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Trusted Answers From Licensed Business Professionals
TAX REPORTING

Tax Advice For Single Member LLC Compensation

By The BIDaWIZ Team on January 11th, 2010 at 8:00 am
Business owners that setup a single member LLC often have questions as to how much they should pay themselves in salary and dividends. The answer to the question depends on the type of LLC that is setup. Keep in mind that as a single member LLC your business can be classified as either a disregarded entity or corporation for tax purposes. .
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TAX PREPARATION

Choosing the Right Tax Preparer For Tax Help

By The BIDaWIZ Team on January 5th, 2010 at 8:00 am

Whether the tax preparer you used last year will file your income tax return or you’re planning on hiring a new one, make sure to thoroughly evaluate them. There have been more changes to the tax code this year than perhaps any year in history, so having the right tax preparer is very important. Here’s what you should do to begin the process. Read More.

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TAX PREPARATION

Advice For Filing Taxes Online

By The BIDaWIZ Team on January 2nd, 2010 at 8:00 am

It has been no surprise that the number of people embracing the convenience of filing taxes online (i.e. E-Filing) has increased significantly in the past couple of years. In fact, according to the IRS, 90M people used E-File for their tax returns in 2008. If you want to join the crowd, below are some factors to consider in deciding on whether or not to file your taxes online. Read More.

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TAX BREAKS

Reporting Net Operating Losses For Your Business

By The BIDaWIZ Team on December 29th, 2009 at 8:00 am
This is a common question that can get complicated with all the rules and new laws. But, the good news is that you will likely have a net operating loss (NOL) if your business tax deductions for the year are greater than income which means lower taxable income in preceding or future years. .
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FINANCING

Release a Personal Guarantee on Business Credit

By The BIDaWIZ Team on December 27th, 2009 at 10:00 am
The good news is that it is possible to release a personal guarantee from your business credit. The bad news is that it is by no means a cakewalk. .
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FINANCING

Do I Need to Pay Off Personal Debt to Start a Business?

By The BIDaWIZ Team on December 27th, 2009 at 8:00 am
The answer depends on the type of debt you are talking about. If it is a mortgage, there's no need to pay off the debt as long as you believe you will be able to make your monthly mortgage payments based on your income or expected income. .
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FINANCING

Businesses Considering an Inventory Loan to Finance Working Capital

By The BIDaWIZ Team on December 21st, 2009 at 9:00 am
It is not uncommon for seasonal and fast growing businesses to inquire about obtaining an inventory loan from a bank. An inventory loan can be a great financing tool for well established companies with short-term inventory shortages. .
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TAX REPORTING

Tax Advice for Starting an LLC

By The BIDaWIZ Team on December 21st, 2009 at 8:00 am
So you recently launched an LLC by yourself and aren't sure how to report your federal taxes or what to do if the company doesn't take off? You aren't the first to have these concerns. In fact, this is actually a common concern for new single owner LLCs. .
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TAX PLANNING

Year End Tax Planning Tips

By The BIDaWIZ Team on December 20th, 2009 at 8:00 am

As painful as it is, you might as well start building a tax plan now since the alternative is scrambling last minute, burning the midnight oil, only to find out that you don’t have a clue what to do. Read More.

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FINANCIAL ADVICE

A Community versus a Regional or National Bank

By The BIDaWIZ Team on December 8th, 2009 at 8:00 am
This is a critical decision that requires proper evaluation of your banking objectives and the state of your business. .
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