Small Business

There are many sources of money to start a business. However, realistically borrowing money from traditional sources such as a bank for a small business startup will be based solely on the credit worthiness of the owner of the business. In other words, you will have to sign personally. The SBA and Business Development Center are good places to start inquiring if your credit is good. If your credit is not good, find an angel investor, a friend or family member, to jump start your idea. A CPA quite often can help you find alternative sources of money, traditional and non-traditional.

If you are a sole proprietor or are a involved in a partnership, you are going to need a certificate of doing business and a Federal ID number. The certificate is usually obtained at the county or township hall in the county or township you are doing business. If you are incorporated, the bank will require a copy of your filing receipt or certificate of incorporation, your corporate seal and your Federal ID#. A CPA can obtain your Federal ID number and even incorporate your business for you.

Generally, the value of the employer furnished meals is not taxable to you if furnished on the business premises for the employer's convenience.
Generally, if the meals are furnished during the work period or immediately before or after the work period, then they are not taxable.
If the meals are supplied other than during the work period or immediately before or after the work period (such as on the employees day off) then the value of these meals are taxable.

Yes. Taxpayers who own or operate businesses may be eligible for the following tax incentives: Business tax credits named the Work opportunity tax credit, and the Disabled Access credit. The Work Opportunity Tax Credit is a federal tax credit used to reduce the federal tax liability of private-for-profit employers. Employers can hire from 9 different targeted groups: Qualified TANF Recipients, Qualified Veterans, Qualified Ex-Felons, Qualified Designated Community Residents (DCR), Qualified Vocational Rehabilitation Referrals, Qualified Summer Youth, Qualified Food Stamp Recipients, Qualified Supplemental Security Income (SSI) Recipients Qualified Long-Term Family Assistance Recipients.

Sole Proprietors with business expenses less than $5,000, do not have a net loss from the business, use the cash method of accounting,do not have an inventory during the year, have only one business as a sole proprietor, have no employees during the year, are not required to file Depreciation Form 4562, are not required to file Office in Home Form 8829 and have no prior year un-allowed passive losses, may use Schedule C-EZ.

The Education Jobs and Medicaid Assistance Act of 2010 signed into law August 10, 2010 repealed the Advance EITC. After December 31, 2010, workers can not receive Advance EITC in their paychecks. Advance EITC is also known as AEITC or AEIC. Workers who received Advance EITC or AEITC on their paychecks need to file a tax return to report the amount received.

Restaurants employing at least 10 people must make a special report to the IRS of income and allocated tips. Generally, the IRS assumes tip income of 8%. The allocated amount is shown on individuals W-2 as tip income.

There is no limit, and it is not illegal to take out or bring in any amount of money or monetary instruments from or to the United States. Examples of monetary instruments include U.S. or foreign coins in current circulation, traveler's checks, currency, money orders and negotiable instruments or investment securities in bearer form. However, if you take out or bring in more than $10,000, you must file IRS Form 4790, the "Report of International Transportation of Currency or Monetary Instruments" with US Customs. Failure to comply can result in criminal, civil forfeiture penalties.

The costs of your maternity clothes are not deductible.