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Don’t Miss These Small Business Tax Deductions

For any small business, it is critical to be aware of available tax deductions in order maximize profit. Surprisingly, many businesses fail to realize some of the deductions that apply to their business. Here is a list of tax deductions shared by the US Small Business Administration that you should be aware of as a small business owner.

Lower Your Business Taxes with an LLC, or Too Good to be True?

Many entrepreneurs decide to form an LLC in order to protect their personal assets from seizure by a bank or lender, but there are several tax advantages that incentivize LLC formation as well.

Estimated Tax Payments for Small Business Owners

As a small business owner, you follow a different set of tax rules than your employees. Making estimated tax payments throughout the year is required and should be handled in a way that’s not particularly burdensome.

How to Negotiate a Personal Guarantee

Personal Guarantees are a part of doing business. You need a loan, you seek a loan, and the lender requires a guarantor to sign the loan agreement. There are no ways around this. However, there are ways to negotiate a deal so that your personal assets are not entirely at risk of being liquidated given the case that the loan is not repaid on time.

A Sane Approach to Pricing for Someone New to Freelance

How do you handle pricing when you’re a freelancer? What type of freelance business are we talking about? It really doesn’t matter. The situation is similar for bookkeeping, web design, programming and any number of other service businesses that can be handled by a solo practitioner.

Seed Capital from Friends and Family

You have a great idea but you need more cash than you have in your account. You don’t have a proven track record and potential investors are not giving you a chance. Your options are limited to friends, family and a small local network. You need to sell your idea, but you don’t want to over-sell your friends and family.

Avoiding Charge-Backs

A charge-back is a credit card processed sales transaction that occurs when your customer disputes the transaction or when you fail to follow proper credit card acceptance and authorization procedures. The result of a charge-back is a reversal of the transaction, the withdrawal of funds from your merchant account and a deposit of the funds back into your customer’s account.

Business Categorization, Industry, Location, and the Impact on Merchant Rates

There are many factors that will determine what kind of fees you are charged by your processor. There are some factors that you can control, such as limiting charge-backs and fraud exposure, and others that you cannot, such as how you accept payments, your industry, and your physical business location.

Factors That Determine the Transaction Fee Effective Rate

Transaction fees, also called effective rates or merchant fees, are fees that are charged to you by your payment processor on each transaction processed. The fee includes the bank interchange, the credit card association fees, and the processor fee. There are several factors that will determine your transaction fees:

Do Investors Back First-Time Entrepreneurs?

Investors do indeed back first-time entrepreneurs, but it’s clearly their second choice. Most investors prefer to find an entrepreneur who has a proven track record—at least one successful venture—and then bet that the success can be repeated. Their mantra is: “We back the jockey, not the horse.”

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