Unlocking Your Business Potential
Can I pay business expenses from my personal account? According to the IRS, personal expenses are not eligible business expenses deductible against taxable income. Instead, if you were to purchase personal items through a company account, they should be fringe benefits that are subject to payroll taxes. Read more on www.indinero.com A single bank account … Read more
Is a 50% profit margin good? An NYU report on U.S. margins revealed the average net profit margin is 7.71% across different industries. But that doesn’t mean your ideal profit margin will align with this number. As a rule of thumb, 5% is a low margin, 10% is a healthy margin, and 20% is a … Read more
Can I use a DBA as a sole proprietor? A DBA allows a sole proprietor to conduct business under a name other than his own. A DBA functions as your business’s trade or fictitious name. A DBA can also help develop the business’s brand. A sole proprietor must properly register a DBA with the state … Read more
Do sole proprietors have to file annual reports? Key Benefits of a Sole Proprietorship. Sole proprietorships do not face the same ongoing formalities and requirements that corporations or LLCs face. There are no annual reports to file with and fees to pay to the state, no required annual meetings, etc. Read more on www.wolterskluwer.com Individuals … Read more