Hey, I’ve just put up an article giving you the nitty-gritty on when you must pay taxes for internet sales and when you don’t have to. Check it out at http://www.webbizfinance.com/2010/05/tax-on-internet-sales/
Remember, as the WebCPA and the author of WebBizFinance.com, my job is to help you grow your business and solve your business finance and accounting problems!
Tyler
The Latest from WebBizFinance.com
Cash is the lifeblood of business and understanding how the statement of cash flows works is essential for every aspiring Richard Branson or Mark Zuckerman. Putting together your cash flow statement can be tricky for the newbie but is actually very easily mastered with this simple hack.
http://www.webbizfinance.com/2010/04/calculating-cash-flow/
For the Newbie businessperson finances and accounting can be intimidating and too often frustrating. Fortunately, there are a number of excellent tools out there to help out and with a little bit of basic accounting knowledge you can turn this task into an incredibly useful tool to grow your business. Besides, there is nothing more entertaining than counting your own money!
http://www.webbizfinance.com/2010/03/starting-a-web-based-business/
The internet is the El Dorado of the twenty-first century. Lured by the siren call of easy money to be made, millions have tried their luck and a fortunate few have gone on to make the really huge bucks. So how do you go about getting your own heaping slice of the internet pie?
http://www.webbizfinance.com/2010/04/small-business-accounting-systems/
http://www.webbizfinance.com/
The Latest from WebBizFinance.com
Cash is the lifeblood of business and understanding how the statement of cash flows works is essential for every aspiring Richard Branson or Mark Zuckerman. Putting together your cash flow statement can be tricky for the newbie but is actually very easily mastered with this simple hack.
http://www.webbizfinance.com/2010/04/calculating-cash-flow/
For the Newbie businessperson finances and accounting can be intimidating and too often frustrating. Fortunately, there are a number of excellent tools out there to help out and with a little bit of basic accounting knowledge you can turn this task into an incredibly useful tool to grow your business. Besides, there is nothing more entertaining than counting your own money!
http://www.webbizfinance.com/2010/04/starting-a-web-based-business/
The internet is the El Dorado of the twenty-first century. Lured by the siren call of easy money to be made, millions have tried their luck and a fortunate few have gone on to make the really huge bucks. So how do you go about getting your own heaping slice of the internet pie?
http://www.webbizfinance.com/2010/04/small-business-accounting-systems/
http://www.webbizfinance.com/
The Latest from WebBizFinance.com
Cash is the lifeblood of business and understanding how the statement of cash flows works is essential for every aspiring Richard Branson or Mark Zuckerman. Putting together your cash flow statement can be tricky for the newbie but is actually very easily mastered with this simple hack.
http://www.webbizfinance.com/2010/04/calculating-cash-flow/
For the Newbie businessperson finances and accounting can be intimidating and too often frustrating. Fortunately, there are a number of excellent tools out there to help out and with a little bit of basic accounting knowledge you can turn this task into an incredibly useful tool to grow your business. Besides, there is nothing more entertaining than counting your own money!
http://www.webbizfinance.com/2010/03/starting-a-web-based-business/
The internet is the El Dorado of the twenty-first century. Lured by the siren call of easy money to be made, millions have tried their luck and a fortunate few have gone on to make the really huge bucks. So how do you go about getting your own heaping slice of the internet pie?
http://www.webbizfinance.com/2010/03/small-business-accounting-systems/
http://www.webbizfinance.com/
Setting sail from the safe harbors of being an employee and sailing into the unknown waters of self-employment can be intimidating. One of the biggest hassles is complying with the incredible amounts of government regulation; all of the sudden you have sales tax to collect, payroll taxes to pay, estimated federal and state income taxes and a plethora of other regulations. But every thorn has its rose, as they say. Well, maybe they don’t say that but in this case it’s true. If you do it right then as a self-employed businessperson you can take ad
http://www.webbizfinance.com/2010/03/self-employed-tax-deductions-2/
Setting sail from the safe harbors of being an employee and sailing into the unknown waters of self-employment can be intimidating. One of the biggest hassles is complying with the incredible amounts of government regulation; all of the sudden you have sales tax to collect, payroll taxes to pay, estimated federal and state income taxes and a plethora of other regulations. But every thorn has its rose, as they say. Well, maybe they don’t say that but in this case it’s true. If you do it right then as a self-employed businessperson you can take ad
http://www.webbizfinance.com/2010/03/self-employed-tax-deductions/
Retained earnings are a fuzzy concept, after all you can’t drop them on your foot or use them in any way. And yet retained earnings are the glue that hold your accounting reports together, if you don’t maintain the integrity of the retained earnings then your balance sheet is just a piece of paper with funny marks on it. Calculating retained earnings is an intellectually simple process that is easy in concept but can cause many complications in practice.
http://www.webbizfinance.com/2010/03/calculate-retained-earnings/
Many in the media believe that the building block to entrepreneurship is money, not true, innovation is the straw that stirs the entrepreneurial milk, the capital comes later. If you dream of being an entrepreneur, do not let the lack of money hold you back, do what you can now and then build upon that. Use your talent, hustle, and innovation and plunge in headfirst right now. That is the lesson you will hear over and over when you read the following stories of some entrepreneurs that started with nothing and built incredible success just making up the rules as they went along. Sound stressful? You bet! And incredibly rewarding.
http://www.webbizfinance.com/2010/03/innovation-entrepreneurship/
Every entrepreneur starting a new venture has plenty of time to keep careful books and also has the expertise to use those numbers for tax compliance, creating financial statements, and generating reports essential in decision making. Or at least they should, in an alternate universe. The reality is that, even if you know how to do your own accounting, you probably have 5,215 other things to do that are also essential. Some will choose to hire some help, others may consider an accounting outsourcing service.
http://www.webbizfinance.com/2010/03/accounting-outsourcing-services/
Do you ever wonder how you will have time enough to get everything done, much less get ahead of the game? Surely everyone has heard of Tim Ferriss telling us that we can “join the new rich” while working 4 hours per week and also that Robert Kiyosaki’s Rich Dad makes more and more even while working less and less; but how do you get everything done working 60 hours a week, much less 4? Building a business that fits your lifestyle and that lasts depends more on how you spend your time than how much time you spend.
http://www.webbizfinance.com/2010/03/working-smarter-not-harder/
One of the most misunderstood concepts in our economy is that people will value you for your education. “Knowledge is Power!” we’re told. Poppycock, your economic value rests entirely in what you can do for other people, your education is irrelevant. This is why Britney Spears makes so much more money than 99% of Liberal Arts PhDs, she actually gives people something they want instead of telling people that they should want what she is able to give.
http://www.webbizfinance.com/2010/02/what-you-know-is-irrelevant-its-what-you-can-do-for-others-that-is-everything/
While shopping for real estate in Costa Rica the other month I began chatting with our agent and he told me about his prior business, running his own shuttle service for the tourism industry. “But it didn’t work out so well, during that time my assets went down and down. Now I am doing much better (selling real estate) and building up my assets again.”
http://www.webbizfinance.com/2010/02/how-to-grow-your-business/
Every year at around this time most money web sites will throw up a list of “Top 10 Red Flags for the IRS.” The premise is that you should avoid doing some things on your tax return because you may draw unwanted attention from a nosy IRS agent that bears a shocking resemblance to SS Colonel Hans Landa (the Nazi detective from “Inglourious Basterds.” Using medieval techniques of torture (no one has ever accused the IRS of being unduly modern), he will extract compromising information, a hefty chunk of change, and your first born. Well, the madness stops here!
http://www.webbizfinance.com/2010/02/red-flag-for-the-irs-no-worries/
Ingredients:
Passion
Empathy for Customer
Self-awareness
Appreciation of Change
Persistence
http://www.webbizfinance.com/2010/02/recipe-for-entrepreneurial-success/
“One of the greatest strengths that lies at the core of an entrepreneur’s mindset is an internal locus of control. That simply means they believe that events that occur in their lives result primarily from their own behavior and actions. Rather than focusing on what they don’t have, entrepreneurs take what they have and make it work.”
http://www.webbizfinance.com/2010/02/change-is-opportunity/
I’ve just completed the first course in the Kauffman/Entrepreneurial Learning Experience Course “Mindset: Tapping Your Entrepreneurial I.Q.” and got a few gems out of it. First are two brilliant quotes that I plan on adding to the banner of the blog some day. I actually have several pages of quotes that I’ve come across that I think that you would really enjoy but I haven’t had the time to add them. Second are the debunking of some persistent myths about why some entrepreneurs are so successful. Third is the four stages of competence; not new to me but I enjoyed how they presented it. Finally, what makes this course so valuable and special are the interviews with the entrepreneurs. I mean, these people have lived it and God bless them for sharing with us.
http://www.webbizfinance.com/2010/02/stages-of-competency-solving-problems-and-old-fashioned-hard-work-the-kauffmanentrepreneurial-learning-experience-course/
The Kauffmann Foundation is teaming up with Entrepreneurial Leaning Initiative to make sure that you answer “Yes!” to the first question and to know where to go for the second. They have created a “self-paced online learning program” to allow you to awaken your inner entrepreneur and they’re giving away 250 scholarships to the first qualified applicants. Yes, that means free, perfect for an on-a-shoestring start-up budget. I’m going to apply because I’ll bet my inner-entrepreneur is a bad motha sucka, kind like an entrepreneurial Godzilla ready to gobble up Tokyo with Shanghai for dessert. http://www.webbizfinance.com/2010/01/do-you-have-an-entrepreneurial-mind-how-can-you-develop-one/
What to do when you wake up to the fact that you will be living off the soon to be barely existent Social Security when you retire? You’ve got kids, a mortgage, and other bills you can barely squeeze in and now you come to the realization that the prime saving years of your life are rapidly passing you by. Is it time to take drastic action? Is your spouse on board? How far are you willing to go? http://www.webbizfinance.com/2010/01/the-big-push-how-to-shore-up-your-finances-when-you-started-too-late/
Take a look at the highlighted categories below and, if one applies to you, read on and see if you can save some money on taxes this year. If it doesn’t apply to you then close this window and get back to doing something productive. I only included categories that I thought would be most applicable to the entrepreneur and independent contractor and I picked out the juicy stuff, the credits and deductions that might save you the most money.
http://www.webbizfinance.com/2010/01/essential-boiled-down-just-the-important-stuff-free-tax-advice-for-the-entrepreneur/
In an incredible story of the victory of the underdog over the evil forces of bureaucracy, Lori Singleton-Clarke’s epic struggle shows that you can face the IRS and get what is rightfully yours. If you or someone you know is studying or planning on earning a university degree, then you should know her story. You can read the plain-vanilla version as it appears in the Wall Street Journal here, or just skip to the saga as it will undoubtedly unfold in a future Hollywood blockbuster below: http://www.webbizfinance.com/2010/01/why-lori-singleton-clarke-is-my-hero-and-how-she-can-save-you-money-on-your-taxes/
The Economist is the best source of information on world news, business, and politics bar none and is read by the leading movers and shakers of our time. The Kauffman Foundation spends $90 million annually promoting entrepreneurship, innovation, and education and in researching the factors contributing to entrepreneurship and innovation. So when the two of them combine to do a study on entrepreneurialism, the world’s outliers in education, innovation, and achievement (that’s you) need to take notice. The message is this: the entrepreneurial dog is having his day, and the statist and corporate/industrial models are weakening, but will go down fighting.
http://www.webbizfinance.com/2010/01/the-big-brains-tell-us-whats-ahead-for-entrepreneurialism/
2010’s Great Roth Conversion isn’t just a neat, one-off tool for the rich, it can have repercussions for the hungry, up-and-coming entrepreneur as well. Roth plans can be a boon long-term for those who believe that they will end up in a higher tax bracket in the future than the one that they are in now. Since every entrepreneur is a dyed-in-the-wool optimist, if you’re not currently in the highest tax bracket, you probably plan on being so in the future! So let’s review what makes the Roth so attractive and see who are the primary candidates who could benefit from a Roth conversion or a Roth plan. http://www.webbizfinance.com/2010/01/what-makes-the-roth-ira-so-sexy-and-who-should-fall-in-love-with-it/
How much are you worth? Many self-made business people, famously including Robert Kiyosaki in his best-selling blockbuster“Rich Dad’s Prophecy,” emphasize the importance of creating a personal financial statement to help the entrepreneur track their income and change in net worth. At their simplest, personal financial statements include a statement of net worth and a cash-based statement of income. If you run your own business or you are an independent contractor you should already track income and expenses, perhaps on software such as Quicken or Mint because, at the minimum, you will need them to prepare your tax returns. By preparing your statement of net worth along with it you are giving yourself a powerful tool to help you understand if you’re getting richer or poorer and why. Read on for more information on why personal financial statements are such powerful tools, and how to prepare them. http://www.webbizfinance.com/2010/01/what-are-you-worth/
At this time each year every blogger, writer, and person with an opinion trots out a piece on “How to Keep Your New Year’s Resolutions” and most of us dutifully right down a laundry list of “Things We Should Do But Haven’t Yet to Improve Our Lives.” My wife and I have our own variation on the New Year’s resolutions tradition, one inspired by our readings of Robert Kiyosaki, Stephen Covey, and by our own trials and errors in life, and we would like to share it with you. Warning, this goes a great deal deeper and is much more involved than the traditional process, and can sometimes lead to discomfort and anger. It can also change your life. http://www.webbizfinance.com/2009/12/junk-the-new-years-resolutions-and-make-new-years-revolutions/
It is human to want something more, to be a better person; but the primary obstacle 99% of us face is our own lack of discipline and organization. By taking these five simple steps you can become a more effective, accomplished, and satisfied person. http://www.webbizfinance.com/2009/12/how-to-make-and-keep-goals-and-resolutions/
Admit it, you don’t really think about taxes before you turn your shoebox full of receipts over to your accountant sometime in March, right? She gives you back a form and you sign it and send it in along with a fat check, if you’ve had a good year, or maybe, if the year sucked (2008?) you actually get some money back. How about this year we take preemptive action and make a strategy to keep some of that hard-earned cash in your pocket, instead of lining Uncle Sam’s pockets?
http://www.webbizfinance.com/2009/12/how-to-save-money-on-taxes-by-planning-now/
Not taking full advantage of their accountant’s skills is a critical error many new entrepreneurs make. I listed before some of the things your accountant can do for you, but now I will tell you how to get the most out of the relationship
http://www.webbizfinance.com/2009/12/how-to-maximize-the-value-you-receive-from-your-accountant/
One of the biggest mistakes new business owners make is not taking full advantage of what should be one of their most trusted advisers, their accountant. When most people think “accountant” the first thing that comes to their minds is “taxes”, then they think maybe payroll, auditing, and that funny Joe Pesci character from Lethal Weapon II. If you intend to make a go of this entrepreneurship thing than really get to know and develop a relationship with your accountant, don’t just think of them once a year when you drop off the shoebox full of receipts for your tax return. I sat down and in the space of about fifteen minutes made up a list of over twenty ways your accountant should be helping your small business grow and thrive. The following are some of the best ways to take advantage of your accountants. http://www.webbizfinance.com/2009/12/what-the-entrepreneur-should-get-from-their-accountant/
The modern capitalist puts the alchemist of old to shame, for not even labor does he expend to spin his gold. Think about the rich and famous, Kobe Bryant gets PAID, but he goes to work for it. Likewise, whether you’re a surgeon, the president, or a sanitary engineer you have to put in the hours to get the dollars. Not so the landlord, the investor, nor the capitalist, who can go to sleep at night and wake up in the morning all the richer for it. http://www.webbizfinance.com/2009/12/why-being-a-capitalist-is-the-best-career-ever/
Owning your own business is dream that beguiles millions. We imagine the business owners life as a romantic one, your own boss, in charge of your destiny and with the potential for vast riches or total failure. In business you don’t have to be athletic or beautiful are even unnaturally smart to succeed, the playing field- is relatively level. http://www.webbizfinance.com/2009/12/are-you-a-good-investment-how-to-know-if-owning-your-own-business-is-right-for-you/
“Play to your strengths,” the business journals exhort us; and so in that vein I have decided to set aside For Richer or Poorer for now to focus on my professional career and newest endeavor Web Biz Finance. The blog will utilize my experience as a practicing CPA to explain and teach finance and accounting issues that are essential for entrepreneurs endeavoring in the e-commerce area and for professionals who have migrated their practices online. I would be delighted and grateful if you could take a minute to poke around and leave me a comment. Thanks for the support and best of luck with your own endeavors, Tyler
Does your mother-in-law plan on moving in with you when her money runs out? Will Pops need to clean hospital bedpans to pay for his kidney operation because he doesn’t have the right insurance? » Read more: Ma’, Pa’, Money, and the In-laws
How focusing on relationships, learning, and accomplishments instead of material items will make you not only happier and richer, but a whole lot cooler to boot. » Read more: Living Poor in Style
Why taking care of business for the family should always be a task for two.
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