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Business Planning

Starting An LLC: What Are The Benefits & How to Get Started

How to Start an LLC

“Should I start an LLC?” If you’re ready to start your entrepreneurial adventure, then the answer is almost certainly yes! You will benefit from starting your limited liability corporation, or LLC for short.

There are several legal and tax reasons for which you need the protection of an LLC. We’re here to lay it all out for you in this post. But don’t worry, it’s easier than you think.

LLCs are a boon to small business owners, who find them much easier to set up than S-Corps or other traditional corporate structures. If you’re asking, “what is an LLC and how does it work?” then read on.

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Business Planning

Qualified Business Income Deduction: What You Should Know

Qualified Business Income Deduction: A Tax Break You’ve Been Missing

In 2018, The US Treasury Inspector General determined that there were 900,000 tax returns that qualified for and could have benefited from the qualified business income (QBI) deduction, but didn’t claim it. That’s a lot of taxpayers who didn’t get a deduction that they deserve. You might have been one of them.

In this post, we’ll go over the basics of the QBI deduction, determine if you qualify, and other facts about this little-known business deduction. 

The QBI deduction is a business income deduction applied to owners of pass-through entities such as LLCs and S-Corps. Below we will detail how the 20% pass through deduction works and share information that will help you determine if you qualify.

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Managing Cash Flow

How to Calculate Interest Factor Rate – L3 Funding

How to calculate the factor rate for small business financing

If you’re the owner of a small business, you understand how daunting managing your cash flow can be. You need to make sure that you can not only keep the lights on, but also cover emergency expenses, payroll, and be able to take advantage of opportunities for growth that arise. 

One such critical opportunity is accessing alternative forms of small business financing to thrive in the face of sudden uncertainty. In this post, we’ll discuss how to calculate interest factor and the difference between conventional interest rates and factor rate. 

Once you understand the financial implications of factor rate, you’ll be able to take advantage of tools that can help you manage your business, such as merchant cash advance factor rate financing.

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Uncategorized

Personal Business Loans: How to Get One for Your Company

Personal Business Loans

Personal business loans refer to taking out a personal loan to start a business under your name. It’s one of the most common sources of capital, especially for smaller startups who can’t meet the stringent requirements of a business loan.

But a much more important question than “how to get a personal loan” is why. Why would you want to do that, and what are the risks involved?

In this article, we’ll discuss personal business loans, the pros and cons of doing it, and whether it’s a good idea for you.

Categories
Business Planning

Pros and Cons of Etsy: A Guide to Selling on the Platform

Pros and Cons of Etsy

If you’re into selling unique and rare handicrafts, Etsy should be a big part of your e-commerce strategy. With a large and passionate marketplace, it’s one of the best platforms for small craft businesses to sell in.

But before you open that Etsy store, know that it’s not for everyone. Coming in prepared is critical if you want to succeed in this busy marketplace.

In this post, we’ll talk about selling on Etsy, pros and cons of doing it, and if it’s the right strategy for you.

Categories
Managing Cash Flow

What Is Square and Is It Good for Small & Large Businesses?

What is Square?

If you’re considering getting or switching your POS system, you might have run into Square. It’s undoubtedly one of the most widespread mobile payment systems around. If you’ve ever shopped in an online store, there’s a good chance they’re a Square user.

But is this payment system really one of the best you can get? Is Square credit card processing a good deal?

In today’s post, we’ll discuss what Square is, how it works, and what are its advantages and disadvantages. So before you say “SQ my business!” and apply for an account, read on first to find out if it’s right for you.

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Small Business Budgeting

Home Office Deduction: Business Tax Write-Off Breakdown

Home Office Deduction: What You Need to Know 

It’s becoming more common for people to work from home. From freelancers to employees who work remotely, the convenience and cost-effectiveness of it is a big pull away from the traditional office. A large number of small businesses also start at home. 

If you’re self-employed and among this group, you may be eligible for a home office tax deduction for your home office expenses. Many people are unsure of how to go about it or are afraid to apply, but a tax break can provide significant relief to cash flow and should be taken advantage of.

Here’s a simplified home office deduction guide for small businesses who are considering it.