Posts Tagged ‘smart business stupid business’
Nexus Triggers
The following is an excerpt from the book Smart Business, Stupid Business, written by Diane Kennedy of US TaxAid and Megan Hughes of Smart Business Incorporation. Employees and independent contractor relationships can create nexus. All states take the position that having an employee located in a state will create nexus for your business in that [...]
...Corporations and Resident Agents
The following is an excerpt from the book Smart Business, Stupid Business, written by Diane Kennedy of US TaxAid and Megan Hughes of Smart Business Incorporation. The C Corporation is the traditional business structure. It has three elements: owners (called shareholders), operators (called officers), and shareholder representatives (called directors). The first two are pretty straightforward. [...]
...Upstreaming Income
The following is an excerpt from the book Smart Business, Stupid Business, written by Diane Kennedy of US TaxAid and Megan Hughes of Smart Business Incorporation. One of the hundreds of tax saving strategies we use with our clients involves upstreaming. Upstreaming simply means to move income from one taxpaying entity to another. It could [...]
...Four Mistakes You Don’t Want To Make When Filing Your First Tax Return
The following is an excerpt from the book Smart Business, Stupid Business, written by Diane Kennedy of US TaxAid and Megan Hughes of Smart Business Incorporation. If you’ve already filed your first tax return for your new business, it may be too late for you. However, it’s a good idea to go back and take [...]
...3 Exit Strategies
The following is an excerpt from the book Smart Business, Stupid Business, written by Diane Kennedy of US TaxAid and Megan Hughes of Smart Business Incorporation. Exit Strategy #1: Take the money and run. If your company is a cash cow that has a limited shelf life, requires a very specific market condition, or is [...]
...Beware of Giving One Employee Too Much Responsibilty
Problem I have a repair business client who had a customer service person for several years. He seemed like a good guy. Was very good with customers and knew lots about the computer system and the way things ran in the office. This was all good and well, except for a few things. I noticed [...]
...Bad Tax Planning = Big Tax Bill
Stupid Business Story: As a CPA/Tax Strategist advisor, I see a lot of tax strategies. Some work and some fail miserably. Here’s a story of a couple that came to me in a spot where it looked like their previous tax advisor had gone out of their way to make them pay too much in [...]
...When Is It Time to Get Experts Involved?
We just did a teleseminar over at an affiliate site, www.ustaxaid.com, that dealt with human resources issues for small business owners. We were looking specifically at how small businesses can make good hiring choices and get the right people in the door during critical periods of growth. Our guest on the call was a seasoned [...]
...Being an Entrepreneur Requires Flexibility
THE STORY I am a software consultant. I had an appointment with my client at his house to teach his wife how to use my software. They were about an hour’s drive away from my house and I had a general idea of where they were located. I left an hour and a half before [...]
...It Takes a Team to Run a Successful Business
Story A successful business that lasts takes all types of business skills. You need the sales guy, the innovator and you need the guy who gets the work done and creates the system. In this business, the owner was a sales guy all around. But he hated paying attention to details like fulfillment and profit [...]
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