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Trusted Answers From Licensed Business Professionals
TAX REPORTING

Separating Personal Assets From Business Assets

By The BIDaWIZ Team on January 15th, 2010 at 8:00 am
Starting your own business can become overwhelming as each decision in the beginning is very important. One recent client came to us with this question, "How do I separate my personal information from my business information when opening up a new e-commerce business. Should I go with an LLC? .
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TAX REPORTING

Tax Advice For Single Member LLC Compensation

By The BIDaWIZ Team on January 11th, 2010 at 8:00 am
Business owners that setup a single member LLC often have questions as to how much they should pay themselves in salary and dividends. The answer to the question depends on the type of LLC that is setup. Keep in mind that as a single member LLC your business can be classified as either a disregarded entity or corporation for tax purposes. .
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TAX BREAKS

Reporting Net Operating Losses For Your Business

By The BIDaWIZ Team on December 29th, 2009 at 8:00 am
This is a common question that can get complicated with all the rules and new laws. But, the good news is that you will likely have a net operating loss (NOL) if your business tax deductions for the year are greater than income which means lower taxable income in preceding or future years. .
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FINANCING

Release a Personal Guarantee on Business Credit

By The BIDaWIZ Team on December 27th, 2009 at 10:00 am
The good news is that it is possible to release a personal guarantee from your business credit. The bad news is that it is by no means a cakewalk. .
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FINANCING

Do I Need to Pay Off Personal Debt to Start a Business?

By The BIDaWIZ Team on December 27th, 2009 at 8:00 am
The answer depends on the type of debt you are talking about. If it is a mortgage, there's no need to pay off the debt as long as you believe you will be able to make your monthly mortgage payments based on your income or expected income. .
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FINANCING

Businesses Considering an Inventory Loan to Finance Working Capital

By The BIDaWIZ Team on December 21st, 2009 at 9:00 am
It is not uncommon for seasonal and fast growing businesses to inquire about obtaining an inventory loan from a bank. An inventory loan can be a great financing tool for well established companies with short-term inventory shortages. .
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TAX REPORTING

Tax Advice for Starting an LLC

By The BIDaWIZ Team on December 21st, 2009 at 8:00 am
So you recently launched an LLC by yourself and aren't sure how to report your federal taxes or what to do if the company doesn't take off? You aren't the first to have these concerns. In fact, this is actually a common concern for new single owner LLCs. .
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FINANCIAL ADVICE

A Community versus a Regional or National Bank

By The BIDaWIZ Team on December 8th, 2009 at 8:00 am
This is a critical decision that requires proper evaluation of your banking objectives and the state of your business. .
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FINANCIAL ADVICE

Seeking Venture Capital & Unsure Which Legal Entity to Setup?

By The BIDaWIZ Team on October 31st, 2009 at 8:00 am
We recently received the question as to what is the best legal entity to setup if seeking angel investors & venture capital. .
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TAX REPORTING

Getting Your Bookkeeping in Order

By The BIDaWIZ Team on October 7th, 2009 at 8:00 am
If you recently launched a business and haven't gotten around to bookkeeping or have been in business for awhile but lack a proper bookkeeping system, you'll want to listen in to what we have to say. .
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