Category: Ebay Selling

Why Some Stores Are Not Accepting Cash – Is It Legal & What to Do – Latest News

After oversleeping one morning, you stop at a cafe for some coffee and a muffin on the way to work. You take your food up to the counter and hand over a $10 bill, but instead of opening the register to get your change, the clerk says, “Sorry, we don’t accept cash.” There are places all over the country in which this scenario could happen. There have always been some retailers, such as discount grocery stores, that don’t accept credit cards. Now, at the other end of the spectrum, an increasing number of stores and restaurants are accepting cards and digital payments while refusing to take cash. For many retailers, it’s a precaution to limit the spread of germs during the coronavirus pandemic. But considering all the advantages going cashless can have for businesses, there’s a good chance the trend could stick around. That won’t affect most consumers since most…

Read More

Cash Basis vs. Accrual Accounting – Differences Between These Methods – Latest News

When you file a tax return for your small business, one of the questions on the form asks about your accounting method: cash or accrual. This applies whether you’re a sole proprietor filing on Schedule C, a partnership or LLC that uses Form 1065, or a corporation filing Form 1120 or 1120S. If you’re new to accounting and bookkeeping, you might not realize that deciding whether your business uses the cash or accrual accounting method is a pretty significant decision. Cash vs. Accrual Method of Accounting The difference between the cash versus the accrual accounting method comes down to the timing of when revenue and expenses are recorded in your books. Accrual Basis Accounting Under the accrual method, a business records revenue when earned and expenses when they are incurred, regardless of when the business actually receives or pays out cash. To keep track of revenue due and expenses owed,…

Read More

9 Reasons Why You Need A Separate Bank Account for Your Business – Latest News

The first time you sold a graphic design on Upwork or edited someone’s video ad on Fiverr, you probably didn’t rush out to open a business bank account. But if you’re serious about launching a business, even a solopreneur business or side gig, you will quickly reach a point where you need a business bank account. This, in turn, means you need to choose a business structure and create a legal entity. When in doubt, speak with an attorney, but the simplest way to start is with a limited liability company (LLC). This can be done pretty quickly with Rocket Lawyer. You can always change legal entities later if you need a more robust business structure. Reasons Why You Need A Bank Account for Your Business Why jump through these hoops and open a business bank account? Because that hour or two of work now can save you countless hours,…

Read More

10 Ways a Side Gig or Business Can Impact Your Taxes – Latest News

The gig economy is big and getting bigger. According to a 2018 Gallup poll, 36% of American workers participate in the gig economy. And that’s just the tip of the iceberg. Between income diversification, less dependence on an employer, flexibility, and the chance to develop new and marketable skills, it’s no wonder the gig economy has grown so quickly. But many ignore another critical point: the impact of gig work on income taxes. Here’s what you need to know about how a side gig changes your tax situation, often for the better. How a Side Business Affects Your Taxes Yes, you have to pay taxes on your side gig earnings. If you don’t, you can expect a nasty notice from the IRS, along with penalties and fines on top of any back taxes owed. However, as a self-employed person or business owner, you get access to tax deductions and benefits…

Read More

7 Small Business Mistakes and Reasons Why Most Entrepreneurs Fail – Latest News

Over one-fifth of small businesses fail within their first year, according to the Bureau of Labor and Statistics. Around half survive their first five years. Roughly one-third make it to 10 years, and around one-quarter of businesses make it to 15. In other words, running a successful business for more than a year or two is incredibly difficult. Few entrepreneurs have the skill, stamina, and grit to survive long-term. So what does it take to become the exception to the rule? Why do so many entrepreneurs fail, and how can you avoid their ranks? As you contemplate going into business for yourself or explore the risks in your existing business, beware of the following common pitfalls and traps. Most People Start a Business for the Wrong Reasons Before diving into specific reasons for business failure, it’s worth pausing to note that most people start with a faulty foundation in their…

Read More

8 Types of Records Freelancers Should Keep for Clients & for Taxes – Latest News

Freelancing is an old practice. The term “freelance” originated in the early 1800s and referred to medieval warriors who were offering their services for hire — namely their skills in combat. Lances were a popular weapon of choice during this time, so when your lance was free from a contract and you were available to take on a new client, you were considered a free lance. The concept of freelancing endured the test of time and is now a popular and recognized form of entrepreneurship. And it’s no longer limited to knights and mercenaries. Freelance writers, editors, software developers, designers, accountants, and many other professionals offer their services on a contract basis in an ever-expanding gig economy. In the modern world, freelancers need to keep track of a lot more paperwork than their medieval counterparts. From quotes and contracts to invoices and receipts, here are the most important records you…

Read More

15-Step Yearly Checkup for Your Small Business – Are You on Track? – Latest News

You visit your doctor every year for a checkup, take your car in for regular maintenance, and schedule a service call in autumn before turning on your furnace, but when was the last time your business got a checkup? Many business owners are so busy running their companies, they don’t take the time to check in on their businesses’ financial health. And that can be an expensive mistake. Your business’s financial health is a critical part of its success. At least once a year, take the time to examine how your business is running and ensure you’re taking the steps necessary to achieve your goals. Revenues Revenue is the amount of money your business brings in or earns before any expenses are taken out. Without revenue, your company cannot make a profit and stay viable in the long run. Here’s how to ensure your revenues lead to profitability. Step 1:…

Read More

Freshbooks vs. Quickbooks – Which Online Accounting Software Is Best? – Latest News

QuickBooks and FreshBooks are among the best-known names in accounting software — both mainstays providing invoicing and payment tools and much more for freelancers, self-employed service providers, and small- and medium sized-business owners. QuickBooks, owned by Intuit — the company behind TurboTax and Mint — has been the go-to accounting and bookkeeping software for decades. FreshBooks is a newer option, meeting the financial needs of online and home-based business owners and freelancers. The companies’ names are so similar they might be easily conflated. But their services differ substantially and serve significantly different types of businesses. Review their features and pricing to determine which best meets your business needs. Key Features Which service is the best fit for your business depends on the types of accounting features you’re looking for. FreshBooks and QuickBooks share several basic features, but each service caters to a different type of business owner, so their advanced…

Read More

26 Cost Cutting Ideas for Your Small Business to Reduce Expenses – Latest News

According to the Small Business Administration, about half of all new businesses fail within the first five years. While most entrepreneurs focus on increasing sales to stave off collapse, lowering expenses is equally or perhaps more important when trying to achieve or maintain profitability. Cutting business expenses requires some tough choices and trade-offs, but it doesn’t have to be a painful process, nor one that fundamentally alters your business plan. Many, many business owners before you have put to use these straightforward strategies to trim overhead, streamline operating expenses, and ultimately increase profitability. Pro Tip: Are you paying fees on your business checking account? Bluevine was built for entrepreneurs and small businesses. There are no fees and you can apply in just minutes. Why Business Profit Margin Matters Online accounting software like Freshbooks is a great way to track your revenue and expenses, giving you insight into your business’s profit…

Read More

26 Best Company Benefits & Perks for Employees – Latest News

As an employer, it’s up to you to attract and retain top talent for your company. If you don’t maintain a competitive edge, you may be overlooked by desirable candidates, leaving you with a shrinking hiring pool and a pile of mediocre applications to sort through. Many well-known companies like Netflix, Google, and Facebook have built strong reputations as top employers by offering a wide variety of perks and benefits that attract the best employees in the industry. Although you may not be in a position to offer the same or as many options as these tech giants, you can still work to make your startup or small business more competitive by reviewing and enhancing the perks and benefits that you do offer to employees. From individual, team-based, companywide, and in-office perks and benefits, here are some of the most popular and in-demand extras that will help you to get…

Read More

PPP Loan Repayment & Forgiveness – Common Questions Answered – Latest News

On June 5, 2020, President Donald Trump signed a law modifying key provisions of the Paycheck Protection Program (PPP), one of the highest-profile coronavirus-related financial aid and stimulus measures passed by the United States Congress in the opening months of the COVID-19 pandemic. According to a Fox Business report, the Paycheck Protection Program Flexibility Act (PPPFA) allows loan recipients to use up to 40% of their loans’ proceeds for certain expenses unrelated to payroll (cash compensation) — specifically, rent or lease payments, mortgage interest, and utilities — without jeopardizing their eligibility for full loan forgiveness, provided they use the remainder for payroll expenses. A subsequent rule issued by the Small Business Administration (SBA), the federal agency charged with overseeing PPP, clarified that loan recipients don’t need to meet the 60% payroll threshold to qualify for partial loan forgiveness as long as they used at least 60% of the forgiven amount for payroll…

Read More

Commercial Letters of Credit – What They Are & Issues That May Arise – Latest News

Congratulations! A potential foreign customer for your small business has placed an order. You’re going global. That’s terrific! But as good as it is, there are challenges with export orders that far surpass the challenges of domestic orders, such as export controls, customs documents, origin marking requirements, and payment challenges. How will your foreign customer pay you for your goods? If they’re willing to pay in advance by wire transfer, that’s probably the best option for you since it’s almost immediate and could even be free. However, both your bank and your customer’s bank might charge a wire transfer fee, which could range from $20 up to $100, depending on your account and your bank’s expertise. If the order value is too low, it won’t be worth it. Then, there are credit cards and debit cards. Payment solutions such as Visa, Mastercard, and PayPal are all great options, and they tend to charge…

Read More
Loading