Coronavirus Unemployment Benefits: What Workers Need to KnowOn top of its lethality to thousands of people this year, the COVID-19 coronavirus is the biggest single job killer in living memory: Nearly 10 million Americans filed for unemployment benefits in the last two weeks of March, far eclipsing the worst numbers we saw during the financial […]
Simply put, personal credit is a summary of your financial information on file with various credit bureaus such as Experian, Equifax, or TransUnion.
Handling certain business functions like accounting, bookkeeping and payroll management requires a lot of time, effort and attention. However, for business owners who already have too many responsibilities to handle, making time for these tasks can be difficult. Often, they get too involved in managing these operational functions, which can take as much as 50% of their time. As a result, they lose focus from what really matters for making their business a success. What can be done to avoid this pitfall?
There are many advantages to building corporate credit, but the major one is the ability to get funding or loans without using personal credit. When a business owner uses personal credit to secure equipment or funding, lines between business liability and personal liability blur. This means that if the business is no longer able to satisfy the loan payments then the business owner is personally liable to offset the debt and this could end up having a devastating effect on his/her personal credit score/report.
The CARES Act provides a number of tax benefits designed to provide relief and improve short-term cash flow for both corporations and individuals. Among them is Section 2303 – Modifications for Use of Net Operating Losses. This is an important concept, and will likely prove to be a valuable tax change that substantially benefits many businesses who have been economically damaged by the coronavirus.
Most startups must endure and combat growing pains on their growth journey. Mistakes are inevitable, but if you’re aware of the common blunders entrepreneurs tend to make, you can side-step them and meet milestones more confidently. Here’s a look at five and how you can avoid them.
There is a common misunderstanding between types of business structures and how they are taxed. Some business owners cannot even tell the difference between an S Corporation and an LLC. You will hear a person saying that he owns an LLC, but is taxed as an S Corp. What is happening here is that the business owner is confusing his tax status with his business entity structure.
The most common forms of business structures in the US are corporations, limited liability companies (LLC), general partnership, and sole proprietorship. Each of these has its own benefits and drawbacks with respect to complexity, cost, taxation, periodic reporting requirements, liability protection, and ease of setup. Also, some business forms have substructures within them such as Professional Corporation, C Corporation, and S Corporation. Choosing the right business structure requires complete consideration of all the advantages and disadvantages that accompany each structure. Here’s a deeper insight of the common business structures.