Most bets are made casually and in an informal mood between friends and family, mainly paid in cash. This extra income could be useful for a snack, some extra clothes or paying bills. Does that exempt them from being taxable? What if it isn’t that much money? Lets dive into it on this month’s blog.
Congratulations on starting the journey of starting a business. One of the first steps to formalize your venture is registering with the IRS as a business entity.
The Internal Revenue Service offers many schemes or categories under which you can register a business depending on their structure. There are differences on the legal and tax rights and obligations.
Find out the key features that identify each one of the business structures.
99.9% of businesses in the country fall onto the category of SMEs. They are the main source of new jobs, but it requires great teams and leadership to open a new shop and keeping it open.
According to data collected by the Bureau of Labor Statistics, 20% of the new businesses close in their first year. The reasons may vary between industries and cities, but all of them have a thing in common they should care about: Administration of resources.
We share with you some elements related to bookkeeping that should be looked at if you are an entrepreneur or if you are thinking about becoming one.
Personal finances consist of being aware about all the transactions done with your money in a certain span of time. Do you know much you spend on those morning coffees and snacks? or which are your fixed expenses you must pay monthly? Taking care of personal finances means managing the money from getting your paycheck to planning what you are going to do with it.
Being able to spend less than you make may sound hard depending on your current situation but to start taking care of your finances weekly will help in the future and will give you financial freedom. Here we share some ideas to help you schedule and monitor your finances and how to take care of your money:
Do you have a great business idea but don’t know how to start?
There’s a tool that provides a better idea of the business you are trying to build and how will your project be different from your competitors. We are talking about the business model canvas.
It is a chart divided on smaller sections, each one of them represents variables that are required to know from your business. It describes in a visual and brief way how an organization creates and provides value to their users.
Let’s go through each one of the concepts and some key questions that will help you filling this business model canvas that will give you a better idea in the journey of becoming an entrepreneur:
Accurate record keeping is crucial for any business, but it’s especially important when it comes to taxes. Keeping detailed records of your income and expenses can help ensure that you are paying the least amount of taxes possible, and it can also help protect you in case of an audit. In this blog post, we’ll go over some best practices for record keeping and explain why it’s so important. Read more
The Construction Industry is poised to continue in growth opportunity as it recovers from the dip in demand during the height of the pandemic. This could be a great time for a business formation, but first one must consider what is the right entity type for your needs. Read more