Small Biz Tip: Taxes: Common Errors

Tips from March 9, 2010With many business tax returns due on April 15th, the Small Business tips today discuss common tax return errors and how to avoid them. The most common business tax return error is also the easiest to avoid – make sure the return is signed by a company officer. According to the IRS, the #2 business tax return error is failing to include the correct tax ID number. Is yours correct? Incorrect sequencing or missing forms are easily preventable return errors. Review the instructions for each return one last time. Late or inaccurate election to be treated as an S corporation. This is a big one, because an invalid election will mean your corporation will be subject to double-taxation for the year. Daily Overview: With correct preparation and execution, tax time doesn't have to be stressful. Be prepared, organized, and turn to help if you need it. Big thanks to Ky... [Read Full Article]


Small Biz Tip: Start Up Concerns: Legal Issues

Tips from November 4, 2009 The Small Business tips today discuss legal concerns for start up businesses. Sole proprietors should incorporate their home-based businesses with tax benefits and protect personal assets from business liabilities. You can use your own name as your business name in most states without having to register it. Everything else needs some type of registration. Minimize disputes with clients by having thorough contracts, detailed wording with no room for excuses, multiple signatures, and clarity from both parties. General rule of thumb: a business that sells goods, needs a business license; a business that offers professional services (regulated by the state) needs a business certificate. Daily Overview: All business legal concerns should be taken to a lawyer who knows the laws in your state, specific to your situation. [Read Full Article]


Finding the Right Business Lawyer

With the Obama Administration now in place, the commercial landscape is changing for business owners. The fair pay law has been signed into law, card-check is probably next and that will likely be followed by new healthcare regulations and other labor-related legislation. It can be hard enough to keep up with your business, staying on top of all these changes makes things all the more difficult. This is where a good business lawyer comes in. Your attorney is more than just your representative in court. She is also an advisor who can help you deal with thorny legal issues before they become major problems. The key is to find one that fits you and your business. Getting Started Probably the best way to do this is to get referrals from people you trust. This actually goes for hiring any kind of lawyer. Make your list and then research them. The Internet is... [Read Full Article]