Comments for New Herald Times

Comment on Business? by Jess Q

Jess Q — Sat, 29 Aug 2009 02:25:41 +0000

For startups and new businesses, I would recommend

Comment on How to write a business proposal for selling a at home business? by GETaLIFE

GETaLIFE — Thu, 27 Aug 2009 00:03:04 +0000

You can’t post a Proposal for Sale of Business here. It is a comprehensive document similar to a business plan with dozens to hundreds of pages. Contact a broker like VR Business Brokers and see if you can get help. Yours is a unique business driven by personal contacts and is not easily sold.

Comment on Business? by joemarques68

joemarques68 — Tue, 25 Aug 2009 23:14:30 +0000

get your self a lawm mower there is good money cuting gras you may have one at home if not they cheap you could charge $20.00 depend how big it is make flyers businnes cards talk to people around your house let them know what you planing on doing

Comment on Business? by Internet Mentor

Internet Mentor — Mon, 24 Aug 2009 02:49:09 +0000

You don’t need cash. You need a PLAN. If you have the drive to do it, and the time (sounds like you have some of that), you can become successful. Where MOST people fall apart (young and old alike) is what you do with the earnings. If you spend it all on a car and insurance, instead of REINVESTING in your business, you’ll be like 98% of everyone else in the world.

Walk before you run (err, drive)

Comment on Business? by Matteo M

Matteo M — Sat, 22 Aug 2009 06:19:17 +0000

First of all establish what you want to do. Then write down some ideas with your buddy, then brainstorm how youre gonna turn those ideas into reality…. YOU WILL NEED CASH TO START ANYTHING.. regardless….

good luck!

Comment on Opening a business and wondering what types of expenses I can write off? by Steve

Steve — Fri, 21 Aug 2009 19:02:19 +0000

You need to keep accurate records when running a business. This will be your best defense if you ever get audited.

For IRS purposes, you need to make a profit every 3 out of 5 years to have the IRS prove that you are not running a business. Otherwise, it is up to you to prove that you are running a business and not doing a hobby. You can prove that you are running a business by keeping your business accounts and personal accounts separate.

You can write off any legitimate business expense including dinners with clients, car expenses, equipment, etc.

Having a separate checking account and credit card is a good idea. However, it isn’t necessary. You can comingle your business and personal expenses using your personal accounts. But, if you do this, then it will be harder for you to prove that you are running a business.

For your revenues, you don’t need a corporate account to make you deposits. You just need to make the deposits in your separate account that you use for business.

You can read Publication 334 for more information.

Comment on Opening a business and wondering what types of expenses I can write off? by Brian G

Brian G — Fri, 21 Aug 2009 03:22:59 +0000

Any expense that is directly related to running your business may be written off. If you have a home office, you can write off part of the cost of your mortgage/rent and utilities, IF you meet the requirements of having a separate area ONLY for work. If you choose to try this, I would suggest hiring a professional tax accountant. They can tell you exactly what you need to set up and document to avoid tax problems later. Even with a professional, don’t be surprised if you get a notice for an audit. A good tax accountant will go with you to explain that it is a legitimate deduction.

Gas costs can be written off only if you are doing an errand or meeting a client for the business. You will have to keep a log of mileage for this. Dinners would only be written off if it is a business dinner. Since you have set the business up as an LLC, payments would have to be made to the company, and you would pay yourself like an employee (salary, commission, bonus, etc.) You would need a separate bank account, but a business credit card is not a necessity. You can buy supplies and other items yourself and have the business reimburse you the cost.

Comment on Opening a business and wondering what types of expenses I can write off? by castaneda0097

castaneda0097 — Wed, 19 Aug 2009 11:44:09 +0000

Best thing to do is to hire an accountant that knows alot in the subject of opening a business. They have all the info you need to start up your business properly. Another thing is to invest in quickbooks; with very little effort you will be able to handle all of your record keeping tasks.

Comment on Be the Elephant: Build a Bigger, Better Business (Hardcover) by Kevina

Kevina — Thu, 06 Aug 2009 00:47:30 +0000

5.0 out of 5 stars
Be the Elephant: Build a Bigger ,Better Business
In following Steve’s easy to follow steps in his First book to” Bag the elephant, we bagged our first elephant, and have now in the last year and a half bagged 4 more…

Comment on Be the Elephant: Build a Bigger, Better Business (Hardcover) by Kaelin

Kaelin — Thu, 06 Aug 2009 00:47:30 +0000

5.0 out of 5 stars
“Be the Elephant”- Another Kaplan Must Read
“Be the Elephant” was even more enjoyable and more impactful than Mr.Kaplan’s first book, “Bag the Elephant”.