Freelance websites provide access to just-in-time workers to complete important assignments of all kinds — from small projects like creating a logo for your business card to long term assignments like building a mobile app. We looked at six of the most popular freelance websites with affordable pricing and features a small businesses would want,… The post 6 Best Freelance Websites for Employers 2018: Upwork, Guru, Fiverr & More appeared first on Fit Small Business. from https://fitsmallbusiness.com/best-freelance-websites-small-business/
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A Rollover for Business Startups (ROBS) is a financing solution that lets you purchase a business with your retirement savings without paying early withdrawal fees or tax penalties. These transactions can be difficult and confusing, which is why we recommend using an experienced provider. We compare the best ROBS providers below. Top 5 ROBS Providers… The post 5 Best Rollover for Business Startups (ROBS) Providers 2018 appeared first on Fit Small Business. from https://fitsmallbusiness.com/best-rollover-business-startup-robs-providers/ Home staging is when a home seller intentionally prepares a residence exterior and interior to be desirable to as many potential buyers as possible, positioning the home to sell quickly, and fetch the highest possible price. Staging is a strategy. While sometimes clients are reticent to change elements about their home because of emotional attachments,… The post Home Staging in 10 Steps – The Ultimate Guide appeared first on Fit Small Business. from https://fitsmallbusiness.com/home-staging/ Verified Twitter AccountAs an avid user of Twitter, you should have noticed the blue badge with a blue tick beside some Twitter accounts. This is to notify everyone that such account(s) have been verified. What is a Verified Twitter Account?A verified twitter account, is one which has been ratified by Twitter as the legitimate account of a particular user. Every other account with such a name is just a fake or parody as Twitter community usually calls them. Verified accounts help celebrities and companies avoid loosing followers to parody accounts that post rancid stuff online. What’s more? This feature is now available to the general public, meaning every individual on twitter can get the blue badge with the tick! Facebook and Google Plus supports verification of accounts. Instagram joined in on this recently. How Do I Get Verified?You can get verified by following these steps: If you were not approved, you could re-submit your application in 30days. Although you need to exercise patience, as some criteria best known to Twitter need to be met. Don’t have a twitter account? Sign up here The post Twitter Verified Accounts – How to get verified twitter Accounts appeared first on JEELDA. from https://www.jeelda.com/twitter-verified-accounts/ A small business line of credit (LOC) helps small businesses overcome short term cash flow gaps or prepare for unexpected expenses. A line of credit can give you access to capital over and over again without reapplying. We’ve reviewed many small business line of credit providers and compare the best below, including their terms and… The post Best Small Business Line of Credit 2018 appeared first on Fit Small Business. from https://fitsmallbusiness.com/best-small-business-line-of-credit/ Mobile credit card processing lets you process credit card payments on-the-go using a mobile credit card reader connected to your smartphone or tablet. Some mobile payments solutions are stand-alone, others require additional payment services. We compared 5 top mobile credit card processing providers that cover a full range of mobile payments options for small businesses.… The post 5 Best Mobile Credit Card Processing Options for 2018 appeared first on Fit Small Business. from https://fitsmallbusiness.com/best-mobile-credit-card-processing/ Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Eva Rosenberg, EA, CTC, the founder of TaxMama.com. She is an award-winning tax author, blogger, columnist and instructor. TaxMama® has been helping taxpayers cut taxes and fix tax problems for decades. For more info: www.TaxMama.com. SmallBizlady: This year ended in a frenzy as the President signed a new tax law. How does that affect taxpayers filing their 2017 tax returns? Eva Rosenberg: The good news is, only three provisions of the Tax Cuts and Jobs Act (TCJA) affects your 2017 tax return.
SmallBizlady: There’s one other thing we need to know about 2017 – especially for small businesses – that’s the mileage. Eva Rosenberg: Yes. Here it is for 2017
While we’re at it, here are the mileage rates for 2018, so you can work on this year’s expense reports and vehicle planning.
SmallBizlady: You said there was a good reason to hold off filing tax returns early this year. Why wait? Eva Rosenberg: Two reasons. First, companies are still scrambling to get all their W-2s and 1099s filed and sent out on time. So expect them to be late – or wrong. The second reason to wait is – there are several tax provisions that expired in 2016, that just got extended on February 9th. If you have a little patience while the IRS updates the relevant forms, you can use all these tax breaks on your original tax return, instead of filing an amended return. SmallBizlady: What are those tax extenders that might affect us? Let’s see if they are worth waiting for? Eva Rosenberg: These tax provisions previously expired as of 12/31/16 or sooner, they have been extended, effective January 1, 2017
SmallBizlady: Since not too much really affects the 2017 tax return, is there any reason we need to take actions now? Eva Rosenberg: Yes. A lot of things have changed (for better or worse) for small businesses and employees with un-reimbursed business expenses. As a result, it might be important to create an entity (LLC, partnership, corporation or S corporation), or to change the nature of an entity. Many of the decisions require some kind of filing by March 15th. So, if you are affected, it would be a great idea to schedule an appointment with your tax professional by the end of February – if you can get an appointment. SmallBizlady: For instance, what is the issue for employees with unreimbursed business expenses? Eva Rosenberg: The Tax Cuts and Jobs Act eliminated all Miscellaneous Itemized deductions that are normally reduced by 2% of adjusted gross income. (Currently, Schedule A, lines 21-27). This includes all the usual expenses that outside salespeople have, as well as people who use their own tools and supplies at work, and all employees who pay for these kinds of expenses, out of their own pockets: meals, entertainment, travel, supplies, education, computers, office in home, even union dues. The good news is – these deductions are not eliminated for businesses or entities – that includes Schedule C, LLCs, partnerships, S corporation and C corporations, and trusts. SmallBizlady: For employees that will lose these deductions, is there something they can do? Eva Rosenberg: Yes, there are three options: 1) Re-negotiate their job with their employers, so the employer does reimburse them for their expenses. A good way to handle this is to use an “accountable plan” where they submit their mileage and receipts to the employer. Then the employer reimburses them. The employer gets all the deductions – and the employee doesn’t pay tax on any of those reimbursements. 2) Negotiate an arrangement where they can become freelancers, under contract to the employer. That means the employee goes into business for him/herself. This can make all the expenses deductible – but the employee could lose so very much in the process. 3) Get another job with an employer who will be cooperative with step (1). SmallBizlady: You mentioned that the employee would lose a great deal if they take option 2 and become freelancers. What could the employee lose? Eva Rosenberg: If someone forms their own LLC and works as a freelancer, what do they lose that they normally get as an employee?
What do they gain?
Look at the value of all those things one loses vs what one can gain. SmallBizlady: What’s going on with entertainment expenses? Was there a change? Eva Rosenberg: Yes. Effective January 1, 2018 – everyone, including business owners loses all deductions for entertainment expenses. That means no concerts, no plays, no sporting events, etc. Not even if it’s part of a business meeting or discussion. Having Apple buy up a stadium and bring a big-name entertainer to convention – not deductible. We still get to deduct our client meals, though. SmallBizlady: Let’s get back to businesses – what’s the good news for C. corporations? Eva Rosenberg: C Corporations now have a flat tax rate of 21%. For those companies whose profits were always well above $50,000, this changes their old tax rate of 25% – 39% to only 21%. But C corporations whose profits were always under $50,000 – they were paying only 15%. So this 21% rate will cost them an extra $3,000. Also, there is no longer a corporate alternative minimum tax. That was abolished permanently. SmallBizlady: Is there news for pass-through entities – like partnerships and S corporations? Eva Rosenberg: Absolutely. The Qualified Business Income Deduction (QBI). It’s a 20% deduction for pass-through entities, based on the business’ profits, wages, and capital asset purchases. It looks really interesting, but it’s excessively and needlessly complicated. The deduction applies to Schedule C businesses, as well as partnerships and S corporations (or LLCs filing as partnerships or S corporations). This deduction is available to joint filers with income up to $315,000, or other taxpayers with half that income – $157,500. The benefit phases out entirely for joint filers at $415,000 and for everyone else at $207,500. These limitations also apply to “service businesses.” SmallBizlady: What is a service business under this new law? Eva Rosenberg: The short answer is – services in the fields of health, law, consulting, athletics, financial services, brokerage services, or any trade or business where the principal asset of the business is the reputation or skill of one or more of its employees or owners. It gets more complicated – but there are loopholes we are exploring. If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter. Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz The post The Tax Cuts and Jobs Act and How it Affects Your Business in 2018 appeared first on Succeed As Your Own Boss. from https://succeedasyourownboss.com/tax-cuts-jobs-act-affects-business/ An electronic or digital employee time clock helps you track when workers come and go. There are two types: mounted-to-the-wall time clocks and newer cloud-based employee time clock systems. We looked at both types of employee time clocks and focused on those that are easy to use and have a good range of features for… The post 7 Best Employee Time Clocks for 2018 appeared first on Fit Small Business. from https://fitsmallbusiness.com/employee-time-clock/ BQool lets users price their products competitively against other Amazon sellers while getting the most attractive profits. Prices range from $25-$100/month. The post BQool User Reviews, Pricing & Popular Alternatives appeared first on Fit Small Business. from https://fitsmallbusiness.com/bqool-user-reviews-pricing/ Sourcery is an accounts receivable (AR) and accounts payable (AP) automation platform. Price is estimated to start at $69/week/location. The post Sourcery Reviews, Pricing & Popular Alternatives appeared first on Fit Small Business. from https://fitsmallbusiness.com/sourcery-reviews-pricing/ |
AuthorHello I am Teri Crawford 26 years old living in Toronto, Canada. I have recently finished my MBA and planning to start my own business. Archives
November 2018
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