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Legal Tax Shelters for Small Business Definition and

Details: A small business tax shelter is a method of reducing your company’s taxable income, which decreases the amount you owe in taxes. There are legal and illegal tax shelters for small business owners. If you are questioning the legality of a tax shelter, contact a lawyer. Or, stick to the tax shelters the government provides to be safe.

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How to Form a C Corp Process for Business Owners

Details: Because it is a legal document, you may want a lawyer to help you. File the articles of incorporation with your secretary of state. Step 4. Issue stock certificates. All C corporations have stock. Stock represents ownership in the company. Issue stock certificates to the shareholders.

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Can a Business Refuse Cash

Details: The short answer: yes. As mentioned, there is no federal law that mandates private businesses to accept cash as a form of payment. Ultimately, it’s up to the business to decide whether or not they want to accept cash payments (unless there is a state or local law that says otherwise).

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5 Reasons Why Ethics Is Important in Accounting for …

Details: Here are five reasons why you should keep things legal and follow business ethics in accounting. 1. You’re dealing with sensitive information. As a business owner, you deal with sensitive information on the daily. When it comes to your business books, you need to handle your business bank account information, transaction totals, and other

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What Is Workers' Compensation Fraud

Details: Workmans’ comp fraud can come in many different forms. Workers’ compensation fraud is any lie or misrepresentation made by an employer, employee, or provider to benefit financially. One to two percent of all workers’ compensation payments are fraudulent. Workers’ comp insurance fraud can be when an employee lies about their injury or

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Average Cost of Living by State Chart, List, & Tools

Details: This data is from November 2020. As you’re looking at the chart, keep in mind that states with a higher mean wage, higher monthly rent, and lower value of a dollar tend to have a higher cost of living. State. Annual Mean Wage (All Occupations) Median Monthly Rent. Value of a Dollar. Alabama. $46,840.

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Early Payment Discount Reasons to Offer, Accounting, & More

Details: First, find your profit margin: $300 – $210 = $90. $90 / $300 = 30%. You want to give a 4% early payment discount to your customer, which would be a savings of $12. Determine your profit margin for the early payment discount: $288 – $210 = $78. $78 / $300 = 26%. With an early payment discount of 4%, you would still earn a profit margin of 26%.

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Handling Salary Reduction for Employees

Details: A salary reduction can’t occur unless you notify the employee of the pay cut first. Inform employees of any salary reductions before changing their pay rate. If an employer cuts pay without notifying an employee, it can be considered a breach of contract, depending on if there’s a contract involved. Businesses can’t target employees for

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PPP Loan Appeal Process How to Appeal an SBA Loan Review

Details: Your or your lawyer’s name, address, phone number, email address, and signature ; 4. Where to send your appeal . Send your appeal petition, along with your supporting documents and signed certificate of service, to: Associate General Counsel for Litigation, U.S. Small Business Administration. 409 Third Street SW. Washington, DC 20416

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Equal Pay Laws State-by-state Breakdown & More

Details: Federal law and equal pay laws by state aim to protect against discrimination in the workplace. The median annual pay of full-time working women was only 80 cents for each dollar a man working full-time earned in 2016. Despite the Equal Pay Act of 1963, there are continuing reports of discrimination in the workplace.

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What Is an S Corporation

Details: What is an S corporation? An S corporation, or S Corp, is a type of corporation that is a separate legal entity from its owners. S Corp owners, called shareholders, enjoy pass-through taxation and limited liability protection. Unlike C corporations, S …

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Due Diligence Acquiring a Small Business or Product

Details: Your lawyer or accountant might have a checklist, but you can create your own. Due diligence checklist. When you do due diligence, you will look at several aspects of the prospective business or product. Below is a business due diligence checklist to help you work through the process. This checklist is geared more toward acquiring a business

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What Is Form 1099-NEC

Details: After a 38-year absence, Form 1099-NEC made its return in the 2020 tax year. For the last few decades, business owners were responsible for using Form 1099-MISC to report nonemployee compensation.

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What Is a Partnership Agreement, and How Can it Protect

Details: A partnership agreement is a contract that defines each partner’s role, liability, and profit distribution. Creating a partnership agreement ensures you and your partner (or partners) have a solid plan to refer to during conflict. Because it is a legally binding document, you should consult a lawyer before drafting your partnership contract.

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How Small Business Owners Can Create an Employee Dress

Details: When creating an employee dress code policy, you may want to consult a lawyer. And, it may be beneficial to talk to a lawyer as special situations arise, like when an employee asks for an accommodation. Here are some things you should consider when making a dress code policy. Religious expression

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Employment Laws You Might Be Breaking

Details: Turns out, you can’t do that. Most states do not allow employers to deduct anything other than taxes and benefits from employee paychecks. When you give a loan to an employee, have them sign a promissory note. You might want the help of a lawyer to create the promissory note. You will also create a payment schedule with the employee. 5.

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Offer Credit to Customers The Pros & Cons of Extending

Details: You may end up hiring a lawyer to sue non-paying customers, which leads to legal fees. In the end, you may get almost nothing out of the money that was owed to you. You need to be diligent with recordkeeping. You’ll have to step up your accounting game when offering credit to customers.

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Credit Policy for Small Business Limits, Terms, & More

Details: A lawyer can verify that you follow the Fair Credit Reporting Act. And, they (or an accountant) may offer suggestions about credit limits and terms that your business can handle. Thinking about extending credit to customers? Make sure you stay on top of …

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Recovering Back Pay FLSA Statute of Limitations

Details: Employees might be entitled to back pay based on several federal and state laws. The Fair Labor Standards Act is a federal law that entitles employees to a minimum wage and overtime wages.When employers don’t give employees at least the minimum wage and overtime wages when required, employees might be able to receive FLSA back pay for the wages they …

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What Is the ABC Test Definition, Examples, & More

Details: What is the ABC test? The ABC test is a three-part test employers must meet if they want to classify a worker as an independent contractor. The burden now falls on employers to prove workers are independent contractors. The ABC test makes it more difficult for employers to try to classify workers as independent contractors.

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Entrepreneur Elevator Pitch 5 Steps for Creating a Short

Details: 3. Don’t settle on your first “draft”. Flowery language is hard to avoid. And more often than not, it’s probably found its way into your first elevator pitch draft. The best way to get your elevator pitch down to a concise speech is to make a few drafts. Write it out, read it out loud, and cut out any filler words.

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Closing a Business Checklist Patriot Software

Details: If you have a small business lawyer, they can help you obtain the necessary forms and provide guidance throughout the way. 5. Close down accounts. When you’re in business, it sometimes feels like you have to open and maintain countless accounts. And if you’re closing down your business, you can’t forget to close down those accounts.

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Private Letter Ruling (PLR) from the IRS Procedure

Details: A private letter ruling (PLR), or letter ruling (LTR), is a notice the IRS sends taxpayers, typically businesses, that submitted a written request for clarification about unusual tax situations. Taxpayers who have a question about a tax situation unaddressed or not addressed clearly in the tax laws can send a written request to the IRS asking

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Price Gouging Laws by State Definition, State Rules, & More

Details: Keep in mind that states without price gouging laws may still take efforts to prevent price gouging, especially during national emergencies. For example, Ohio has state laws that ban “unconscionable sales practices” but not a law specifically against price gouging. The remaining states do have price gouging laws. Read on to learn the basics of the price gouging laws by …

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How to Change Your Business Structure Step-by-step Process

Details: In most cases, you can change your business type. Consult your state and a small business lawyer to find out if you can change your business structure from the one you have to the one you want. Reasons you might change business entity. There are many reasons why you might want to change your business structure.

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When Is Cash-basis Accounting Acceptable in Business

Details: Usually, the cash-basis method is for small, nonmanufacturing businesses. As you grow larger, the IRS expects you to switch to accrual. But if you match one of the types of business structures listed below, you can use cash-basis accounting: You are a C corporation or partnership with average gross receipts of less than $5,000,000 per year.

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How to Terminate a Remote Employee The Employer's Guide

Details: After you gather the information you need, decide who will be in the meeting with the employee for the termination call. Designate a spokesperson for the meeting, too. Generally, you may want to have the employee’s direct supervisor take the lead. You may also ask an HR representative or the company’s lawyer to attend the meeting.

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What Is Educational Assistance

Details: Learning how to set up an educational assistance program can be complicated. There are many possible laws that you might need to follow. If you want to create an educational assistance program for your business, contact a lawyer for help. To get you started, here are the basics of some of the laws you might need to follow. Section 127

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What You Must Know About a Conflict of Interest in the

Details: Action might include giving a warning to the employee, talking to a lawyer, or having a meeting with HR. In some cases, you might fire an employee as a result of breaking one of your conflict of interest policies. Conflict of interest at work: your takeaway. Dealing with a conflict of interest at work can be uncomfortable.

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Will the Courts Accept a Jury Duty Excuse Letter If You're

Details: Generally, the court makes its decision on a case-by-case basis, so there isn’t a standard letter to get out of jury duty. And, federal and state courts have different rules for accepting a getting out of jury duty letter. If you have a special circumstance that makes serving jury duty difficult at the time of the request, you must be honest

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Your Equal Employment Opportunity Responsibilities as an

Details: Your equal employment opportunity responsibilities. EEO laws apply to employers with at least 15 employees (20 employees for age discrimination). EEO compliance can result in increased employee happiness. Not following you responsibilities can lead to legal expenses. Below are your equal employment opportunity responsibilities.

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Definition of Bankruptcy Small Business Bankruptcy

Details: Always consult a lawyer and/or accountant before filing for bankruptcy. Related Blog Article Bankruptcy: Options for Small Business. Get Started Try it free. Sign up today for a free, no-obligation 30-day trial. Try It Free for 30 Days. Get Started Take a demo. Kick the tires with a free self-guided demo.

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Small Business Bankruptcy Detailed Overview of Chapters

Details: Speak with a small business lawyer who specializes in business bankruptcy before filing.. Need a better way to keep your books organized and manage business finances? Patriot’s accounting software makes it easy to record transactions with a few easy clicks, generate reports, and more. Plus, we offer free USA-based support. Get your free trial today!

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Form 1099-MISC vs. 1099-NEC Differences, Deadlines, & More

Details: Form 1099-NEC, Nonemployee Compensation, is a form business owners use to report nonemployee compensation. Only use this form to report nonemployee compensation to independent contractors. Do not report other types of payments. Form 1099-NEC did not replace Form 1099-MISC. It just took over the nonemployee compensation portion of 1099-MISC.

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How to Raise Capital for Your Business: You Already Know

Details: securities lawyer can help you meet your state’s requirements for exemption. Common restrictions include: • The number of participants in the program, • The type of participants (usually referring to the participant’s level of investing sophistication),

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Customer Won't Pay

Details: You don’t need to hire a lawyer for a small claims court. Make sure the customer lives near you because you have to go to court where the customer is located. 8. Know when it’s time to quit. Sometimes, pursuing a late payment is no longer worth it. Know when it’s time to let the payment go.

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Use Tax What Is it, and What Are Your Business Owner

Details: Sales tax is a pass-through tax that businesses charge customers on purchases. As a business owner, you must know how to calculate sales tax and charge your customers. Then, you must track and remit sales tax to the proper state government. Use tax, on the other hand, is not a pass-through tax. Again, you do not need to collect this type of

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Business Seasonality & Profitability: 6 Tips to Stay Ahead

Details: To avoid legal issues, consult a lawyer and sign a contract before renting items out. During the off season, service equipment, upgrade with renovations, and keep up the location. Regular maintenance brings less risk of losing income due to equipment issues during your busy seasons. Remodeling brings a new element to your company that gets

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