What do you need to know to apply for a commercial loan?
You know your business—its ins and outs, all the big ideas and tiny details. You may be considering the next steps to keep growing, but do you know where to begin with borrowing for your business? Do you need an advancing term loan or a permanent loan? What are the necessary forms and requirements? What is a debt service coverage ratio?
Many people are moving to Texas—for the jobs, affordable housing, low taxes, booming industries, and friendly people.
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As companies begin planning for the year 2013, many face uncertainties over new legislation and how it will affect their businesses. While many things are uncertain, my firm has laid out some changes to the tax code that are currently going to be enacted and that could affect many businesses. In it, we cover for small businesses issues around bonus depreciation and section 179 depreciation reduction. For the individual, we cover changes to the income tax rate and self-employement taxes. Finally, we cover the main changes under the Patient Protection and Affordable Care Act (PPACA) and what will change under it for the next few years.
With the New Year upon us, I am reminded of a conversation with a client some years ago. “Bill” and “Doreen” had come in looking for what they thought would be investment advice.
QuickBooks is one of the few accounting programs that does not require you to close your books. However, this could leave your books open for accidental changes to prior years. Even though you don't have to close your books, you can protect last year's transactions from accidental change by taking the following steps:
All employers have a responsibility to collect and remit employee withholding taxes, Medicare taxes and Social Security taxes to the IRS on a regular basis. These taxes are often called “trust taxes” or 941 taxes (after the IRS form number they are reported on). The concept of trust taxes means you as an employer have a duty to hold in trust both the employee and employer’s portion of the applicable tax until it is time to remit it to the IRS.
We are hearing from clients and accountant colleagues about the increase in sales tax audits. These are turning out not to be friendly, let's talk audits but somewhat nasty, prove you're innocent audits where the assumption is that your business is not paying what it should. Guilty before proven innocent.