Business "cards" with no pg? thanks for the info so u say even if you have nothing but a business name and no money coming in so u didn't loose anything or gain anything you still have to file taxes by the way the my business was a family partnership. Next ? which do you think would be the best route for 2 newly businesses combining llc c or s corp?
Business "cards" with no pg? Any comments on which is best regarding: 1. PC (Professional Corp.) vs. 2. PA (Professional Association) vs. 3. LLC Which would be best for tax advantages? Thanks
Business "cards" with no pg? Here is something to consider. A Sub-S is a pass through entity. Meaning that all of the profit or loss is passed through to the owners. And the taxes are paid at the personal level. Other Pass through entities include partnerships, and LLC's, they are all treated the same for tax purposes. A Pass Through provides a reduction in the FICA taxes, which could be as much as 7.65%, and reduces to a measly 1.45% for successful businesses. A pass through entity: Does NOT provide any other tax advantage. Does NOT allow the owners fringe benefits, such as, Medical Expenses. Has NOT been proven to limit Liability Does NOT provide privacy Does NOT reduce the dollars subject to personal income tax. If you are looking at a tax advantage, better deduction, or possibly limiting liability. A C-Corp. The federal tax rate on the first 50,000 is only 15%. and that is on net profit. Personally you would pay taxes on Gross revenue. www.creditsense.com
Business "cards" with no pg? Thanks creditwork The help everyone has provided a great I think we will combine and go with c corp we were looking to go with s corp. I think now i need to file my taxes even though i had no money coming in or out of my business. I didn't think u had to file taxes if you didn't make anything or loose anything
Business "cards" with no pg? You have to file every year, some states require a corporation fee. www.creditsense.com
Re: Business "cards" with no pg? actually a pass through entity does provide the same benefits as the medical/dental, etc. starting jan this year, med/dental benefits are now 100% tax deducitble. it also limits liability as long as you don't pierce the corporate veil. i owuld recommend anyone that is into this to talk to both an attorney regarding legal impliations (corporate veil and such) and also a CPA for tax strategies.. it also varies by state as well. for xample, a single owner LLC, you don;'t have do a 1065 - it goes on your personal schedule C.. however in california, you still need to pay $800 for franchise tax no matter whether u make money or not.. and there is also a mandatory payment of $500 for the first500k you make as well.. many many rules that go along w/ entities. Plus consider the 15.3% S/E tax that goes along w/ pass through entities.. whereas w/ an S or C, u can control those.. however, with a C - u have other implications as well - personal services company classification and PHC..
Re: Business "cards" with no pg? if you are losing money, it's better to be a pass through so u can have deductions offset your other income.. assuming u HAVE other income.. such as if you have a regular w-2 or work for another company.. if u lose money from your pass thru, that will count against the money u DO make.. so u end up paying less taxes. also be aware if u are a c corp, then u will have to worry about bylaws, yearly shareholders meeting, etc. also be considered with PHC and PSC classifications..
Re: Business "cards" with no pg? Excellent points. I have always upted for the LLC and Sub S in my personal decisions. www.creditsense.com
DNB offers two plans on getting a number. One is free and the other is the Credit Builder. The DNB website claims you have to have the Credit Builder to get a Paydex score. Does anyone know about this and is it true or is DNB just trying to get money out of everyone?
DNB offers two plans on getting a number. One is free and the other is the Credit Builder. The DNB website claims you have to have the Credit Builder to get a Paydex score. Does anyone know about this and is it true or is DNB just trying to get money out of everyone?
DNB offers two plans on getting a number. One is free and the other is the Credit Builder. The DNB website claims you have to have the Credit Builder to get a Paydex score. Does anyone know about this and is it true or is DNB just trying to get money out of everyone?
DNB offers two plans on getting a number. One is free and the other is the Credit Builder. The DNB website claims you have to have the Credit Builder to get a Paydex score. Does anyone know about this and is it true or is DNB just trying to get money out of everyone?
I got a DnB number a few years ago and my report shows a Paydex score. I don't have the Credit Builder, though they try to get me to purchase it.
Ruby.....read your post from march about the citibank with no pg. Where and how did you apply? I have a citi biz card but I gave a pg. They checked my personal credit (so far inq still there) but so far it's not reporting on me. Pretty new card. We want more credit that a)doesn't report on our personal cr and b)doesn't need a pg. We have a corp. Also....for anyone interested.....we went to the Lowe's and Home Depot websites and applied for their commercial accounts. Did not include any pg info. A couple days ago the Lowe's revolving account arrived in our co. name with 2500cl. Ok to start but you know I pfb'd em. I also went to Office Max and Staples and applied online (will keep you posted.) Went into the store and applied and was instantly approved for 1k.... not bad not having time to check any info on my co., but I was thinking they definitely need pfb. (Just in case we ever need a lot of copy paper!! And we are waiting to hear from Chase (gave a pg and I know we're approved just waiting to get the card!!) on their biz card then saw that Chase has an office depot card. I am trying to decide which rewards card(s) would be best before I do any more applying. I want to pace my inq's. Besides I know will and sheep will be after me.
I apologize for the duplicate posts. There was an error message saying the site was busy and try again. I didn't realize each time it was transmitting the post. Ruby, Thanks for the info. I've never heard anyone mention getting the credit builder as a requirement. Looks like DNB is just trying to make a few bucks. Amy...did you have to show any corp. documents to get any of your accounts? FYI...back in the 1980's on the accounts were they approve you on the spot it was good to use the card right away incase they turn you down once they do a full check on you this way they have to report an account for you even if it's closed. The theory was a closed positive tradeline had some value.
