Opening a business and wondering what types of expenses I can write off?
Q. I am opening an online business for website design. (set up as a LLC, I'm the sole owner) Should I start keeping receipts of all business related expenses? Or would my business qualify as a hobby if I don't make a certain amount of money in the year that I'm filing. What types of things can I write off onto my business? (dinners, gasoline, etc.) Do I need a seperate business credit card/bank account for the expenses? Do I have to accept payments towards the business's services through a corporate account, or can they make the check/payment directly to me?
Asked by Ken - Tue Jun 19 18:29:52 2007 - - 3 Answers - 0 Comments

A. 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, [cont.]
Answered by Steve - Wed Jun 20 00:02:51 2007

What business field should i study for to become an entrepreneur?
Q. i start college in the fall and im pretty sure i wanna study business. i want to open businesses, buy apartment buildings, etc. But the term business is too vague. What is the subfield that teaches you how to open/maintain your businesses?
Asked by cooolioooo - Tue Jul 28 17:42:41 2009 - - 5 Answers - 0 Comments

A. business school is the right field to study, if you choose your college carefully, some have an entrepreneurship track/program
Answered by ljosien - Tue Jul 28 18:20:12 2009

Do you think a business acquaintance service can be a profitable industry?
Q. Everyone has some business acquiantance that can help others to do successful business. How to let all of them know each other. Business acquitantance service may do it. Big business service ? Profitbale business service ? Let me know. Great thanks.
Asked by energyquotenet - Mon Aug 14 04:06:43 2006 - - 2 Answers - 0 Comments

A. Networking. In your instance, pooling together all business acquaintances for mutual exchange of ideas and support. Sounds great, go for it. Good luck and success, my friend.
Answered by TK - Mon Aug 14 04:10:45 2006

Can I deduct a business mortage payment or only the interest and why?
Q. I need to know if I can deduct the mortage payment on a business. Our business mortage is a commercial loan and only the business is on it. Or, is only the interest on the business deductable. If so, would it be in our best interest for the business to rent from us this year?
Asked by tru_belle - Thu Feb 7 17:49:43 2008 - - 1 Answers - 0 Comments

A. The business can only deduct interest expense. If you own the property personally, and the loan is in your personal name (OK if business is a co-borrower), then the business could deduct the entire payment as rent expense. However, you'd then have a separate schedule on your tax return for this commercial real estate. You'd show the rent payment as income, and then deduct the interest expense there. If the business is an S-Corp then shouldn't be much of a difference either way. . . If you're a business owner with commercial real estate, you really should have a CPA (or experienced tax accountant) prepare your taxes. . . . Oh, you can't deduct the entire loan payment, as principal paid is a repayment of money lent to you!
Answered by Jonathan B - Thu Feb 7 21:22:11 2008

What business class is good for wanting to own a salon?
Q. I want to do a business class so I can own a salon. So what type of business class should I take? I was thinking business administration.
Asked by J SEXXY - Wed Jul 8 09:49:23 2009 - - 3 Answers - 0 Comments

A. Business administration is good. Accounting/Finance is always a useful skill for any business. Marketing if you want to develop a good marketing plan.
Answered by Lauren F - Wed Jul 8 09:54:54 2009

What business classes do you generally take the 3rd and 4th year of your BA?
Q. Im currently going to a 2 year school, getting my Business associates degree with a transfer option, and plan on going to a 4 year school to get my BA, and eventually my MBA. Im taking basic economics, accounting, and business managment classes right now, along with other core english and math classes, but what should i expect on my 3rd and 4th year? What types of classes? I know business classes obviously, but what specifically?
Asked by Mike - Tue Aug 26 22:04:19 2008 - - 2 Answers - 0 Comments

A. Business programs will have you take classes in all functional areas, including marketing, finance, HR, IT, etc. Additionally most school's will have you take some sort of strategic management course as your capstone class. Those are just the general business requirements. You will then take in-depth coursework within your concentration area. For example, if you are an accounting emphasis business major, you will take anywhere from 6-8 upper division accounting classes. Finally, there may be elective business coursework you are also required to do such as in international business, entrepreneurship, or such. You're also strongly advised to do an internship (credit awarded) in your area so you can build real experience.
Answered by iSpeakTheTruth - Tue Aug 26 22:56:04 2008

Is a Business Statistics course the same as a Regular Statistics course?
Q. Hi. Is a business statistics course considered equivalent as a regular statistics course in college? In other words, if a student wants to earn a bachelor's degree in business and the school that he is enrolled in requires him to take a business statistics course, would he meet that requirement if he took a regular math statistics course and not a business statistics course? Have a nice day.
Asked by recalcitrant99 - Thu Nov 20 22:46:34 2008 - - 2 Answers - 0 Comments

A. Depending on the course, statistics (as offered by the math or statistics department) will be purely procedural. They will go into great detail about WHY you perform a procedure a certain way and, generally, will discuss theorums and formulas in detail, sometimes even proving them. There will be little or no practical application and no discussion of experimental methodolgy. On the other hand, in a business stats course the time not wasted on in-depth detail about statistical procedures will be spent on methodology and application. Although it will greatly depend on your college and department, some departments will waive a requirement if you have fulfilled a similar one. Usually, they will only make this exception with transferred… [cont.]
Answered by Henry B. - Fri Nov 21 16:16:28 2008

What business degree should I study in and where?
Q. I'm planning to get a business degree in the United States but I'm am unsure of what type of business I should major in or even where should i study in. I'm more of an entrepreneur-minded person and I have look into Business Administration for some time now. I'm more of creative person and I love to challenge new ideas. I am also looking for a university that offers cheap and reasonable fee and good education with good credibility. I'm currently looking into University of Nebraska but I am also interested in other options. Thnx
Asked by Desmond O - Fri Oct 12 10:03:07 2007 - - 1 Answers - 0 Comments

A. These new rankings just came out this week for schools specializing in entrepreneurship: Top 25 Undergraduate Programs: 1. Babson College 2. University of Houston 3. Drexel University 4. The University of Arizona 5. University of Dayton 6. Chapman University 7. DePaul University 8. Temple University 9. University of North Dakota 10. Loyola Marymount University 11. Wichita State University 12. Syracuse University 13. University of Notre Dame 14. University of Maryland 15. University of Oklahoma 16. University of Illinois, Urbana-Champaign 17. Xavier University 18. The University of Alabama 19. University of Southern… [cont.]
Answered by neniaf - Fri Oct 12 10:18:23 2007

How would you promote a neighborhood business?
Q. I'm trying to create a personal business and I have business cards and have made flyers for my business. It is pet sitting and many other things. Someone else beat me to the pet sitting, but I still want to practice my other businesses. I have made prices and have references, but nobody is calling. I haven't put up the flyers yet, because I don't know where to put them! I also have a babysitting business too. What kind of other promoting should I do, and any other ideas for different businesses? I don't want to do any online surveys.
Asked by Lauryn - Wed Jun 2 13:12:10 2010 - - 3 Answers - 0 Comments

A. Hey Lauryn, for starters, you can send out a "Grand Opening" email to all your contacts so they're aware of your business and start getting your flyers and any other marketing materials distributed throughout your local community. Below is a list of places to get you started. The key is to be consistent in getting as much information out there as you can so make sure you have your marketing materials with you whereever you go leaving a "paper trail" behind. Once you start building up a clientele, you'll be able to work on referrals as well. You'll eventually want to expand on this but you first want to start with the basics. HTH
Answered by Laura - Wed Jun 2 13:30:10 2010

What is a business that can not be enhanced by the internet called?
Q. I am doing a research paper in which I am going to discuss E-commerce and internet businesses versus anti-internet businesses only that is not a real word. So please DON'T give me an obvious and idiotic answer like "business." I am looking for businesses that do/can not use the internet to greatly benefit themselves. thank you!! thank you, after doing some work i remembered brick-AND-Mortar businesses.
Asked by Bleach - Tue Feb 24 20:43:10 2009 - - 1 Answers - 0 Comments

A. You may need to separate "Internet" and "E-Commerce" into distinctly different roles. Every business on the planet would benefit from an "Internet" presence, because of the potential mass exposure. The internet allows a business a space to educate its ideal consumer about the companies product and service. The whole point of being in business is to make and keep customers...so being exposed to as many potential customers as possible, is a massive advantage upgrade. E-Commerce...I think this is where you are trying to identify a company which would not benefit from "Purchase" transactions over the internet...and again...as I sit here I am having difficulty thinking how this would not benefit any company. If something comes to mind I will… [cont.]
Answered by Doran P - Tue Feb 24 20:57:17 2009

What kind of business should I start in Bangladesh?
Q. I have US $ 1000. I would like to invest it in my country (Bangladesh). I want to invest in a production business or any other suitable business. I am ready to do this with partnership also. Is this money enough to start any business ? if yes then what kind of business. Pls help me.
Asked by Sajjad B - Mon Aug 20 01:29:03 2007 - - 2 Answers - 6 Comments

A. open up a internet cafe... good luck!
Answered by John Loves Jenn - Mon Aug 20 01:34:34 2007

How important are business ethics to a company and their success?
Q. Discuss the ethical climate at a business that you are familiar with or one that you have researched. How have ethics affected this business? What does this business do to enforce ethical principles? What things could they do better? How can we as individual employees influence the application of ethics are our businesses? Give your thoughts and ideas on this subject.
Asked by Trying!! - Sun Jan 27 18:42:34 2008 - - 2 Answers - 0 Comments

A. business ethics are important but are difficult to enforce. I am a member of a professional organization with a defined ethics policy in it's bylaws. there are complaints of ethics violations against 3 members but no one wants to sit on an ethics committee for fear of incurring personal liability. It' a ridiculous situation mired in politics and fear of reprisals.
Answered by slackjawhb - Sun Jan 27 18:53:08 2008

Does my small business need to file a tax return?
Q. I am a small business owner and have been developing my company for the past year. Because I left my previous job to start this business I do not have a current income and because my company only recently officially "opened for business" we do not have a profit line. Do I need to file? What about the business expenses that I incur?
Asked by greg b - Mon Mar 5 18:09:43 2007 - - 4 Answers - 2 Comments

A. Definitely keep track of your expenses. Most start-up expenses should be capitalized until operations begin. This means that you cannot deduct certain expenses until the date the business started, even if you paid them last year. Some expenses should be amortized over a period of time. Business start-up costs are the expenses you incur before you actually begin business operations. Your business start-up costs will depend on the type of business you are starting. They may include costs for advertising, travel, surveys, and training. These costs are generally capital expenses. You usually recover costs for a particular asset (such as machinery or office equipment) through depreciation (discussed next). You can elect to deduct up to… [cont.]
Answered by tma - Tue Mar 6 02:55:56 2007

I work for a 501C business,which is closing and liquidating. Can I start my own separate taxable business?
Q. I have worked for the 501C business for 10 yrs total, 3 in this specific business area. They no longer wish to carry this branch of their association. When they close, I will be fired. Can I start up my own for profit business, with the same business description?
Asked by izzy - Fri Sep 29 12:12:56 2006 - - 2 Answers - 0 Comments

A. You may have some problems if you use similar names or other things that may be the intellectual or business property of the 501C (3). You should get a written agreement with the Association approving your enterprise. If you plan on using the same facilities as the non-profit there could be some zoning issues that would require a new approval by the local planning department. After that you may organize in the same manner as any business.
Answered by unknown - Fri Sep 29 12:41:32 2006

What is the best way to transfer my small business to my son?
Q. I want to give my son my business without charging him any upfront money. I would like to pull a small income from the business each month as a retirement. I dont want a share in the business just a guaranteed payment each month. I have been in business since 1983 and have annual average revenue of $225,000. My son has been working with me now for the past 8 years and has shown great leadership skills. I am concerned about things like tax ramifications of not handling this properly. Our business isnt incorporated instead it is a sole proprietorship. Would it be better to incorporate and retain a share of the business while giving my son the majority? Also I have a house for sale currently but it is pre foreslosure. I have a buyer lined… [cont.]
Asked by johndmershon - Thu Jul 19 18:32:28 2007 - - 2 Answers - 0 Comments

A. If you own a small business, then you should at some point have had to consult with a CPA and a small business attorney...this should be best handled by your attorney. If you don't have one, try calling around to see if you can get one recommended to you. Someone who handles real estate or retirement issues might be able to help as well. As with anything, if the company doesn't make any money, your 'guaranteed monthly retirement' won't always be there, so some of this rests on the fact that you believe the business will be successful enough under his command. There are never any guarantees...
Answered by reddevilbloodymary - Thu Jul 19 21:32:49 2007

Can I operate a business outside the country with a sole proprietorship type of business?
Q. I'd like to operate a Business and Trade Organization outside the US. If I have a sole-proprietorship type of business, can I do that? If I decide to form an alliance with another business outside the country, would I have to change into a Corporation?
Asked by JM - Fri Feb 27 13:39:49 2009 - - 1 Answers - 0 Comments

A. You can absolutely operate as a Sole Proprietor and still have have alliance with another company. Whether you have strategic partnership or contractual partnership, you should be able to show revenue on your tax form as a sole proprietor. The taxes are very complicated, depending on which company you are operating in because I know someone who has a similar business model. There are accountants that specialize in this area and you can consult them. Also feel free to sign up on where you can find and network with small businesses globally. Feel free to link with my company (Paul Graphics).
Answered by jamie.jordan80 - Fri Feb 27 18:23:15 2009

If I start a business where do I get the merchandise- if I wanted to start selling digital cameras?
Q. I have taken some business courses but I don't really know where to go to get the merchandise, the type of business I wanted to start was a business selling digital cameras and equipment. Would I just have to contact the manufacture directly? Can anyone help me and give me suggestion on starting a retail business? Thank you .
Asked by Dawn - Wed Apr 22 21:15:52 2009 - - 3 Answers - 0 Comments

A. Digital camera market is very competitive, and unless you have a "good head on your shoulders", I would suggest you stay away. On the other hand, if you want to give it a shot, why not. You would first need to find someone to supply you with the cameras (a reliable wholesaler). Start small from there, and do not make any huge investments. Try it out for a while. If it goes well, you can start expanding.
Answered by 17 Year Old Blogger - Sat Apr 25 16:53:30 2009

how to start a business networking with different vendors.I would like to connect these vendors to a business?
Q. I plan to work as a business person who finds different vendors for this business. Is this profitable? Is this a good plan?Do I meet first with the business with my idea, or do I start with the vendors first , or do I start my own webpage and have the vendors as part of that first?
Asked by debra l - Thu May 29 01:10:13 2008 - - 1 Answers - 0 Comments

A. hello, if you have customer , we can be your good supplier. you can visit our homepage www hbdetrade doc com . thanks
Answered by Sunry - Thu May 29 01:28:08 2008

What's a good business that I can do working from home? Any ideas on starting a business?
Q. My husband is stuck in a terrible job (like half the country!) and he's always wanted to own his own business, but he's not sure of what he wants to do... I was wondering if anyone has ever had their own business, and if so, what do you do? Also, has anyone been successful w/ a business from home? Thanks!
Asked by lucy lu and baby Chloe! - Sat Sep 27 14:36:13 2008 - - 8 Answers - 1 Comments

A. Dear Lucy, My cousin told me about an internet shopping portal and at first I thought I will never join this kind of things but after someone i know actually had his firs direct deposit, i gave it a second thought. Shop To Earn is the fastest growing sales portal on the internet, and a great opportunity for those who want to receive some cash back from online purchases and for referrals too. With an affiliate marketing program with over 500 prestigious companies, you can purchase the things you usually do online such as air tickets, hotels, clothing, entertainment, computers and so much more, but now you have the opportunity to receive points and cash back for all the transactions that you and anyone in your network complete. The hard… [cont.]
Answered by coco16141 - Sat Sep 27 18:06:52 2008

What kind of business can I start in a warehouse building?
Q. My husband has a machine shop and only uses about 1/2 his building. I would like to start a business in the other half. I wanted to partition off a room for an office and do bookkeeping and then I was thinking about maybe a document shredding business or a document storage business would be good - any other ideas? Thanks! The zoning would not be a problem. This building is located in the center of town off a main street through town. I currently work for an accounting firm and you would not believe the paper we go through - we use a shredding service and have a storage building. Doctors offices and lawyers also have a lot of documents that cannot be thrown in the garbage because of the information they contain. Thanks for the input -… [cont.]
Asked by nomnkybusiness - Fri Jun 1 18:46:05 2007 - - 3 Answers - 0 Comments

A. Any kind of storage would be a natural, and easy. Or how about a combination coffee shop and tool supply?
Answered by Michael B - Fri Jun 1 19:29:54 2007