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Trusted Answers From Licensed Business Professionals
FINANCIAL ADVICE

Selling Inventory When Closing a Business

By The BIDaWIZ Team on June 6th, 2013 at 10:02 pm

One of the toughest aspects of starting a business is knowing when it's time to call it quits. When that time comes the business owner needs to balance the trade-off for trying to get the most money for the company versus exiting quickly. It's very difficult to achieve both. However, it can be an easy decision if the business can no longer survive on its own. .
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BANKING

Is Your Bank Charging You An Inactivity Fee?

By The BIDaWIZ Team on May 31st, 2013 at 5:17 pm

Some consumers may have stashed away money for future emergencies. We actually advocate that individuals maintain an emergency fund in a highly liquid account to cover unexpected issues such as medical emergencies, unemployment, theft or casualties. This fund should cover at least six months worth of living expenses. If that’s the case, you’ve likely opened up a money market or savings account and haven’t looked back. Unfortunately, money held in inactive savings and money market accounts can be subject to fees by the bank. Learn how to avoid these inactivity fees. Read More.

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INSURANCE

Should We Buy An Automatic or Portable Generator?

By The BIDaWIZ Team on May 31st, 2013 at 4:23 pm

The hurricane season is now upon us and forecasters are predicting above average activity levels. Those in the northeast last year, experienced the wrath of Super Storm Sandy with some outages lasting several weeks. If you’re concerned about the upcoming hurricane season and future storms, now may be the time to start thinking about investing in a generator to power your home or business when the electricity goes out. Should you invest in an automatic or portable generator? Read More.

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SMALL BUSINESS

Should You Work In The Industry Before Starting Your Own Company?

By The BIDaWIZ Team on May 30th, 2013 at 9:29 pm

Most aspiring entrepreneurs think they need to follow a specific path to build the next great company. This isn't necessarily the case. Generally speaking, the best entrepreneurs share common traits and expose themselves to many different experiences that help them develop the necessary skills to effectively lead a company. Some of those experiences may occur over time at prior positions held at various companies. Usually, it's not something that is the result of an internship or entry level position. Does this mean you should work in an industry before going off on your own? .
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MORTGAGES

Should You Refinance or Buy Now Since Mortgage Rates Are Rising?

By The BIDaWIZ Team on May 30th, 2013 at 3:55 pm

Mortgage rates are now on the rise again as was the case six months ago. The difference this time is that average rates on a 30 year mortgage have jumped 25 basis points to 3.99% as compared to a 10 basis point increase to 3.52% in December (source: Bankrate weekly surveys). In addition, the market appears to have moved in response to the Federal Reserve Chairman’s recent comments about pulling back on its historic easy money monetary policy. What should you do with this recent rise in rates? Read More.

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MARKETING

Is Live Chat An Effective Sales Tool For My Website?

By The BIDaWIZ Team on May 23rd, 2013 at 10:43 pm

Over the past five years, many companies have expanded their online sales tools to include a live chat feature to better cater to new and existing customers. While there are a plethora of service providers offering a whole host of useful features, whether or not it's effective may depend on your business and the purpose for using live chat. .
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SMALL BUSINESS

What Classes Should A Student Take To Become An Entrepreneur?

By The BIDaWIZ Team on May 22nd, 2013 at 6:46 pm

There’s no question that college is a great place to learn and experiment with different courses that may provide you with the skills and exposure necessary to pursue your venture. We recommend a specific approach. Read More.

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TAX REPORTING

Is Your Business Classifying Employees Accurately?

By The BIDaWIZ Team on May 17th, 2013 at 8:16 pm

Many businesses issue 1099 forms to workers because it's easier to manage for reporting purposes. They should be mindful that the rules rather than convenience dictates tax reporting requirements. Businesses that do otherwise can find themselves in big trouble during a tax audit. Is your business following the rules? .
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TAX PLANNING

What Does The Bitcoin Craze Mean For Taxpayers?

By The BIDaWIZ Team on May 17th, 2013 at 7:52 pm

By now you’ve likely heard of the new digital currency that businesses are accepting as a form of payment for their products and services. In fact, there were over $500 million worth of transactions processed with bitcoins in April and that number is slated to increase to $750 million in May. As the market continues to grow, find out what should participants and businesses should know about the tax ramifications for such a currency. Read More.

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HIRING

Which Employees Should Your New Business Hire First?

By The BIDaWIZ Team on May 17th, 2013 at 6:59 pm

While the labor market isn't nearly what it needs to be to support significant economic growth, some small companies are beginning to ratchet up their hiring (source: National Federation of Independent Businesses - April 2013 Survey). Typically, when the job market recovers, it's small businesses that support the growth. Whether your company is in hiring mode or not, it's important to have a strategy to help grow it quickly while mitigating the mistakes. .
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