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TAX REPORTING

The Best Way For a New Business To Handle Taxes

By The BIDaWIZ Team on December 15th, 2010 at 10:26 am

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Many new businesses are very cost conscious when it comes to expenses such as tax preparation. They would rather use their limited capital towards spending that results in more revenue than on support services. However, accounting for and properly preparing company tax returns are important for a host of reasons, one of them being mitigating audit risk. With that said, let's review some of the tax preparation options that are available to businesses. .
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TAX REPORTING

Year-End Tax Planning for Independent Web Designers

By Susan Ladika on December 9th, 2010 at 8:29 pm
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Independent web designers are best known for their creativity, but business knowledge has a crucial role to play when it comes to taxes. Making necessary business purchases before the end of 2010 and making the appropriate use of deductions can help save you cash when tax time rolls around. Read More.

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FINANCING

I Have An Idea For a Business But Need Money

By The BIDaWIZ Team on November 15th, 2010 at 6:27 pm

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Having a good idea is important but it is only one step in the process of starting a business. There are many other elements that are required which include: a business plan, a team, capital, a financial model, experience, etc. High net worth investors and lenders will want to be comfortable that this new business has all of these elements (except maybe the capital part) in place before they write you a check for x amount of dollars. .
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VALUATION

How to Value a Partner’s Interest in a S Corporation

By The BIDaWIZ Team on November 9th, 2010 at 9:42 am

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This is a very important process and one that involves a significant amount of analysis as you want to recognize the full value of your portion of the company. .
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FINANCING

Should I Look for Funding or Develop a Team First?

By The BIDaWIZ Team on October 28th, 2010 at 5:10 pm

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That's a common chicken or the egg type of problem for entrepreneurs. They have a business plan and model but don't have the capital to fund it because investors want to see a team in place & potential team members want to have assurance that they will be paid. .
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FINANCING

When Is The Right Time To Seek Additional Financing?

By The BIDaWIZ Team on October 25th, 2010 at 6:40 pm

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The other day an entrepreneur that sells a patented golf product asked us, "when is it the right time to obtain financing?" This seems to be a common question among entrepreneurs these days so we decided to address it with a few questions and answers. .
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TAX REPORTING

Will I Really Have to 1099 Starbucks For Spending Over $600?

By The BIDaWIZ Team on October 4th, 2010 at 4:51 pm

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That's right folks. Beginning in 2012, the IRS will require 1099 MISC forms to be issued by the purchaser for business purchases exceeding $600 for the TAX YEAR. This means that even purchases of Starbucks coffee beans over $600 would meet the 1099 requirement. This obviously puts a significant administrative burden on businesses, especially small ones, that are already facing tough economic times. Given this info, let's look at ways to prepare for this new 1099 filing requirement. 2012 is not that far away. .
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FINANCING

Seeking Financing to Purchase a Business

By The BIDaWIZ Team on October 1st, 2010 at 12:11 pm

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Congratulations on taking a chance with trying to purchase a business. The best times to do this often occur during a recessionary period when many companies are sold at deep discounted prices. Many people would argue that we are still in that period. .
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FINANCING

How Do I Find a Financing Company For My Customers?

By The BIDaWIZ Team on September 29th, 2010 at 2:20 pm

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There is no question that it's a great idea to work in partnership with certain financing companies to provide your customers with more payment options. However, you want to be very selective in which companies you choose to partner with as your endorsement carries some responsibility and could impact your reputation should customers have poor experiences with the financing companies. .
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FINANCIAL ADVICE

What Financial Advice Should I Know When Launching a Business?

By The BIDaWIZ Team on September 17th, 2010 at 11:45 am

finance and accounting systems for a startup
Finance & accounting are crucial elements in all businesses. As basic as it may seem, a lot of entrepreneurs jump into a venture without thinking about how they will 1) make money (i.e. be profitable) and 2) account for that money. .
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