What are the tax advantages to starting a small business?

• Author: Toni
• Filed under: Small Business
• Date: Nov 18,2009

I have been thinking for a while about starting up a small business, based out of my home. It will basically be a mobile auto service business. I have heard lots of stuff about tax advantages to starting up a small business. I have also heard that you can write off a vacation once a year as a board of directors meeting. What are the facts about tax advantages for small business, or where on the web can I find this info? Any help is greatly appreciated!

Your expenses are deductible against your profit. If after the math, you have a net loss from the business, you may deduct this loss against any other income (such as wage, social security, or investment income) on your 1040. There are some limitations depending on the type of business (e.g. passive rule) — however, if you are trying to set up a business, I would focus on the business ideas — do something you enjoy and run with it. Best of luck!!

How to legally sell a small business to family member?

• Author: Toni
• Filed under: Small Business
• Date: Nov 15,2009

We have a small retail business that my father runs. The business is currently under my name but now I’m buying a house and because of the mortgage, I would now like to transfer it to my father’s name.

So question is how can I legally transfer the business to his name? I don’t want to go through a broker and take it through escrow, etc. Please help…

About the business: its a clothing store, location is in a mall, rented. All store information is under my name.

Thanks in advance.

You can have your bank draw up the paperwork for you at little or no cost.
..

How does your small business deal with people writting bad checks?

• Author: Toni
• Filed under: Small Business
• Date: Nov 12,2009

We have people utilize our services and then write us back checks. By the time the check is returned from the bank, we have already provided them a service. Do you send them to collections, small claims….? We are a small business out of California.
The companies do not give us problems, the problems are 1 time customers.

use one of those check scan devices i think its called vericheck. you run it through and if it doesn’t go through and give you an authorization number just don’t except it. or do what the other guy said simply don’t allow checks.