Consultant’s Corner
Consultant’s Corner: Business Bad Debts
Question: “Some of my clients have not paid me. Can I deduct my business bad debts?” Bad debt deductions depend upon the accounting method you use (cash or accrual) and other factors; however, a business can generally only deduct a business bad debt for unpaid invoices to the extent that the amounts invoiced were previously…
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Consultant’s Corner: Driving Traffic Through Cross-Marketing
Question: I’d like to negotiate a deal with other auto repair shops to help drive business. I am a test-only smog station. Do you have any suggestions? Networking and cross-marketing with complementary (transmission, air conditioning, body shops, towing services, etc.) auto repair businesses and other parties in the industry can be very helpful in reaching…
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Consultant’s Corner: Registering a Logo
Question: What is the best way to register a company logo? Generally, trademark protection is available for logos, business names, slogans, and some design elements. When a name, logo or design is being used primarily to distinguish your goods or services from the goods or services of competitors, in other words, its function is to…
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Consultant’s Corner: Tax Issues from Selling a Rental Property
Question: I’m selling a rental property. What kind of tax issues should I be preparing to deal with? The taxable, or recognized, gain on the sale of a property will be the difference between the amount you realize on the sale and the adjusted basis in the property. The amount you realize on the sale…
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Consultant’s Corner: Investing Through a Business Entity
Q: I am interested in trading on the Nadex. I am concerned about giving out my private information in order to do the trading; what are the pros and cons of trading as a business (Corporation, LLC, etc.) vs. trading as an individual? Online Trading Security Of course, essentially every business that conducts activity online…
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Consultant’s Corner: Do I Need Disability Protection?
Q. I own and operate a successful one-man business. I worry about the possibility that I could be unable to perform work due to accident or illness. What can I do to prepare for this scenario? The two basic disability protection considerations for sole proprietors are personal income and keeping the business going. Other than…
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Consultant’s Corner: Tax Write-offs for a Single-Member LLC
Question: I am the owner of a single-member LLC and would like to know what I can write off on my taxes this year. An LLC is unique in that it can be taxed as a disregarded entity, partnership, C Corp or an S Corp. A single member or owner LLC can be taxed as…
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Consultant’s Corner: Dealing with a Chronically Late Employee
Q: I have an employee who constantly arrives late to work, even after being asked to come in on time multiple times. How do I handle this? Disciplinary Procedures Employers generally handle excessive tardiness in accordance with their employee attendance/absence policies and disciplinary policies and procedures when appropriate. If you lack written employee attendance/absence and…
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Consultant’s Corner: Tax Returns on Multiple Businesses
Question: I have three sole proprietor businesses. How do I file a tax return on each business? A sole proprietorship is an unincorporated business owned by one individual. While it is possible to operate multiple businesses under a single sole proprietorship, if the businesses are unrelated or dissimilar to one another, it is more common…
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Consultant’s Corner: Should I Use QuickBooks?
Question: It costs over $100 per month for an accountant to do payroll for my business. I could use QuickBooks and do it for under $50. What are the pros and cons of using QuickBooks for small business accounting? With user-friendly software such as QuickBooks available, many business owners feel they should be able to…
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