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TAX BREAKS

Are Energy-Efficient Windows a Tax Credit for Businesses?

By The BIDaWIZ Team on May 25th, 2010 at 9:00 am

It is smart to be proactive and replace your windows to save on those energy costs. However, the government does not have a specific energy tax credit for businesses that replace their windows for more energy-efficient ones, as you may be planning. On the positive side, you will likely save on your energy bill which energy star estimates could be as much as 10% a yr! Read More.

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TAX BREAKS

Is Potential Lost Rental Income Tax Deductible?

By The BIDaWIZ Team on May 7th, 2010 at 8:30 am
This is an interesting tax question and one that small business owners frequently ask. Unfortunately, you cannot claim a tax deduction for the potential lost rental income or what can best be characterized as an opportunity cost. Similarly, the IRS states in the Internal Revenue Code that lost rental income while a property is vacant is not tax deductible. So, it is just an opportunity cost in economic terms but that is about it. .
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TAX REPORTING

Is a Repayment to an S Corp Owner Taxable?

By The BIDaWIZ Team on April 22nd, 2010 at 8:00 am
Recently started a business and now wondering if you can receive distributions from your s-corporation tax free? Well, the good news is that it is tax-free BUT only to the extent that the distribution doesn't exceed your basis. We go through all of the details below. .
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TAX REPORTING

Do I Issue a 1099 or W2 to My Employees?

By The BIDaWIZ Team on March 31st, 2010 at 8:00 am
The 1099 vs. W2 topic can definitely be confusing to employers and thus leads to many tough tax questions. The most important thing as we point out later in this article is understanding whether or not the individuals being compensated for their work are considered by the IRS to be employees or independent contractors. .
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FINANCIAL ADVICE

Growing a Business During a Recession

By The BIDaWIZ Team on March 9th, 2010 at 8:00 am

Going forward, set a collection policy that you know will work in both a bull and bear market. Specifically, it would be wise to run a scenario analysis with the elements of working capital to see what terms work under various financial conditions. Read More.

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FINANCIAL ADVICE

Setting Salary in a Husband & Wife Business Plan

By The BIDaWIZ Team on February 19th, 2010 at 8:00 am
This is a common question when a husband and wife are preparing a business plan. Before we get into the accounting aspect of this scenario, let's first discuss the importance of understanding the financial model of the business. .
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FINANCING

Growing A Business By Seeking a Partner Or Getting a Loan

By The BIDaWIZ Team on February 11th, 2010 at 8:00 am
Many new businesses are faced with the decision of growing a business by giving up equity to a partner or seeking a bank for financing. The good news with this problem is that you have options, but the bad news is that there are a lot of factors to consider. .
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TAX REPORTING

Tax Advice For S Corporation Compensation

By The BIDaWIZ Team on January 27th, 2010 at 8:00 am
This topic is often misunderstood and the penalty could be as high as getting audited. The amount a corporate officer is compensated (i.e. wages) is very important. .
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TAX BREAKS

Overlooked Tax Deductions & Credits For Trainers & Gyms

By The BIDaWIZ Team on January 26th, 2010 at 8:00 am
As a self employed personal trainer or fitness gym owner, managing the business can get quite overwhelming especially when you throw taxes in the mix. Below, we've provided a listing of some tax deductions & credits that are often overlooked. .
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FINANCING

Should you Apply For a Loan to Hire Employees?

By The BIDaWIZ Team on January 16th, 2010 at 8:00 am
Looking to grow your business and hire more staff is always a very exciting yet important point in a business. .
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