll do. Since I've spent so little on each car, I don't really care if it suffers some minor damage, or even gets totaled in an accident (which fortunately has never happened), so I would only carry the mandatory liability insurance. This is going to be much cheaper than the full coverage you will have on your car. If something did happen I would just go buy another junker. One such car I bought cost me a grand total of $150 excluding gas and gave me almost 10,000 miles until its transmission fell out. Another that I paid $100 for had difficulty getting over 60 miles an hour, but it did those 500-mile trips almost every weekend for two years before the engine threw a rod. This might not be something you want to do. Perhaps you don't want to be seen driving what one of my exes called a ****mobile because people will misjudge you. But consider that billionaire Sam Walton (of Wal-Mart) could afford any vehicle he wanted, but drove an old pickup truck. I present it as an option because it works for me, and might work for you. And my ex liked my old cars, especially the 1983 Mercury Zephyr station wagon with enough space in the back for a full size bed... Thus you have one possible way to cut your expenses significantly. The only thing left to deal with is parking and its attendant security issues. My ****mobiles have never been stolen, broken into or even looked at funny, though I have never left anything visible in them but the occasional bit of trash. Thieves don't seem to expect an old beater to contain valuables or even be drivable, and a chop shop certainly wouldn't want one. And as I noted in a comment earlier, it's possible to find cheaper monthly parking in NYC if you search carefully; the $130/month example in the Bronx being just the first one I found after 25 seconds on Google. I am pretty sure that if you do some more extensive research you can find cheaper parking that is reasonably secure and at least relatively convenient to your most common travel plans.",
"title": ""
},
{
"docid": "9fe54d3599894d568a96ea2e88b22f60",
"text": "You've got two options. Deduct the business portion of the depreciation and actual expenses for operating the car. Use the IRS standard mileage rate of $.575/mile in 2015. Multiply your business miles by the rate to calculate your deduction. Assuming you're a sole proprietor you'll include a Schedule C to your return and claim the deduction on that form.",
"title": ""
},
{
"docid": "9a9b3ef87b3ee77e7ce1a06de2fee9d7",
"text": "On form 8829, line 20 you can list utilities paid for the home office. You have two choices: 1) You can list the entire amount under column (b) as an indirect expense. You will then get a deduction for the fraction of the amount based on what fraction of your home is an office. This makes sense if the service equally benefits your entire home. 2) You can compute the portion of the expense reasonably attributable to the business/office and list that amount under column (a). This entire amount will be deducted. Which option you choose depends on how well you think you can allocate the expense between your office and the rest of your home. For example, I have had to do this with electricity, but I specifically measured the electricity used by my office. If you think you can defend allocating a larger portion to the office, use option 2. If you would have paid the same amount even if you didn't have an office, it's hard to justify allocating more of the expense to the office than its portion of the home. If you opted for a more expensive service or otherwise incurred additional costs, it makes sense to allocate a higher fraction to the office and to calculate that yourself.",
"title": ""
},
{
"docid": "6fdb383518120a8d5d446b4036a4d037",
"text": "The value of the car is only of interest if there is an intention to sell it aqain. I would make the following calculation: This gives you the costs per time period that the car really costs you. Now do the same with a new (used) car you intend to buy instead of this car. With the new car you also need to add the costs of buying it (sales price, plus any interests and fees if you finance it). If the old car costs you less than the new car, keep it, otherwise get the new car.",
"title": ""
},
{
"docid": "8be0b5e84db765897c5f57614ee70793",
"text": "\"For a long time I did just as you did. I had a car, but I didn't drive it. Even if you NEVER drive a car, it still has a cost. You still have to insure it and you still have to register it. On top of that a sitting car will have costs. Cars are not built to sit. I found it to be much cheaper to take a \"\"taxi\"\" then to own a car. Eventually I got rid of my car, and we (my wife and I) just rented any time we needed to go somewhere long distance. Very recently we purchased a car and kids change things, and we want kids. SO better to do this costly move now (in our minds). But still if we travel outside of town, we still rent. A car is, usually, not good at constant \"\"long drives\"\" as the maintenance costs get high, and they are, usually, not good at \"\"no driving\"\" as they are not built to sit still. They are best used, usually, for shorter, in town, or \"\"next town over\"\" style driving. Keep in mind I am in the USA so \"\"long and short\"\" drives have a different meaning. A 200 mile trip is about the line we draw before we just rent. But that's our preference. Some of which is because we would prefer to take the train and rent there then drive the entire trip.\"",
"title": ""
},
{
"docid": "ed9e547c7fe50befd984c0eaa6a63f05",
"text": "The best way to do this is to pay for the entire car, including gas, insurance, and repairs, from S-corp funds, then meticulously track how many miles are used for personal and how many miles for business. If you pay with S-corp funds, you will claim the personal miles as a taxable benefit from the S-corp on your personal return. The S-corp can then claim all the expenses and depreciation on the vehicle, reducing the S-corp's tax liability.",
"title": ""
},
{
"docid": "baafc7faa6bfbfcb4e5e51674043a1bd",
"text": "Assuming your country is the United States there is. See schedule C line 9 and the corresponding instructions. There are many rules associated with this, in some cases the entire purchase can be written off but typically if the truck is only used for business. Most people write off partial usage in the form of credits for mileage. You are best to consult with a CPA once your business earns a profit. Good luck.",
"title": ""
},
{
"docid": "bd1ea9e7005d801f8ae1f194260d983f",
"text": "As far as accounting goes, if you speak with a CPA, you may be able to reduce the business tax liability. So... the company buys the truck, deducts it, and the adjusted gross income drops, so he'd pay less tax. Or something. You said anything helps, hope you meant it!",
"title": ""
},
{
"docid": "0f06c64f3954dc1ce53ca1017d37773a",
"text": "\"I've lived this decision, and from my \"\"anecdata\"\": do #3 I have been car-free since 2011 in a large United States city. I was one month into a new job on a rail line out in the suburbs, and facing a $3000 bill to pass state inspection (the brakes plus the emissions system). I live downtown. I use a combination of transit, a carshare service, and 1-2 day rentals from full service car rental businesses (who have desks at several downtown hotels walking distance from my house). I have not had a car insurance policy since 2011; the carshare includes this and I pay $15 per day for SLI from full service rentals. I routinely ask insurance salesmen to run a quote for a \"\"named non-owner\"\" policy, and would pull the trigger if the premium cost was $300/6 months, to replace the $15/day SLI. It's always quoted higher. In general, our trips have a marginal cost of $40-100. Sure, this can be somewhat discouraging. But we do it for shopping at a warehouse club, visiting parents and friends in the suburbs. Not every weekend, but pretty close. But with use of the various services ~1/weekend, it's come out to $2600 per year. I was in at least $3200 per year operating the car and often more, so there is room for unexpected trips or the occasional taxi ride in cash flow, not to mention the capital cost: I ground the blue book value of the car from $19000 down to $3600 in 11 years. Summary: Pull the trigger, do it :D\"",
"title": ""
},
{
"docid": "2da0e37099545e4632ce50e5d86a6d22",
"text": "\"A lot of financial software will calculate the value of operating leasess for you (bullet 2). E.g. Capital IQ, BB. What a lot of professionals do is \"\"reverse\"\" out EBITDA/EBIT etc. for: - non-recurring expenses (think big accounting changes, some impairments) - change operating expenses into capital leases to adjust the capital structure - occasionally change some operating expenses (e.g. options) because you are under the assumption if you take a company private that those expenses will not be relevant The whole point is simply to see the operating revenues/expenses of the firm\"",
"title": ""
},
{
"docid": "6d8fae7ab371dc25faf4139cdf4ce360",
"text": "If you itemize your deductions then the interest that you pay on your primary residence is tax deductible. Also realestate tax is also deductible. Both go on Schedule A. The car payment is not tax deductible. You will want to be careful about claiming business deduction for home or car. The IRS has very strict rules and if you have any personal use you can disqualify the deduction. For the car you often need to use the mileage reimbursement rates. If you use the car exclusively for work, then a lease may make more sense as you can expense the lease payment whereas with the car you need to follow the depreciation schedule. If you are looking to claim business expense of car or home, it would be a very good idea to get professional tax advice to ensure that you do not run afoul of the IRS.",
"title": ""
},
{
"docid": "a9c23ac395d4ece655d32c1d7c7bcaaf",
"text": "\"No, your business cannot deduct your non-business expenses. You can only deduct from your business income those reasonable expenses you paid in order to earn income for the business. Moreover, for there to be a tax benefit, your business generally has to have income (but I expect there are exceptions; HST input tax credits come to mind.) The employment income from your full-time job wouldn't count as business income for your corporation. The corporation has nothing to do with that income – it's earned personally, by you. With respect to restaurant bills: These fall under a category known as \"\"meals & entertainment\"\". Even if the expense can be considered reasonable and business-related (e.g. meeting customers or vendors) the Canada Revenue Agency decided that a business can only deduct half of those kinds of expenses for tax purposes. With respect to gasoline bills: You would need to keep a mileage and expense log. Only the portion of your automobile expenses that relate to the business can be deducted. Driving to and from your full-time job doesn't count. Of course, I'm not a tax professional. If you're going to have a corporation or side-business, you ought to consult with a tax professional. (A point on terminology: A business doesn't write off eligible business expenses — it deducts them from business income. Write off is an accounting term meaning to reduce the value of an asset to zero. e.g. If you damaged your car beyond repair, one could say \"\"the car is a write-off.\"\")\"",
"title": ""
},
{
"docid": "6ef21e41cbd2ebe2ef1d891503632fb1",
"text": "This is nonsense and just a game to squeeze more money from consumers. A convential car needs to change oil every so often. You get a warning light in the dashboard for that in most cars. If you decide to not change oil as needed, it's your business and your problem that you shortened your car's life. Do you want conventional cars to stop working when oil change is due? Basically Tesla is crippeling the car and does not let the consumer to FULLY use the car they own, if they choose to do that.",
"title": ""
},
{
"docid": "221c2facfbbbc27225c5f7d9f28af460",
"text": "You don't say what country you live in. If it's the U.S., the IRS has very specific rules for business use of a car. See, for starters at least, http://www.irs.gov/publications/p463/ch04.html. The gist of it is: If you use the car 100% for business purposes, you NEVER use it to drive to the grocery store or to your friend's house, etc, then it is a deductible business expense. If you use a car party for business use and partly for personal use, than you can deduct the portion of the expense of the car that is for business use, but not the portion that is for personal use. So basically, if you use the car 75% for business purposes and 25% for personal use, you can deduct 75% of the cost and expenses. You can calculate the business use by, (a) Keeping careful records of how much you spent on gas, oil, repairs, etc, tracking the percentage of business use versus percentage of personal use, and then multiplying the cost by the percentage business use and that is the amount you can deduct; or (b) Use the standard mileage allowance, so many cents per mile, which changes every year. Note that the fact that you paid for the car from a business account has absolutely nothing to do with it. (If it did, then everyone could create a small business, open a business account, pay all their bills from there, and all their personal expenses would magically become business expenses.) Just by the way: If you are going to try to stretch the rules on your taxes, business use of a car or personal computer or expenses for a home office are the worst place to do it. The IRS knows that cars and computers are things that can easily be used for either personal or business purposes and so they keep a special eye out on these.",
"title": ""
}
] |
fiqa
|
31f6cb7a9329706a7648ea911a939cc0
|
Can a business refuse to take credit cards?
|
[
{
"docid": "767066e1be82bb833f52d561ec8096d6",
"text": "Businesses are free to decide what payment methods they accept for their goods and services. Businesses sometimes advertise what credit cards they accept by posting some stickers at their door. When your credit card isn't among them and you don't have enough cash with you, ask about your card before you order. If a business doesn't accept your credit card, your best recourse is to take your business elsewhere. When you already ate there and got into an awkward situation because you assumed that they would accept your card, you might also want to write an online review of the place and warn others to bring cash for their visit (but please be fair in the review. When the food and service are decent, a restaurant doesn't deserve a one star rating just because they don't take credit cards). Note that businesses have good reasons to not accept credit cards. It often means additional cost for them in form of: But there is also a more shady reason. Taking payment in cash means that there is no electronic trail of the transaction. That makes it far easier for an establishment to misreport their income. They might under-report it to evade taxes or over-report it to launder money (both are illegal, of course).",
"title": ""
}
] |
[
{
"docid": "a14f39ffe1e331e017210025d8ca5d46",
"text": "Can they reject a hundred dollar bill as a payment of debt?! No. A creditor cannot refuse payment in cash, whatever denomination you use. HOWEVER, when you're buying stuff - you don't owe anything to the business owner. There's no debt, so the above rule doesn't apply. As long as there's no debt in existence, the matter of payment is decided between two parties based on the mutual agreement. The demand not to use large bills is reasonable in places like 7/11 or taxi-cab that are frequently robbed, or at a small retailer that doesn't want to invest into forgery detection and fraud prevention. So the answer to this question: Is it the case where this practice of accepting small bills and rejecting large bills is perfectly legal? Is yes. You can find the full explanation on Treasury.gov, including code references.",
"title": ""
},
{
"docid": "3a78bb55ecfe2fb430be31b6985c68b4",
"text": "It depends completely on the nature of the takeover. When a business is bought, the new owner takes on the obligations of the prior owner, the debts don't just go away. When a business files for bankruptcy, its debts may get discharged, and gift card holders can easily be the first ones to get nothing back. A case in point was Sharper Image who stopped honoring gift cards even while the doors were open as they filed for bankruptcy.",
"title": ""
},
{
"docid": "1c2e7a012cf98e72641115df9ad2d8bf",
"text": "A few reasons make sense: They have a defined process for rentals, risk assessment, and customer credit. Especially for a large corporation, making changes to that process is not trivial, adds risk/uncertainty, and will be costly. Such changes for a relatively small customer base might not makes sense. Many rental companies DO allow you to rent with a debit card. Why do some businesses take cash only? With a debit card, there is no third party guarantee. With a credit card, the cash is coming from a well-established third party who will pay (assuming no disputes) and has a well-established history of paying. Even if the merchant holds your account, it is still your cash under the control of you and your bank until the deposit clears the merchants bank. It is not surprising they view that as more risk and potentially not worth hassling with debit.",
"title": ""
},
{
"docid": "7202c02754a88269aa4ffc5136196e19",
"text": "Not necessarily. You can issue credit cards without a bank involved, although companies which do so may have additional legal complications, such as usury regulations. As an example, AmEx is a network which also issues cards themselves. The company is not a bank; they sold their banking subsidiary in 2007. It's also possible to get a bank-issued credit card without banking with that same company.",
"title": ""
},
{
"docid": "1f701108a459b9a53b0321a57a73b2e3",
"text": "Merchants that accept American Express should have decided that the extra costs are worth the increased business (many business travelers only have an Amex Corporate Card). To complain about people actually using it after they've explicitly decided to accept it is a sign that they made the wrong decision, or that they are very short-sighted. No one is forcing them to take a particular card.",
"title": ""
},
{
"docid": "fc9e6fa705358329c493d5f29d33399b",
"text": "\"Why would you consider it null and void? It might be that something went wrong and the business \"\"lost\"\" the transaction one way or another. It might be something else. It might never appear. It might appear. In one of the questions a while ago someone posted a link of a story where an account was overdrawn because of a forgotten debit card charge that resurfaced months later. Can't find the link right now, but it can definitely happen.\"",
"title": ""
},
{
"docid": "d19b0103e3bdf6e7390cbfafdd26fa66",
"text": "Accepting cash isn't free to the merchant's either. It needs to be counted, reconciled, stored, and taken to the bank each day. There is a certain amount that needs to be on-hand, not in the bank earning interest. There is more of a worry about employees taking cash from the register. There is the chance of inadvertently accepting counterfeit currency. I'm not sure how the cost of cash compares to the cost of accepting credit card, but there is a cost that cannot be ignored.",
"title": ""
},
{
"docid": "e138d48bd150ef9c9d160460027a7c44",
"text": "Because your friend isn't going to like the ~2% charge they have to pay to the credit card company on the $10,000 purchase. Credit card companies make money off of transactions. The cardholder normally doesn't pay any transaction fees (and in fact can make a profit via rewards), but the merchant has to pay a certain amount of money to the credit card company for the transaction. In this case, the apartment owners ate the charge, likely because it was easier for them to send a check than to refund the cost of the fee through the credit card company. If you started doing this a lot to take advantage of this, I would imagine they would get smart and refuse your business (it'll be pretty obvious what you're doing if you're not signing any leases).",
"title": ""
},
{
"docid": "d18beb46cb0338a631f4fa4b4b77fcea",
"text": "My understanding it that the signature requirement is at the retailer's discretion. If the merchant decides to require a signature it protects them against fraudulent charge-back claims, but increases their administrative costs. In some situations it just isn't practical for a retailer to require a signature. Consider for example mail-order or online purchases, which I've never had to sign a credit card slip for.",
"title": ""
},
{
"docid": "b4667ca0b508c1213651893932ccb69e",
"text": "\"Understood. But based on the OP, it's not categorically clear what they were refusing. If they refused to quote the balance and/or refused to take a phone payment that was otherwise in keeping with the cardholder agreement (i.e., the cardmember called the correct number for phone payments and balance-checking, etc), then yeah, they were not only being unreasonable, but also violating the contract. What I read as ambiguous is whether the cardholder was specifically asking for the *payoff* balance/amount, and whether they were following process for phone-payments and balance-checking, etc. IOW, it's not necessarily \"\"illegal\"\" and might not even be unreasonable for the customer-service number to have different departments for balance-checking and phone-payments versus card-cancellation. It's not falsifiably clear from the OP that the cardholder was not asking the person on the other end of the phone for categorical statements of fact that they were obligated to make. I'm not accusing anyone of lying or saying that the CC company was acting reasonably, I'm just saying that language such as **\"\"They do not provide mid-cycle payoff quotes\"\"** is not evidence that they were doing any kind of funny-business.\"",
"title": ""
},
{
"docid": "842264f7e67962cdd9820c15a852e5f3",
"text": "The Federal Reserve website notes that creditors must accept cash for debts on services already rendered, but that businesses may refuse cash for services not yet rendered unless prohibited by local law. The Treasury website includes examples of businesses limiting what cash they will accept: For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy.",
"title": ""
},
{
"docid": "8be60d4f9c2f4fab7b7b8bded259d26a",
"text": "A lot of stores, especially smaller ones, won't accept card payments under $10.00. They pay a fee for taking cards and for small transactions it is not worth it.",
"title": ""
},
{
"docid": "d3a3089e2ce15824c40e5d7da0c02e29",
"text": "Is this even legal? How can a bank refuse to deposit legal tender in the United States? Legal for all debts, public or private, doesn't mean quite what I used to think, either. Per The Fed: This statute means that all United States money as identified above is a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services. Private businesses are free to develop their own policies on whether to accept cash unless there is a state law which says otherwise. Yes, they can refuse loose change. Also, they aren't refusing your deposit, just requiring that it be rolled. What do I do with my change? I do not want to spend the time rolling it, and I am not going to pay a fee to cash my change. There aren't many other options, change is a nuisance. I believe Coinstar machines reduce/remove their fee if you exchange coins for gift cards, so that might be the best option for convenience and retaining value.",
"title": ""
},
{
"docid": "d19ff474c7687bd9781ae3e068dc4f54",
"text": "I don't carry cash at all unless I know I'm going somewhere which requires it - this includes going to the corner shop for some milk or going to other countries for a week. Cards are easier for me - if a merchant wants my business they will take my money through whatever means they can. I don't think etiquette comes into it.",
"title": ""
},
{
"docid": "c2459fcb87bad231f9faf83c0f25e64d",
"text": "As long as you don't finance and the payment is upfront, its up to you and your customer how to pay. If you provide the product before the payment is being made or finance in any way (i.e.: there's debt), then the Canadian dollar, being legal tender in Canada, must be accepted. Considering the large amount, you would probably not be accepting cash anyway, so the point is moot. How they pay their credit cards is not your problem. However, do take into the account the currency exchange rates and fees that add costs to purchasing your product. If you don't have any physical presence (i.e.: online store only, no physical location on Canadian soil), then it goes by the rules of the jurisdiction where you've incorporated. Check with the local legal professional to be sure.",
"title": ""
}
] |
fiqa
|
c093c180b6c90193d0a2f03d24647977
|
Calculate Estimated Tax on Hobby Business LLC
|
[
{
"docid": "f4f65d96de623386d5e4864d46eaf2ed",
"text": "\"You are on the right track, for tax purposes its all ordinary income at the end of 2016. If the free lance \"\"employer\"\" will withhold fed,state and local tax, then that takes care of your estimated tax. If they can't or won't, you will need to make those estimates and make payments quarterly for the fed and state tax at your projected tax liability. Or, you can bump up withholding by your day job employer and cover your expected tax liability at year end without making estimated tax payments.\"",
"title": ""
},
{
"docid": "8fe6f7a9cad2f4520ed898b0c39b47ba",
"text": "\"I assume your employer does standard withholding? Then what you need to do is figure what bracket that puts you in after you've done all your normal deductions. Let's say it's 25%. Then multiply your freelance income after business expenses, and that's your estimated tax, approximately. (Unless the income causes you to jump a bracket.) To that you have to add approximately 12-13% Social Security/Medicare for income between the $90K and $118,500. Filling out Form 1040SSE will give you a better estimate. But there is a \"\"safe harbor\"\" provision, in that if what you pay in estimated tax (and withholding) this year is at least as much as you owed last year, there's no penalty. I've always done mine this way, dividing last year's tax by 4, since my income is quite variable, and I've never been able to make sense of the worksheets on the 1040-ES.\"",
"title": ""
}
] |
[
{
"docid": "ca45fdfb71adf33769492b71c096b555",
"text": "There is a shortcut you can use when calculating federal estimated taxes. Some states may allow the same type of estimation, but I know at least one (my own--Illinois) that does not. The shortcut: you can completely base your estimated taxes for this year on last year's tax return and avoid any underpayment penalty. A quick summary can be found here (emphasis mine): If your prior year Adjusted Gross Income was $150,000 or less, then you can avoid a penalty if you pay either 90 percent of this year's income tax liability or 100 percent of your income tax liability from last year (dividing what you paid last year into four quarterly payments). This rule helps if you have a big spike in income one year, say, because you sell an investment for a huge gain or win the lottery. If wage withholding for the year equals the amount of tax you owed in the previous year, then you wouldn't need to pay estimated taxes, no matter how much extra tax you owe on your windfall. Note that this does not mean you will not owe money when you file your return next April; this shortcut ensures that you pay at least the minimum allowed to avoid penalty. You can see this for yourself by filling out the worksheet on form 1040ES. Line 14a is what your expected tax this year will be, based on your estimated income. Line 14b is your total tax from last year, possibly with some other modifications. Line 14c then asks you to take the lesser of the two numbers. So even if your expected tax this year is one million dollars, you can still base your estimated payments on last year's tax.",
"title": ""
},
{
"docid": "7cedcd1df4cb3acb2251fade54762d95",
"text": "IRS has it spelled out Business or Hobby?",
"title": ""
},
{
"docid": "e14cb4c06d785d9ab927ff0914196dcc",
"text": "This is wrong. It should be or Now, to get back to self-employment tax. Self-employment tax is weird. It's a business tax. From the IRS perspective, any self-employed person is a business. So, take your income X and divide by 1.0765 (6.2% Social Security and 1.45% Medicare). This gives your personal income. Now, to calculate the tax that you have to pay, multiply that by .153 (since you have to pay both the worker and employer shares of the tax). So new calculation or they actually let you do which is better for you (smaller). And your other calculations change apace. And like I said, you can simplify Q1se to and your payment would be Now, to get to the second quarter. Like I said, I'd calculate the income through the second quarter. So recalculate A based on your new numbers and use that to calculate Q2i. or Note that this includes income from both the first and second quarters. We'll reduce to just the second quarter later. This also has you paying for all of June even though you may not have been paid when you make the withholding payment. That's what they want you to do. But we aren't done yet. Your actual payment should be or Because Q2ft and Q2se are what you owe for the year so far. Q1ft + Q1se is what you've already paid. So you subtract those from what you need to pay in the second quarter. In future quarters, this would be All that said, don't stress about it. As a practical matter, so long as you don't owe $1000 or more when you file your actual tax return, they aren't going to care. So just make sure that your total payments match by the payment you make January 15th. I'm not going to try to calculate for the state. For one thing, I don't know if your state uses Q1i or Q1pi as its base. Different states may have different rules on that. If you can't figure it out, just use Q1i, as that's the bigger one. Fix it when you file your annual return. The difference in withholding is going to be relatively small anyway, less than 1% of your income.",
"title": ""
},
{
"docid": "12145f28caf8629f91f0f822a8de3b2c",
"text": "Don't overthink it. As an employee, whether of your own corporation or of someone else, you get a salary and there are deductions taken out. As the owner of a business you get (hopefully) business profits as well. And, in general, you often have other sources of income from investments, etc. Your estimated tax payments are based on the difference between what was withheld from your salary and what you will owe, based on salary, business income, and other sources. So, in essence, you just add up all the income you expect, estimate what the tax bill will be, and subtract what's been withheld. That's your estimated tax payment.",
"title": ""
},
{
"docid": "f61047fb54b551445d857275dd22d5d3",
"text": "\"These kinds of questions can be rather tricky. I've struggled with this sort of thing in the past when I had income from a hobby, and I wanted to ensure that it was indeed \"\"hobby income\"\" and I didn't need to call it \"\"self-employment\"\". Here are a few resources from the IRS: There's a lot of overlap among these resources, of course. Here's the relevant portion of Publication 535, which I think is reasonable guidance on how the IRS looks at things: In determining whether you are carrying on an activity for profit, several factors are taken into account. No one factor alone is decisive. Among the factors to consider are whether: Most of the guidance looks to be centered around what one would need to do to convince the IRS that an activity actually is a business, because then one can deduct the \"\"business expenses\"\", even if that brings the total \"\"business income\"\" negative (and I'm guessing that's a fraud problem the IRS needs to deal with more often). There's not nearly as much about how to convince the IRS that an activity isn't a business and thus can be thrown into \"\"Other Income\"\" instead of needing to pay self-employment tax. Presumably the same principles should apply going either way, though. If after reading through the information they provide, you decide in good faith that your activity is really just \"\"Other income\"\" and not \"\"a business you're in on the side\"\", I would find it likely that the IRS would agree with you if they ever questioned you on it and you provided your reasoning, assuming your reasoning is reasonable. (Though it's always possible that reasonable people could end up disagreeing on some things even given the same set of facts.) Just keep good records about what you did and why, and don't get too panicked about it once you've done your due diligence. Just file based on all the information you know.\"",
"title": ""
},
{
"docid": "b45d5ec4b229bc9bf365f2b849ee8988",
"text": "\"-Alain Wertheimer I'm a hobbyist... Most (probably all) of those older items were sold both prior to my establishing the LLC This is a hobby of yours, this is not your business. You purchased all of these goods for your pleasure, not for their future profit. The later items that you bought after your LLC was establish served both purposes (perks of doing what you love). How should I go about reporting this income for the items I don't have records for how much I purchased them for? There's nothing you can do. As noted above, these items (if you were to testify in court against the IRS). \"\"Losses from the sale of personal-use property, such as your home or car, aren't tax deductible.\"\" Source Do I need to indicate 100% of the income because I can't prove that I sold it at a loss? Yes, if you do not have previous records you must claim a 100% capital gain. Source Addition: As JoeTaxpayer has mentioned in the comments, the second source I posted is for stocks and bonds. So at year begin of 2016, I started selling what I didn't need on eBay and on various forums [January - September]. Because you are not in the business of doing this, you do not need to explain the cost; but you do need to report the income as Gross Income on your 1040. Yes, if you bought a TV three years ago for a $100 and sold it for $50, the IRS would recognize you earning $50. As these are all personal items, they can not be deducted; regardless of gain or loss. Source Later in the year 2016 (October), I started an LLC (October - December) If these are items that you did not record early in the process of your LLC, then it is reported as a 100% gain as you can not prove any business expenses or costs to acquire associated with it. Source Refer to above answer. Refer to above answer. Conclusion Again, this is a income tax question that is split between business and personal use items. This is not a question of other's assessment of the value of the asset. It is solely based on the instruments of the IRS and their assessment of gains and losses from businesses. As OP does not have the necessary documents to prove otherwise, a cost basis of $0 must be assumed; thus you have a 100% gain on sale.\"",
"title": ""
},
{
"docid": "e11ac463150afa914242e4ad3e1b1a96",
"text": "It's income. It's almost certainly subject to income tax. As miscellaneous income, if nothing else. (That's what hobby income usually falls under.) If you kept careful records of the cost of developing the app, you might be able to offset those against the income... again, as with hobby income.",
"title": ""
},
{
"docid": "5126dea88a1255985cad7b47b0b23c47",
"text": "\"From the poster's description of this activity, it doesn't look like he is engaged in a business, so Schedule C would not be appropriate. The first paragraph of the IRS Instructions for Schedule C is as follows: Use Schedule C (Form 1040) to report income or loss from a business you operated or a profession you practiced as a sole proprietor. An activity qualifies as a business if your primary purpose for engaging in the activity is for income or profit and you are involved in the activity with continuity and regularity. For example, a sporadic activity or a hobby does not qualify as a business. To report income from a nonbusiness activity, see the instructions for Form 1040, line 21, or Form 1040NR, line 21. What the poster is doing is acting as a nominee or agent for his members. For instance, if I give you $3.00 and ask you to go into Starbucks and buy me a pumpkin-spice latte, you do not have income or receipts of $3.00, and you are not engaged in a business. The amounts that the poster's members are forwarding him are like this. Money that the poster receives for his trouble should be reported as nonbusiness income on Line 21 of Form 1040, in accordance with the instructions quoted above and the instructions for Form 1040. Finally, it should be noted that the poster cannot take deductions or losses relating to this activity. So he can't deduct any expenses of organizing the group buy on his tax return. Of course, this would not be the case if the group buy really is the poster's business and not just a \"\"hobby.\"\" Of course, it goes without saying that the poster should document all of this activity with receipts, contemporaneous emails (and if available, contracts) - as well as anything else that could possibly be relevant to proving the nature of this activity in the event of an audit.\"",
"title": ""
},
{
"docid": "b80a4da09befcb5e2df91a2c39fd52a4",
"text": "\"You report it when the expense was incurred/accrued. Which is, in your case, 2014. There's no such thing as \"\"accounts payable\"\" on tax forms, it is an account on balance sheet, but most likely it is irrelevant for you since your LLC is probably cash-based. The reimbursement is a red-herring, what matters is when you paid the money.\"",
"title": ""
},
{
"docid": "54610e4cac8721bba8b2690d2e6ba2cf",
"text": "\"Re the business license - in California business licenses are given by the municipal/county governments, so you'll have to check that with your city hall or county office. Re taxes - yes, you'll have to pay taxes, as with any income. Services are considered \"\"imputed income\"\", and generally you'd recognize income to the extent they would be paying had they been paying the full price (or the actual cost of services provided, if more). Since this is a hobby and not a for-profit enterprise, your deductions may be limited by the actual income and the 2% AGI threshold. See more here.\"",
"title": ""
},
{
"docid": "ece04d2bd05cd3126ea8db90f178fe7e",
"text": "\"It's not possible to determine whether you can \"\"expect a refund\"\" or whether you are claiming the right number of exemptions from the information given. If your wife were not working and you did not do independent contracting, then the answer would be much simpler. However, in this case, we must also factor in how much your contracting brings in (since you must pay income tax on that, as well as Medicare and, probably, Social Security), whether you are filing jointly or separately, and your wife's income from her business. There are also other factors such as whether you'll be claiming certain child care expenses, and certain tax credits which may phase out depending on your income. If you can accurately estimate your total household income for the year, and separate that into income from wages, contracting, and your wife's business, as well as your expenses for things like state and local income and property taxes, then you can make a very reasonable estimate about your total tax burden (including the self-employment taxes on your non-wage income) and then determine whether you are having enough tax withheld from your paycheck. Some people may find that they should have additional tax withheld to compensate for these expenses (see IRS W-4 Line #6).\"",
"title": ""
},
{
"docid": "44a4da7d3f9b0a853729ea4b848174d9",
"text": "This new roof should go on the 2016 LLC business return, but you probably won't be able to expense the entire roof as a repair. A new roof is most likely a capital improvement, which means that it would need to be depreciated over many years instead of expensed all in 2016. The depreciation period for a residential rental property is 27.5 years. Please consider seeking a CPA or Enrolled Agent for the preparation of your LLC business return. See also: IRS Tangible Property Regulations FAQ list When you made the loan to the LLC (by paying the contractor and making a contract with the LLC), did you state an interest rate? If not, you and your brother should correct the contract so that an interest rate is stated, then follow it. The LLC needs to pay you interest until the loan is paid off. You need to report the interest income on your personal return, and the LLC needs to report the interest expense in its business return.",
"title": ""
},
{
"docid": "2501def977a14701dad8252d84a2c649",
"text": "\"I have done similar software work. You do not need an LLC to write off business expenses. The income and expenses go on Schedule C of your tax return. It is easy to write off even small expenses such as travel - if you keep records. The income should be reported to you on a 1099 form, filled out by your client, not yourself. For a financial advisor you should find one you can visit with personally and who operates as a \"\"fee-only\"\" advisor. That means they will not try to sell you something that they get a commission on. You might pay a few $hundred per visit. There are taxes that you have to pay (around 15%) due to self-employment income. These taxes are due 4 times a year and paid with an \"\"estimated tax\"\" form. See the IRS web site, and in particular schedule SE. Get yourself educated about this fast and make the estimated tax payments on time so you won't run into penalties at the end of the year.\"",
"title": ""
},
{
"docid": "cf1c0c8f4ce07239858da167fbbcade1",
"text": "You can and are supposed to report self-employment income on Schedule C (or C-EZ if eligible, which a programmer likely is) even when the payer isn't required to give you 1099-MISC (or 1099-K for a payment network now). From there, after deducting permitted expenses, it flows to 1040 (for income tax) and Schedule SE (for self-employment tax). See https://www.irs.gov/individuals/self-employed for some basics and lots of useful links. If this income is large enough your tax on it will be more than $1000, you may need to make quarterly estimated payments (OR if you also have a 'day job' have that employer increase your withholding) to avoid an underpayment penalty. But if this is the first year you have significant self-employment income (or other taxable but unwithheld income like realized capital gains) and your economic/tax situation is otherwise unchanged -- i.e. you have the same (or more) payroll income with the same (or more) withholding -- then there is a 'safe harbor': if your withholding plus estimated payments this year is too low to pay this year's tax but it is enough to pay last year's tax you escape the penalty. (You still need to pay the tax due, of course, so keep the funds available for that.) At the end of the first year when you prepare your return you will see how the numbers work out and can more easily do a good estimate for the following year(s). A single-member LLC or 'S' corp is usually disregarded for tax purposes, although you can elect otherwise, while a (traditional) 'C' corp is more complicated and AIUI out-of-scope for this Stack; see https://www.irs.gov/businesses/small-businesses-self-employed/business-structures for more.",
"title": ""
},
{
"docid": "b809e27c7650e4615cd9a31b7744ab4f",
"text": "From my 15 years of experience, no technical indicator actually ever works. Those teaching technical indicators are either mostly brokers or broker promoted so called technical analysts. And what you really lose in disciplined trading over longer period is the taxes and brokerages. That is why you will see that teachers involved in this field are mostly technical analysts because they can never make money in real markets and believe that they did not adhere to rules or it was an exception case and they are not ready to accept facts. The graph given above for coin flip is really very interesting and proves that every trade you enter has 50% probability of win and lose. Now when you remove the brokerage and taxes from win side of your game, you will always lose. That is why the Warren Buffets of the world are never technical analysts. In fact, they buy when all technical analysts fails. Holding a stock may give pain over longer period but still that is only way to really earn. Diversification is a good friend of all bulls. Another friend of bull is the fact that you can lose 100% but gain any much as 1000%. So if one can work in his limits and keep investing, he can surely make money. So, if you have to invest 100 grand in 10 stocks, but 10 grand in each and then one of the stocks will multiply 10 times in long term to take out cost and others will give profit too... 1-2 stocks will fail totally, 2-3 will remain there where they were, 2-3 will double and 2-3 will multiply 3-4 times. Investor can get approx 15% CAGR earning from stock markets... Cheers !!!",
"title": ""
}
] |
fiqa
|
43c301094741932c675ef32c7b7476a2
|
In what cases can a business refuse to take cash?
|
[
{
"docid": "842264f7e67962cdd9820c15a852e5f3",
"text": "The Federal Reserve website notes that creditors must accept cash for debts on services already rendered, but that businesses may refuse cash for services not yet rendered unless prohibited by local law. The Treasury website includes examples of businesses limiting what cash they will accept: For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy.",
"title": ""
},
{
"docid": "93e9804405a65dd7514e7995151eec43",
"text": "You have to take legal tender to settle a debt. If your business model doesn't involve the customer incurring a debt that is then settled, you don't have to take cash. For example, in a restaurant where you pay after eating, you can insist on paying cash, because you're settling a debt. But in McDonald's they can refuse your cash at the counter, because you've not received your food yet and so no debt has been incurred.",
"title": ""
},
{
"docid": "3d73fdd1d39fb18e9bd9989f34978bee",
"text": "\"They don't have to take cash if they reasonably told you in advance they don't take cash, because they made fair effort to prevent you from incurring a debt. They don't have to take cash if the transaction hasn't yet happened (not a debt) or if it can be easily undone at no cost to either party - such as a newspaper subscription they can just stop delivering. Both of these reasons are limited by the rules against discrimination, see below. They don't have to take cash if it's impracticable. For instance a transit bus when fares first went to $1.00, it took years to fund new fareboxes able to take paper money. You don't have to take a mortgage payment in pennies. Liquor stores don't have to take $100 bills. (it requires them to keep too much change in the till, which makes them a robbery target). Trouble arises when it appears there's an ulterior motive for the rule. Suppose a Landlord Jim requires rent to be paid with EFT. Rent-controlled Marcie tells the judge \"\"It's a scheme to oust me, he knows I'm unbanked\"\". Jim counters \"\"No. I got mugged last month because criminals know when I collect cash rents.\"\" It will turn on whether Jim can show good-faith effort to work with his unbanked tenants to find other ways to pay. If Jim does a particularly bad job of this, he could find himself paying Marcie's legal bills! Even worse if the ulterior motive is discrimination. Chet the plumber hates Muslims. Alice the feed supplier hates the Amish. So they decide to take credit cards only, knowing those people's religions don't allow them. Their goose is cooked once they can't show any other reasonable reason to refuse cash.\"",
"title": ""
},
{
"docid": "584bd446fe497404fff91a9215141feb",
"text": "\"Apartment complexes have had a long history of not accepting cash for payment of rent. This eliminates the problem of robbery and strongly reduces the risks of embezzlement. THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE Article 1, Section 10 of the US Constitution states: No State shall ... make any Thing but gold and silver Coin a Tender in Payment of Debts Previous editions of banknotes stated that the notes were redeemable in gold or in lawful money. The Mint Act of 1792 set gold and silver as legal currency (and that one did not have to accept \"\"base metal coins\"\" for more than $10 which is why coin rolls only go up to $10). The Coinage Act of 1873 dropped silver and made gold the legal standard for currency. In 1933, the \"\"redeemable in gold\"\" was changed by federal statute and the legend you mention was added. Prior to 1933, someone could demand that you pay them in gold and not with a bank note. Legislation in 1933 ended that. This clause in the Constitution leads some political groups to wish to return to a gold standard. I recommend reading the book Greenback as it describes how our currency got the way it did and why that clause appears on currency.\"",
"title": ""
},
{
"docid": "f1ff502edeca8b9aa55cce01a654cb0e",
"text": "\"A business can refuse cash (paper currency) payment pretty much in all cases provided it's a reasonable policy and/or notified during/in advance of contracting. Details in this link. \"\"all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services.\"\" Even if the payment is being made to settle a debt or other obligation, the creditor may refuse payment if their rationale is reasonable (as determined by the courts).\"",
"title": ""
}
] |
[
{
"docid": "7ca2ce1a6ca37200e7f5119f80f5b42c",
"text": "First of all, don't be rude-I'm trying to help here. Second, picture this scenario- a company manages an offshore oil rig. The employees by law have to be paid in a certain period of time. To send paper checks to the employees who work on the oil rig would cost thousands of dollars and the employees can't cash them anyways. Thus the company requires it's employees to have direct deposit. One of the employees can't or won't get a bank account (yes there are people like this). How do you pay him? A prepaid debit card solves this problem.",
"title": ""
},
{
"docid": "bbc665f95d5518c2fc7082a4541d862c",
"text": "A) Wrong subreddit. There's probably a legal advice Canada one you should check out. B) You're a cashier. No one cares about your involvement in taxing products/customers. Unless you're directly pocketing money the most you could be is out of a job. C) If you're part of a chain store there is a REALLY good chance they have their inventory/sales numbers looked at regularly by extremely qualified people. Conclusion: Customer was being a dick for no reason.",
"title": ""
},
{
"docid": "c05c869e4935166e9ed6d58d4660102f",
"text": "\"I looked this up on Wikipedia, and was hoping the answer would be \"\"no - stores cannot refuse legal tender\"\", but unfortunately, it's not the case! If the retailer wants to go to the lengths of refusing certain denominations to protect themselves from counterfeit currency, they are fully within their rights to do so. The \"\"Legal Tender\"\" page on Wikipedia says this about Canadian bills: [...] Retailers in Canada may refuse bank notes without breaking the law. According to legal guidelines, the method of payment has to be mutually agreed upon by the parties involved with the transactions. For example, convenience stores may refuse $100 bank notes if they feel that would put them at risk of being counterfeit victims [...] What is interesting about what I found out, is that legal tender cannot be refused if it is in repayment of an existing debt (i.e. not a store transaction for which there existed no previous debt). So you could offload your $100 bills when repaying your Sears credit card account (or pay in pennies if you wanted to!) and they couldn't refuse you!\"",
"title": ""
},
{
"docid": "73851022abdb3f0a43549072dcdda4a5",
"text": "This really should be a comment, but I can't yet. The question desperately needs a location tag. In at least some countries(New Zealand), the default action on all insufficient funds transactions is to refuse the transaction. Credit cards are the only common exception. Every bank operating in NZ that I know of acts this way. Sometimes there is a fee for bouncing a transaction, sometimes not, that depends on the bank. Any other option must be explicitly arranged in writing with the bank. Personally, coming from a country where declining transactions is the default, I'd be shocked and angry to be stuck with an automatic transfer from another account. Angry enough to change banks if they won't immediately cease and desist.",
"title": ""
},
{
"docid": "5ffeb4e741fb823d17a81aa85e8c2ea3",
"text": "Once, back when I had a bank account, I tried to pay a large emergency dental bill with my debit card. It rejected it as it turned out the bill was less than a dollar over what I had in the account. I thought there was enough money so I tried again, 3 times. They charged me an overdraft for each attempt even though the debit never went through. This was without overdraft protection, as overdraft protection would have allowed the debit and charged me one overdraft. I don't know the details but federal regulations have changed how they do this. To me overdraft protection rejects any debit that attempts to overdraft my account and doesn't charge me with an overdraft that didn't actually occur as a result of the charge being rejected, but that's not how it works.",
"title": ""
},
{
"docid": "ccd9c4730192f7cd2f124af4769cec68",
"text": "Many small businesses are still cash and check. For example my landlord does not take credit card or online transfer. My choices are cash and check, and I prefer checks for the paper trail.",
"title": ""
},
{
"docid": "d49e29faa8189c7550be921577cb0625",
"text": "\"Square charges a 2.75% fee (which the merchant pays), so you would be losing money if you only got a 1.5% cashback bonus. I would guess that the real reason Square prohibits you from getting cash is because of Visa/MC, state and federal regulations. Visa/MC probably prohibit it for regular merchants due primarily to laws that are designed to prevent money-laundering. Certain merchants (like casinos) are allowed to give you cash advances against a credit card, but regular merchants are not allowed to do this. It is much more difficult to get Visa/MC to approve merchants to handle cash advances and they are subject to many additional regulations. Services like Western Union will let you send cash with a regular credit card, but they are classified as \"\"money transmitters\"\" and must comply with additional state and federal regulations. If Square were to allow cash advances, this would likely subject them to a bunch of additional regulations. It would cost them more to comply with these regulations and is outside their business model, so they simply prohibit it.\"",
"title": ""
},
{
"docid": "c868a5a5da49707a69a0ddc035f9c7a4",
"text": "\"This is fairly simple, actually. You should insist on payment for the rent payment you never received and stop accepting cash payments. If you want to be nice, and believe the story, allow the tenant additional time or payment in installments for the missing $750, but this is a textbook example of why it's a bad idea to transact with cash. Insist on cash equivalents that are traceable and verifiable - check, money order or cashier's check, made out to you or your company name. Also, for what it's worth, you are not out $750, unless you choose to be. Your tenant is. \"\"I put cash in your mailbox\"\" is not proof of payment, and doesn't fly as payment anywhere. If it did, I'd never pay any of my bills.\"",
"title": ""
},
{
"docid": "24e058c484d98223fa47598e0e7487ef",
"text": "\"Banks are businesses, and as such should have the right to refuse service, so they should probably be able to choose one customer over another at will. [I say \"\"should\"\" because business owners protecting themselves against litigation related to discrimination could restrict their freedom as business owners.] However, banks are businesses and if the customers are identical, both will be approved (or not) according to credit records. Does not make sense to approve one person with a given credit record and refuse someone with a similar record. Unless they barely qualify. Since no two credit histories are identical, there are surely edge cases. Finally, if a customer is a long term customer with large deposits and/or significant amounts of business with the bank, the bankers will likely be inclined to do more business.\"",
"title": ""
},
{
"docid": "36320d5d3ef4f2c73640925da28ba1b3",
"text": "Generally, credit card networks (as opposed to debit/ATM cards that may or may not have Visa/MC logos) have a rule that a merchant must accept any credit card with their logo. Visa rules for merchants in the US say it explicitly: Accept all types of valid Visa cards. Although Visa card acceptance rules may vary based on country specific requirements or local regulations, to offer the broadest possible range of payment options to cardholder customers, most merchants choose to accept all categories of Visa debit, credit, and prepaid cards.* Unfortunately the Visa site for China is in Chinese, so I can't find similar reference there. You can complain against a merchant who you think had violated Visa rules here. That said, its not a law, its a contract between the merchant processor and the Visa International organization, and merchants are known to break these rules here and there (most commonly - refusing to accept foreign cards, including in the US). Also, local laws may affect these contracts (for example, in the US it is legal to set minimum amount requirements when accepting credit cards). This only affects credit card processing, and merchants that don't accept credit cards may still accept debit cards since those work in different networks, under a different set of rules. Those who accept credit cards, are also required to accept debit cards (at least if used as credit).",
"title": ""
},
{
"docid": "7c970e9e4752025f14c6a88559265046",
"text": "\"The store owners don't know what your intentions are. All they know is they gave you good cash for a bad check. Part of this is that you're paying for the bad acts of others in the past, and these people aren't in the business of trying to understand your intentions. If you show good faith by going in and paying whatever you can, it will go a long way toward getting them to work with you on the balance. I don't know if they'd have much of a criminal case if the check you gave them was clearly marked as \"\"void\"\" and you've shown a willingness to resolve the situation. Of course you can't blame them for not wanting to accept another check from you. Good old hard cash, even if it isn't the full amount, will be a better sign of your intent to repay the debt.\"",
"title": ""
},
{
"docid": "2eec44b7b3026105c71f3ce5cda0ea3d",
"text": "\"Can an employer force a person to take a stock? From what I understand an employer can only offer stock options, doesn't that mean that the employee has to exercise that option in order for the stock to be valid? Would it be legal to fire me for refusing a bonus? Furthermore would owning stock necessarily make you an \"\"owner\"\" for the purposes of said law?\"",
"title": ""
},
{
"docid": "109ca3b612a0ed712240453010ca9c4f",
"text": "This happened to me in the mid 90's. I wanted to withdraw enough cash from my account to buy a new car and they nearly panicked. I took a bank draft instead. I discovered afterward that they can require up to a week's notice for any withdrawl.",
"title": ""
},
{
"docid": "2934083d7145bb30326fe179433f8a1e",
"text": "Credit Cards when I can. The reason if there is fraud or disputed charges (like I very much disagree with the cell phone charge) a debit card is already gone and I have to get the money back, versus a credit card where I haven't paid anybody anything.",
"title": ""
},
{
"docid": "04f81083600e6efd66a27ac1fd14ac8a",
"text": "In my experience, this choice is entirely up to the bank itself. There was a time when, given my mothers ATM card I could go to the bank and pull money for her, but the bank has since changed their rules and now they only will allow people listed on the account to access it, card or no card. If the bank is aware of who you are and knows that your friend is not you, they may be skeptical of allowing your friend to withdraw any money, or they might not care, it's at their discretion. If they do not know who either of you are, if your friend has the card and information needed, that will likely be sufficient, unless they ask for identification.",
"title": ""
}
] |
fiqa
|
5d65f5f6fce1ac1dc43bf1cbae22276a
|
Why do VAT-registered businesses in the EU charge VAT to each other?
|
[
{
"docid": "72b1e6985173d4f438917c27830348c5",
"text": "Not doing this would defeat the entire purpose of a VAT. The reason for a VAT rather than a simple sales tax is that it's harder to evade. Having a simple sales tax with the type of rates that VAT taxes typically are is unworkable because evasion is too easy. Imagine I'm a retailer. I buy products from a wholesaler and sell them to consumers. With a sales tax, if I don't charge the customer sales tax, the customer is happy and I don't care (assuming I don't get caught). And if I keep the sales tax but don't report the sale, I make a lot of money. Now, imagine a VAT. If I don't charge the customer the VAT, I lose money since I paid the VAT on the wholesale products. And if I don't report the sale, how do I claim my VAT refund?",
"title": ""
},
{
"docid": "ebe7bab9b048af3bcc0e783606e7074e",
"text": "But why can't two companies exchange goods directly without paying VAT? This would make the famous carousel fraud scam impossible and businesses won't have to deal with complicated refunds. Sales tax in the United States works as you describe. Sales tax is charged only to end customers, not to businesses that themselves charge sales tax. But this means that a criminal business can charge tax and just pocket it unless someone else reports it. They can also evade income tax the same way. Not to mention other issues like cross jurisdiction taxes (e.g. internet sales often evade sales tax). The whole point of a Value Added Tax (VAT) is that they charge at each level. This creates a system where each buyer reports the tax paid to the seller so as to be able to deduct it. So the seller has to pay the VAT that they charged. Or the tax authorities know and can revoke their VAT license. If only the end user is charged tax, then fraud is easier than under a VAT. So easy, I doubt they have a special name for it. The fraudulent business just collects tax from end users and disappears. Or simply fails to record those transactions. You could call it missing transaction record fraud, but why bother? It's just straight up tax fraud. The complexity of the carousel fraud arises from the difficulty of evading a VAT.",
"title": ""
}
] |
[
{
"docid": "ce76c6101a3f1577a11cca8495cebfc4",
"text": "It's quite common for VAT-registered businesses to quote ex-VAT prices for supply to other businesses. However you're right that when you make an order you will be invoiced and ultimately have to pay the VAT-inclusive price, assuming your supplier is VAT registered. If you're not clear on this then you should check since it obviously makes quite a difference. Since your business is not VAT-registered you cannot charge VAT to your customers.",
"title": ""
},
{
"docid": "472b1c3431cd2096d17855cf59342fd4",
"text": "\"I'm thinking about visiting the UK and I'm wondering which things are affected by the VAT and which are not. Most consumer goods are subject to VAT at the standard rate. Most food sold in shops is zero-rated, with the exception of a handful of luxury foods. Food in cafes/restaurants and some takeaway food is subject to VAT at the standard rate. Most paper books are zero rated (IIRC books that come with CDs are an exception). Some services are exempt, insurance is a notable one, so are some transactions with charities. Some small buisnesses and sole traders may not be VAT registered in which case there is no VAT for you to pay (but they can't reclaim VAT on the goods and services they buy). (there is a distinction between zero-rated and exempt but it's not relavent to you as a customer). Some goods have special rules, notably second hand goods. Prices are normally given inclusive of VAT. The exception to this is suppliers who mostly deal in business to business transactions. Also as a non-UK resident is there a way to get a rebate/reimbursement on this tax? There is something called the \"\"retail export scheme\"\" which can get you a refund but there are a number of catches.\"",
"title": ""
},
{
"docid": "e64e4e41b617d2c494ffa890cb6abe93",
"text": "After a bit of rooting around the HMRC sites, I found this page which says this: One key difference is that digitised products are classed as electronically-supplied services for VAT and customs duties. These services are: For VAT purposes, the place of supply of these services is the country in which the customer lives. If you supply electronic services to a business customer in another European Union (EU) country, the customer accounts for any VAT due in that country. You should not charge UK VAT. If you supply electronic services to a consumer, charity or government body in another EU country, you have to account for UK VAT. If you supply electronic services to anyone in a country outside the EU, you don't pay any VAT. If, as a UK business, you buy electronic services from a company outside the UK, you have to account for VAT. If I read this correctly, I as the supplier of the website need to account for VAT only if the sponsor is a consumer, charity or government body in another EU country. It is not covered in this site, but I assume I must also account for VAT for a customer based in the UK. So in answer to the original question, a customer from Canada (which is currently outside the EU) would account for the VAT themselves, and I would simply charge the gross amount.",
"title": ""
},
{
"docid": "f86d87919d214c8e6ea495e3ad086ded",
"text": "The technical answer is defined by the laws of state you live in but most (all?) states with a sales tax have some form of use tax. Where if you buy something in another state for use in your home state you are technically liable for sales tax on it regardless of whether the merchant charged you tax on it or not. I don't think many people actually pay the use taxes, and enforcement generally seems rare.",
"title": ""
},
{
"docid": "cbe990789e2fb4be1cceafe3db9efa52",
"text": "The scenarios you describe are obviously easy to catch. It is reasonably defined in tax law, but more needs to be done to exert the spirit of the rules. The problem is that when international businesses are cross charging there is limited information the tax offices have to argue the toss - for example a UK tax office cannot audit the accounts of its US parent in order to decide whether a cross charge representing license fees and marketing costs is fair - but these types of transaction are one of the primary mechanism for avoiding taxes. These are therefrom inferred by the UK companies accounts but not 'in the open' in the sense that they can be easily challenged with accurate information. And that is why it happens, people know about it, but it is still not easy to stop.",
"title": ""
},
{
"docid": "3d26ef83f96ca1f239f366e28a6761f8",
"text": "I don't think so, but: - It depends on the product, some products are simple (Vodka) others have plenty of restrictions (Plutonium). So without you naming what your product is nobody can help you. - Regulation differ for each country. Greece and Italy are different countries. For most products you pay some import duty, the applicable VAT and some customs fees and all is well.",
"title": ""
},
{
"docid": "f49a5014e4b988839b195d6185eb3018",
"text": "Because lobbying. Otherwise such tax optimization schemes would be counteracted with laws after their discovery by our law-making entities... who can be ~~paid~~ lobbied. Personally I believe if your company uses a country's infrastructure to sell goods for a profit, then you should pay a fair share of that profit to support that infrastructure you use. If you don't want to pay, just don't do business there. But lobbying can alter that logic.",
"title": ""
},
{
"docid": "9fed7947cf3797ff10394446994e2c9d",
"text": "The most important thing to remember is that being VAT registered, you must add VAT to every bill, so every bill will be 20% higher. If the bill payer is a company, they don't care because they deduct the 20% VAT from their own VAT bill. If the bill payer is a private person, their cost of your services has just gone up by 20% and it is going to hurt your business. So the question is, what kind of customers do you have? But if your customers are companies, then the flat rate scheme mentioned above is very little work and puts a nice little amount of extra cash in your pocket (suitable if your bills are mostly for your work and not for parts that you buy for the customer and bill them for).",
"title": ""
},
{
"docid": "1696e133d9048ca93a8b41f2129658b7",
"text": "https://www.ato.gov.au/Business/GST/ Some of the costs are indeed related to the conversion rate, which, as we all know,changes daily. You don't say whether you're using a credit card. If so, some cards do charge foreign transaction fees; some do not. However, Australia, like many European countries, does use a VAT system. Therefore your charges will be increased. Please be aware that these taxes are built into the economic system. In many cases, you van apply for and receive a waiver to be reimbursed if the purchase is made through a duty free store.",
"title": ""
},
{
"docid": "6b590adfbf41f34aee714780ff043bb5",
"text": "Some items are VAT Exempt or Reduced, but in short you will pay it on almost any all consumer goods. Assuming you are a visitor to the UK from a non-EU nation then Her Majesty will refund you with the appropriate paperwork",
"title": ""
},
{
"docid": "c852169f4c8bddf4abd32fba18f150e9",
"text": "They take in a *lot* through Corporation Tax, so it'd be relatively unfair to non-business owners and non-shareholders to put it onto VAT and income tax. In the Starbucks case, they'd still want to get the money out of the country so would end up paying no more tax than now. One alternative along the lines you state, though, would be to crank up capital gains and dividend taxes to match what's taken in by Corporation Tax now. After all, those are the other ways (than income) for owners and shareholders to extract value from corporations and would be tricky to dodge unless you're outside of the EU.",
"title": ""
},
{
"docid": "f0e35b50511df8a0a78fcdf833adddd5",
"text": "Compliance issues vary from country to country and, in the US, state to state as well. There'll be a number of levels, though: Bear in mind that it is not that these taxes and responsibilities don't apply to sole traders or unregistered businesses, it's just that being registered signals your existence and introduces the bureaucracy to you all at once. Update: Your accountant should manage your company and consumer tax calculations and submissions on your behalf (and a good one will complete all the paperwork on time plus let you know well in advance what your liability is, as well as offer advice on reducing and restructuring these liabilities). You're probably on your own for local taxes unless your accountant deals with these and is local to even know what they are.",
"title": ""
},
{
"docid": "f3cb37eeb83f058f405b20ac90fddb52",
"text": "There's one huge difference. Generally speaking, the entire burden of paying VAT is intended to be placed upon end consumers, and not upon businesses themselves. So ditching corporation tax and increasing VAT would mean shifting a huge amount of the tax burden from corporations to every-day people. Such a policy could kill the party that attempted to push it.",
"title": ""
},
{
"docid": "21d4e1e1342a71f70549aee9c0eb3e5b",
"text": "IANAL, I have not been VAT registered myself but this is what I have picked up from various sources. You might want to confirm things with your solicitor or accountant. As I understand it there is a critical difference between supplying zero-rated goods/services and supplying exempt goods/services. If the goods/services are zero-rated then the normal VAT rules apply, you charge VAT on your outputs (at a rate of 0%) and can claim back VAT on your inputs (at whatever rate it was charged at, depending on the type of goods.. If the goods/services are exempt you don't charge and VAT on your outputs and can't claim back any VAT on your inputs. (Things get complicated if you have a mixture of exempt and non-exempt outputs) According to http://oko.uk/blog/adsense-vat-explained adsense income is a buisness to buisness transaction with a company in another EU country and so from a supplier point of view (you are the supplier, google is the customer) it counts as a zero-rated transaction.",
"title": ""
},
{
"docid": "73665670f8f89a0dfc6e8dd8afc68fdb",
"text": "A $100K house and $100K are not equivalent assets. Here's a hypothetical... You and I both work for the same company, and both get a $100K bonus (yes, I said it's hypothetical). You decide to use the $100K to pay off your house. I put the money in the bank. Six months later, our company lays both of us off. I have $100K in the bank. I can last for quite a while with that much money in the bank. You have a house, but you can't get a mortgage or home equity loan, because you don't have a job. The only way you can access the money is by selling the house, which requires you to pay money to a real estate agent and perhaps taxes, and leaves you looking for a place to live. That assumes there isn't something systemic going on - like the credit crash - and there is credit available for somebody else to buy your house.",
"title": ""
}
] |
fiqa
|
9355f76291f42b6ea33d789cbd6cbbf0
|
Can a company have a credit rating better than that of the country where it is located?
|
[
{
"docid": "9b9f9d0390fd07319e4f35714bb1d4c3",
"text": "\"BlackJack's answer is technically correct: government credit ratings are independent of corporate credit ratings. The rating should reflect the borrower's ability to repay its obligations. One reason the book you read may have stated that corporate credit ratings cannot be better than the government's credit rating is that the government, unlike the corporation, can steal (or in government parlance \"\"tax\"\") from anywhere or anyone. So if a government finds itself in financial difficulty it could simply take the cash from corporations or people with high credit ratings by a variety of methods: implement windfall profit taxes, take over industries, take peoples gold, tax pension savings, or simply take peoples pensions or retirement savings. This increases the risk of doing business in a country with an over-extended government. Over extended governments do not die gracefully. They only die when there is nothing left to steal.\"",
"title": ""
},
{
"docid": "8723a73705f4f18937f82286dc564b0c",
"text": "\"In one personal finance book I read that if a company is located in a country with credit rating X it can't have credit rating better (lower - i.e. further from AAA level) than X. This is simply wrong. Real world evidence proves it wrong. Automatic Data Processing (ADP), Exxon Mobile (XOM), Johnson & Johnson (JNJ), and Microsoft (MSFT) all have a triple-A rating today, even though the United States doesn't. Toyota (TM) remained triple-A for many years even after Japanese debt was downgraded. The explanation was the following: country has rating X because risk of doing business with it is X and so risk of doing business with any company located in that country automatically can't be better than X. When reading financial literature, you should always be critical. Let's evaluate this statement. First off, a credit rating is not the \"\"risk of doing business.\"\" That is way too generic. Specifically, a credit rating attempts to define an individual or company's ability to repay it's obligations. Buying treasuries constitutes as doing business with the gov't, but you can argue that buying stamps at USPS is also doing business with the gov't, and a credit rating won't affect the latter too much. So a credit rating reflects the ability of an entity to repay it's obligations. What does the ability of a government to repay have to do with the ability of companies in that country to repay? Not much. Certainly, if a company keeps it's surplus cash all in treasuries, then downgrading the government will affect the company, but in general, the credit rating of a company determines the company's ability to pay.\"",
"title": ""
}
] |
[
{
"docid": "20699ddd02b61af4bdf4d3704421330d",
"text": "You borrow on the international makets. [Moody's predicts Scotland would get an 'A' credit rating](http://www.bbc.co.uk/news/uk-scotland-scotland-politics-27247870) [Standard & Poors - Independent Scotland could be AAA rated](http://www.businessforscotland.co.uk/independent-scotland-could-be-aaa-rated-standard-poors) [Credit Suisse report independent Scotland would be ranked four places higher than the rUK.](http://www.newsnetscotland.com/index.php/scottish-news/9637-scotland-ahead-of-ruk-even-without-oil-says-credit-suisse-report) [An independent Scotland would be a wealthy and financially viable country like New Zealand, but could suffer initial growing pains, according to credit ratings agency Standard & Poor's.](http://www.theguardian.com/politics/2014/feb/27/independent-scottish-economy-viable-slow-first-standard-poors)",
"title": ""
},
{
"docid": "953b47450cda011d6803d18a238445f0",
"text": "When you start living in US, it doesn't actually matter what was your Credit history in another country. Your Credit History in US is tied to your SSN (Social Security Number), which will be awarded once you are in the country legally and apply for it. Getting an SSN also doesn't guarantee you nothing and you have to build your credit history slowly. Opening a Checking or Savings account will not help you in building a credit history. You need to have some type of Credit Account (credit card, car loan, mortgage etc.) linked to your SSN to start building your credit history. When you are new to US, you probably won't find any bank that will give you a Credit Card as you have no Credit history. One alternative is to apply for a secured credit card. A secured credit card is one you get by putting money or paying money to a bank and open a Credit Card against that money, thereby the bank can be secure that they won't lose any money. Once you have that, you can use that to build up your credit history slowly and once you have a good credit history and score, apply for regular Credit Card or apply for a car loan, mortgage etc. When I came to US 8 years ago, my Credit History was nothing, even though I had pretty good balance and credit history back in my country. I applied for secured credit card by paying $500 to a bank ( which got acquired by CapitalOne ), got it approved and used it for everything, for three years. I applied for other cards in the mean time but got rejected every time. Finally got approved for a regular credit card after three years and in one year added a mortgage and car loan, which helped me to get a decent score now. And Yes, a good Credit Score is important and essential for renting an apartment, leasing a car, getting a Credit Card etc. but normally your employer can always arrange for an apartment given your situation or you need to share apartment with someone else. You can rent a car without and credit score, but need a valid US / International Drivers license and a Credit Card :-) Best option will be to open a secured credit card and start building your credit. When your wife and family arrives, they also will be assigned individual SSN and can start building their credit history themselves. Please keep in mind that Credit Score and Credit History is always individual here...",
"title": ""
},
{
"docid": "7398abe8544fccf27a34b60e839f28b3",
"text": "You can check whether the company whose stock you want to buy is present on an european market. For instance this is the case for Apple at Frankfurt.",
"title": ""
},
{
"docid": "a3d0faea96982b5a5ffaa1971f1df44c",
"text": "No. The information you are describing is technical data about a stock's market price and trading volume, only. There is nothing implied in that data about a company's financial fundamentals (earnings/profitability, outstanding shares, market capitalization, dividends, balance sheet assets and liabilities, etc.) All you can infer is positive or negative momentum in the trading of the stock. If you want to understand if a company is performing well, then you need fundamental data about the company such as you would get from a company's annual and quarterly reports.",
"title": ""
},
{
"docid": "872d37b659b196edc2b87bc5f87f3ac7",
"text": "It won't hurt your credit rating. I wouldn't worry about it. The company can certainly pursue debt collections across borders but unless its a massive sum.. they will write it off. Now.. what the right thing to do is to take care of it... 1. for karma's sake and 2. so you don't make a bad name for foreigners.",
"title": ""
},
{
"docid": "9a645e71c88b090fb161d6d1f0924ae6",
"text": "\"Rating agencies are pretty garbage, the market is always a few steps ahead of them. However, India is rated lower as it has not been an economic \"\"power\"\" for a long time ans is still developing. However the market rates on bonds tell a different story, and that is that India is safer than Spain to lend to. It is also easier to go after assets in Spain a Eurozone country than India, however Indian debt in Rupees should be safer than Spanish debt in Euros as India can fire up the printer if necessary. Indian yield on the 10 year is ~ 8.5% inflation is 7.5% giving a real yield of 1% Spanish 10 year is 6.87% and Eurozone inflation is 2.4% giving a real yield of 4.47%. The market doesn't agree with S&P.\"",
"title": ""
},
{
"docid": "e5c96d25cabfb16b086f42e029b0ba1a",
"text": "\"Not entirely. For a creditor to go after the \"\"parent company\"\" in one of these cases requires the courts to be willing to \"\"pierce the corporate veil\"\" (in legal parlance). Typically this is only done if the parent company set up the wholly-owned-subsidiary in order to perpetrate a fraud. In this case, the subsidiary has a totally legitimate function - to sequester risk. While you're right that the parent company may have to offer some form of credit guarantees to get the subsidiary to get a loan, often those guarantees still don't create nearly as much exposure for the parent company.\"",
"title": ""
},
{
"docid": "b228fd9c49d849a76e562c6128b35a42",
"text": "The key here is that you are defacto running your own company no matter if you acknowledge it or not. In the end these questions have the goal of deciding if you can and will repay the loan. Presumably you filed taxes on your income. These can be shown to the loan officer as proof you have the ability to repay your loan. Running your freelancing as a business has advantages of being able to deduct normal expenses for running the business from your revenue. I am not sure how business cards improves your credit worthiness as they can be had for $10 in about an hour.",
"title": ""
},
{
"docid": "84f9f90ed7adee81f9e28ff3973c2926",
"text": "Regardless, it doesn't indicate any financial stress or credit-related issues. Just because you are pissed off about the way the financial industry works, doesn't mean the banks are in poor shape. If France and Germany come crashing down, then you may have some evidence to back your point.",
"title": ""
},
{
"docid": "55dc1bbd3528ca485ea549a23d352fa9",
"text": "In the United Kingdom, there is a leading company that has been offering Progressive business funding solutions to the businesses for the last 120 years. Their service areas are South Africa, New Zealand, Ireland, Canada, Australia, USA, etc.",
"title": ""
},
{
"docid": "1f69b9b3b61d001e92118515fb873e53",
"text": "gnasher729's answer is fundamentally correct and deserves the checkmark, but I'd like to give an economic explanation for how this economically functions. The key point from gnasher729's answer's that the interest rate is 49.9% for one company. While this may be much higher than the equilibrium rate, the true market interest rate, it is not completely unreasonable because of the risk. For credit to be continually produced, default risk must be compensated because this is a cost to the lender. Most are not in business to lose money, so making loans to borrowers that default 40% of the time would make this interest rate reasonable. For UK citizens, this would not be such a problem because the lender can usually pursue the borrower for the balance, but if the borrower can disavow the loan and leave the legal reach of the UK creditors, the collection rate is 0%. The guarantee by the foreign persons not present in the UK is incidental and probably more of a regulatory requirement since the inability to collect from them is just as unlikely. One should always look for the lowest price with at least minimum quality when shopping for anything, but you are right to be apprehensive legally. Read every line and be sure that you yourself understand every clause before signing. If alternative cheaper financing is available, it is probably superior.",
"title": ""
},
{
"docid": "cb1a38f02429161760fdfff00d8be026",
"text": "Dunn & Bradstreet offers detailed credit reports on businesses. They are not cheap, but they appear to have information on RIOCAN.",
"title": ""
},
{
"docid": "132e687702aa3c1ab0f5f97c9facfc6f",
"text": "If you are interested in this stuff, S&P produce a sovereign rating methodolgy, in which they will tell you exactly what factors they look at. Once you read this, you can obtain their latest rating report on India and Spain to understand how they applied said methodology in each case. (Not sure if this is free)",
"title": ""
},
{
"docid": "18127088510ed511e14029a376fff64e",
"text": "A) The Credit Rating Agencies only look at the month-end totals that are on your credit card, as this is all they ever get from the issuing bank. So a higher usage frequency as described would not make any direct difference to your credit rating. B) The issuing bank will know if you use the credit with the higher frequency, but it probably has little effect on your limit. Typically, after two to three month, they reevaluate your credit limit, and it could go up considerably if you never overdrew (and at this time, it could indirectly positively affect your credit rating). You could consider calling the issuing bank after two month and try to explain the history a bit and get them to increase the limit, but that only makes sense if your credit score has recovered. Your business paperwork could go a long way to convince someone, if you do so well now. C) If your credit rating is still bad, you need to find out why. It should have normalized to a medium range with the bad historic issues dropped.",
"title": ""
},
{
"docid": "3ade3fe075a328cb9ac02c1c950bfead",
"text": "Credit scores in the U.S. are entirely based on information contained in your credit report. The details of your credit card transactions, such as where your individual purchases are from, the amount of individual purchases, refunds, chargebacks (successful or failed), etc. do not appear on your credit report. Therefore, they can have no impact on your credit score. According to creditsavvy.com.au, credit scores in Australia are based on similar information: the information in your credit history, credit profile, and credit applications. I don't see anything that would suggest that the details of your transactions would affect your credit score.",
"title": ""
}
] |
fiqa
|
a828c6c1d5a1bf0c0d56598fc9d8de1b
|
Is it possible, anywhere in the US for a funding firm to not have a license number showing somewhere?
|
[
{
"docid": "ba7ff54a3a9af4ac23f5140a5e1a2b41",
"text": "In the United states the US government has the Small Business Administration. They also have Small Business Development Centers SMDC to help. These are also supported by state governments and colleges and universities. SBDCs provide services through professional business advisors such as: development of business plans; manufacturing assistance; financial packaging and lending assistance; exporting and importing support; disaster recovery assistance; procurement and contracting aid; market research services; aid to 8(a) firms in all stages; and healthcare information. SBDCs serve all populations, including: minorities; women; veterans, including reservists, active duty, disabled personnel, and those returning from deployment; personnel with disabilities; youth and encore entrepreneurs; as well as individuals in low and moderate income urban and rural areas. Based on client needs, local business trends and individual business requirements, SBDCs modify their services to meet the evolving needs of the hundreds of small business community in which they are situated. SBDC assistance is available virtually anywhere with 63 Host networks branching out with more than 900 service delivery points throughout the U.S., the District of Columbia, Guam, Puerto Rico, American Samoa and the U.S. Virgin Islands,. Your local SBDC should be able to help you identify local sources of funds, including government backed loans for small businesses.",
"title": ""
},
{
"docid": "4fbe50f898807147c7d5d2961fb51a67",
"text": "Well, these can range from loan broker to outright scams. It is pretty typical that loan broker just take some fee in the middle for their service of filling your applications for a bunch of real loan provider companies. Because making a web page costs nothing, a single loan broker could easily have many web pages with a bit different marketing so that they can get as many customers as possible. But of course some of the web pages can be actual scams. As soon as you provide enough information for taking out a loan, they can go to a real financial institution, take out the loan and run with the money. In most countries consumer protection laws do not apply to business-to-business transactions, so you have to be even more wary of scams than usual.",
"title": ""
}
] |
[
{
"docid": "d8b09ee2638ceb7294e3fcb01aaeee55",
"text": "I realize this is a stale topic, but to anybody who may swing by looking for an answer to this question (on the recently revised W-8BEN), a foreign taxpayer can get an individual taxpayer identification number (ITIN) without being resident in the US. However, an ITIN will often not be necessary for W-8BEN purposes if you have a tax number from your local jurisdiction. Check the Form W-8BEN instructions for your specific situation, but some taxpayers will need neither a US-issued ITIN nor a foreign-issued TIN. Forming a Delaware or Nevada LLC would be expensive and generally subject to federal and state tax and filing obligations. It would also moot the need for a W-8BEN, which only applies to foreign taxpayers; the equivalent form for domestic taxpayers is Form W-9.",
"title": ""
},
{
"docid": "96aefa42c9120412e688d4e47ccabd3c",
"text": "Street name is not what you think it is in the question. The broker is the owner in street name. There is no external secondary owner information. I don't know if there is available independent verification, but if the broker is in the US and they go out of business suddenly, you can make a claim to the SIPC.",
"title": ""
},
{
"docid": "c06dd8658a400808f0995c1905f5a6bd",
"text": "This depends on the practise and applications available with the Beneficiary Bank. For a corporate customer, the details are show. For Retail customers they are generally not shown.",
"title": ""
},
{
"docid": "35d7b7bfa64a908279a2976bd2f45da3",
"text": "The old school way would have been to identify some wealthy zip codes and cold call like a mofo. At present I would prefer to find some retiring advisor and buy his book (that may mean leaving your current firm).",
"title": ""
},
{
"docid": "2e0d9dbc09105ab8b27d8604bfd88f35",
"text": "Off the top of my head I can think of 10 prop shops in Chicago that don't require any sort of certifications. Most those certification requirements are there only when you are managing outside investor money. I was under the impression you are just trading the firm's capital, not outside investor capital, which is why I asked (which, to me, is the definition of a prop shop.)",
"title": ""
},
{
"docid": "2c2b5675ead73a08d535df4876b8ea5c",
"text": "\"I can't find a citation, but from memory (EDIT: and reading the newspapers at the time it happened): up until around 1980, banks couldn't cross state borders. In my state, at least, they were also very local, only staying within one county. This was to enforce \"\"localness\"\", the thought being that local bankers would know local people and the local situation better than far away people who only see numbers and paperwork.\"",
"title": ""
},
{
"docid": "8d993890289505b5f6a9d42cd48978ea",
"text": "\"In Canada, for example, they are expected or required to find out. They call it, The “Know Your Client” rule, part of which is knowing your \"\"Investment knowledge and experience\"\". They say it is, \"\"to ensure their advice is suitable for you\"\". I have always been given that kind of form to fill in, when opening an account.\"",
"title": ""
},
{
"docid": "963461a2922f65173425e0d5ade73c8a",
"text": "Its not public information but it would be hard to keep it a secret. By its very nature, a custodial bank has to interact with various brokers, middle office systems, back office systems - many of which are third party. And the investment firm will likely be giving out their custodial information to these third parties to set up interfaces and whatnot.",
"title": ""
},
{
"docid": "7c722dc91f5383cd2b021d3cd0a0f154",
"text": "It is completely in the realm of each lender what they request. Some lenders always want to see proof of income, and others have decided to look only at other things. Their decision has nothing to do with you, your situation, your income, or your credit history. You are of course free to go to another lender that does not want proof of income.",
"title": ""
},
{
"docid": "d2930f58b82be1037bcd97026c3c9461",
"text": "The reason the loan amount is showing is because it is a default - the fact that you live in a non-recourse state doesn't change the fact that a loan obligation that had your name on it was defaulted upon. I don't think there is much you can do now given that your name was still on the mortgages.",
"title": ""
},
{
"docid": "0f02d14b3b88c6a19f10f13209e2455d",
"text": "I've talked to several very experienced accountants that deal with startup shares, stock 83(b)'s, etc. weekly (based in SF, CA) as this issue would have had a massive impact on me. The most important part of filing an 83(b) is notifying the IRS within 30 days. The law requires the written notification within the 30 day window. Adding it to that years tax return is an IRS procedure. Forgetting to include a copy of that years tax return is apparently a common occurrence when no tax was owed (0 spread, you actually paid the FMV). And the accepted method to resolve this is to simply file a blank amendment for that years return and include the copy of the 83(b) election.",
"title": ""
},
{
"docid": "e514d818bc9ca8b9d5b4054e4321ba20",
"text": "If you or she can't answer this or don't have access to someone who can, then I fear for the business. That said, it really depends on where you are and how your business is incirporared, but I can't think of any law prohibiting it where I am. I was an employee of my dad's business as soon as I was legal.",
"title": ""
},
{
"docid": "3091eda9cb4abbce57a1fd1559c2da15",
"text": "This is all answered in the prospectus. The money not yet invested (available/committed to a note but not yet funded) is held in pooled trust account insured by FDIC. Money funded is delivered to the borrower. Lending Club service their notes themselves. Read also my reviews on Lending Club.",
"title": ""
},
{
"docid": "c0e7a965e82c1984ba0795078090e9f8",
"text": "I am wondering weather it is worth it (how taxation works in this scenario ect.) or not and legally possible to do so ? Whether it is worth it or not is up to you. There's nothing illegal in this, unless of course there's a legal issue in the foreign country. The US doesn't care. Re taxes - it is a bit trickier. If your lender does not provide you with form 1098, you'll have to report the lender's name, address and SSN/ITIN on your tax return in order to claim a deduction. The IRS will then expect the lender to report that interest as income. This is US-sourced income and is taxed in the US despite the fact that the lender is non-resident. See here for more info. If the lender doesn't report the income and doesn't pay the taxes - your deduction may be denied as well for double-dipping. It is easier if this is an investment. Then the deduction is not going to Schedule A, but rather as an expense to Schedule E. The IRS may still require matching, but you won't need to report the SSN/ITIN - just have the expense properly documented. Obviously, the best when it comes to legal issues, is to talk to an attorney licensed in the State in question. Similarly with tax questions - you should talk to a EA/CPA licensed in that State. I'm neither.",
"title": ""
},
{
"docid": "69ac51b8ab938496513c86e787af062d",
"text": "\"This is common practice I would suprised that there was multinationals not doing this. What is funny though is when auto companies in Australia get government grants to be viable but then send the same amount of money back to the US for \"\"branding licence\"\". Looking at you General Motors\"",
"title": ""
}
] |
fiqa
|
815e3b47585ca58449464b25a75dd961
|
Need small buisness ideas with 100k $ budjet in a 3rd world country
|
[
{
"docid": "834c2a0e0ce54c97615d0a7993d1588d",
"text": "Firstly, I highly doubt anyone on this site will be able to provide you with accurate input on this matter regarding what TO DO. It's the what not to do that may be possible. That said, if you want to offer equipment for rent, which in a developing country is probably a decent idea, I'd start by asking around and doing some research on what people really need and are wanting to rent. I would suggest studying other developing/developed countries histories to see what companies were successful around a similar stage as well. I'd start small: pressure washers, generators, concrete mixers, fork lifts, hydraulic ladders, etc. Getting things that are just a bit too expensive for someone to own and something they don't need all the time. These can be great revenue generators because they're cheap to purchase, but can be rented at a premium.",
"title": ""
}
] |
[
{
"docid": "f27a6c6c9dcf94808d2a9ebbab865880",
"text": "What could a small guy with $100 do to make himself not poor To answer the question directly, not much. Short of investing in something at the exact moment before it goes bananas, then reinvesting into a bigger stock and bigger etc, it's super high risk. A better way is to sacrifice some small things, less coffee, less smokes, less going out partying so that instead of having $100, you have $100 a week. This puts you into a situation where you can save enough to become a deposit on an appreciating asset (choose your own asset class, property in AU for me). Take out a loan for as much as you can for your $100 a week payment and make it interest only with an offset against it, distributions from shares can either be reinvested or put into the offset or in the case of property, rent can be put against the offset, pretty soon you end up with a scenario where you have cash offsetting a loan down to nothing but you still have access to the cash, invest into another place and revalue your asset, you can take out any equity that has grown and put that also into your offset. Keep pulling equity and using the money from the offset as deposits on other assets (it kind of works really well on property) and within 15 years you can build an empire with a passive income to retire on. The biggest thing the rich guys get that the poor guys don't is that debt is GOOD, use someone else's money to buy an appreciating asset then when you pay it back eventually, you own the growth. Use debt to buy more debt for exponential growth. Of course, you need to also invest your time to research what you are investing in, you need to know when you make the decision to buy that it will appreciate, it's no good just buying off a tip, you may as well drop your money on the horses if you want to play it like that. Fortunately, one thing we all have in common regardless of our money is time, we have time which we can invest.",
"title": ""
},
{
"docid": "dd6981c340d46bc7e546cd9c1222d530",
"text": "Does your family go to church? I know reddit hates religion but churches have been a great source of support for small shops just starting off. They are a great opportunity to network in your community. If not, look for other things, toast masters, chamber of commerce. Get something big on the truck, park it in a well lit-high traffic spot (empty). I have heard SOME decent things about location based google adwords. You may want to check out advertising. Also, make sure he comes up in the google results when people look for plumbers. Google is the not-so-new yellow pages and a lot of people just start at the top of the list and work their way down when they need someone in an emergency. Get him to network with General Contractors and maybe the HBA in your area.",
"title": ""
},
{
"docid": "0c2dfe34ea55af11139b3dade5f2cb38",
"text": "I assume the same criteria apply for this as your previous question. You want to physically transfer in excess of 50,000 USD multiple times a week and you want the transportation mechanism to be instant or very quick. I don't believe there is any option that won't raise serious red flags with the government entities you cross the boundaries of. Even a cheque, which a person in the comments of OP's question suggests, wouldn't be sufficient due to government regulation requiring banks to put holds on such large amounts.",
"title": ""
},
{
"docid": "04e3d86a2d2c8b7cc21ef0136505970d",
"text": "A few ideas : sell snacks for the trip, or alternatively just raise your prices and give the snacks for free. Print out a sign with some pictures of where you'll take them, tease the experience. Install curtains that can be opened or closed in case customers want more or less shade / privacy. Have a radio or some speaker to play music during the trip.",
"title": ""
},
{
"docid": "eb9a03241f0728bbb281cd981a8ef674",
"text": "Depending on how tech savvy your client is you could potentially use bitcoin. There is some take of indian regulators stopping bitcoin exchanges, meaning it might be hard to get your money out in your local country but the lack of fees to transfer and not getting killed on the exchange rate every time has a huge impact, especially if your individual transaction sizes are not huge.",
"title": ""
},
{
"docid": "c4c87944eec93fc4026a2e1e59dbde9f",
"text": "I'll consent to this. I get it. But the shop itself is making about 80-100k a month in sales. I realize the wind could shift but as long as I recoup the initial 92k I wouldn't be out any monies. It would take almost a year since each harvest period is 66 days but I get what you mean",
"title": ""
},
{
"docid": "87a9b5c189597cb31def79e3c774a133",
"text": "You can get an SBA disaster loan to help cover costs. There are a few different kinds of loans. You have to live in a qualifying area to get one, which you likely do. There are physical disaster loans, which cover inventory, and that may help replace the flowers/plants. They also have EIDLs which you can use to help cover ongoing costs like fixed bills while you get back into business. Important to note these are loans, intended to be low-interest (or at least lower than a merchant cash advance or putting charges on credit cards), and do have to get paid back. There are hoops to jump through too, but they may be your best option, depending on your current financial situation. (You could also go to your local Small Business Development Center for help -- they have free resources and experts who can help you understand your options.) And when you get back up on your feet, get a business line of credit and business insurance so you have a backup plan and immediate access to capital for next time. This article is about Harvey, but same ideas apply for Irma: https://www.nav.com/blog/how-to-get-an-sba-disaster-loan-after-hurricane-harvey-22706/",
"title": ""
},
{
"docid": "3ba8485a9a1a51d71b7d8c8b919e434f",
"text": "A Standby Letter of Credit was required by a company in UAE to import Gold Dust from a supplier in South Africa, but they do not have enough cash flow to obtain the Standby LC from their Bank. They found Bronze Wing Trading & availed their required SBLC MT760 without any Financial Collateral.",
"title": ""
},
{
"docid": "bab463a3a2eb36c561c7486765a933b2",
"text": "\"A hundred different Indian sweatshops low bidding everyone. I would be surprised if any of those projects are ever successful or under budget, but the amateur clients don't seem to care, they just want \"\"the next Facebook\"\" built for $100.\"",
"title": ""
},
{
"docid": "bc421aa144fe38a52e006f8c9dcde709",
"text": "Also find a way to sell some products to people you drive so they spend more money with you. For example a photo of them on your TukTuk or a small toy TukTuk that's also colored yellow like yours. People will buy them for those kids and for memories",
"title": ""
},
{
"docid": "4bafc1c73d82f92cd9856506cd82bd2d",
"text": "\"To be fair, while he was harsh and over-critical, he was realistic. Based on your vague wording (understandable, you think you have a unique proprietary idea) but the other stuff you mentioned, I don't think you can confidently say it'll make \"\"way over $200,000\"\". It doesn't seem like you've done much research at all, have a business plan together, or any credible experience to evaluate your idea without personal bias. Hope you continue to pursue it, but do your homework. Learn how to put together a business plan, etc. Because obviously if you came to an investor with your idea explained in the style of your original post, you'd more than likely be laughed off as a delusional kid.\"",
"title": ""
},
{
"docid": "42aeba15aa13ed69c349cf669b430e62",
"text": "\"Im currently working on the line for a major multinational. They regularly take feedback from us for improvements, and in India, one of those suggestions increased direct sales by (reportedly) over 50%. That suggestion? Put a label on card readers that said \"\"(company name) Authorized Card Reader\"\". It cost the company less than $10, and now brings in millions per year.\"",
"title": ""
},
{
"docid": "0610566afa2a7e30d8b04a99c7e94284",
"text": "Have you tried your local panhandler? She/He will probably accept 50€ in small change.",
"title": ""
},
{
"docid": "abe5fdb9af1605616d95a643aeb6e484",
"text": "This isn't really the case in Siem Reap in my experience. Hardly any taxis or room for taxis especially in the centre, and every tourist knows it's time to use your negotiation skills. I imagine if one tuktuk driver put out prices all the others would get pretty annoyed.",
"title": ""
},
{
"docid": "d253535002bfac9d7d58b0e7474d6d61",
"text": "PayPal. Or even Western Union or MoneyGram. Despite their fees, there is a reason those companies are still in business.",
"title": ""
}
] |
fiqa
|
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