A business credit card can be a useful tool for the entrepreneur, or an unwieldy albatross about the neck.
I've posted an article at MoneySavingPro, a business credit card checklist, pointing out the ins-and-outs of selecting the right card and using it wisely.
Showing posts with label small business. Show all posts
Showing posts with label small business. Show all posts
Saturday, February 14, 2015
Wednesday, September 26, 2012
Self Employment and Social Security
Social Security benefits are available to owners and workers in the small-business sector. Self-employed sole proprietors are required to pay Social Security and Medicare taxes in addition to federal tax on their income. Sole proprietors file Schedule SE, Self Employment Tax as part of their annual federal tax return, paying into the Social Security and Medicare systems. Both incorporated and sole proprietor-owned small businesses use IRS form 941 for paying payroll and Social Security taxes for their employees, but in this case the Social Security tax is based on payroll amounts rather than business income.
Sole Proprietors
Sole proprietors file a Schedule C, Profit or Loss from Business along with their form 1040 each year with the IRS. Business income and expenses are reconciled on Schedule C to calculate net profit for the year. The net profit is entered on Schedule SE. The sole proprietor figures out their self employment tax using this form. This tax consists of Social Security and Medicare taxes for those who run businesses as sole proprietors.
Schedule SE
Sole Proprietors earning more than $400 annually in net earnings from their business as figured on Schedule C must file the Schedule SE. Church employees who had income of $108.28 or more must also file Schedule SE. Self employed individuals receiving social security or medicare are required to file a Schedule SE regardless of age.
Self Employment Tax Deduction
Self employed sole proprietors can deduct a portion of their self employment tax on form 1040 in calculating their adjusted gross income. The deduction is equivalent to an employer contribution to social security that regular payroll employees are entitled to. The deduction affects only income tax, not self employment earnings or tax. The self employed are also eligible to take a deduction for health insurance costs. The instructions for form 1040 and schedule SE include information on claiming this deduction.
Self Employment Tax Rate
The Self Employment Tax Rate for 2011 and 2012 is 13.3 percent, with just over ten percent of it earmarked for social security. Income earned after $106,800 is not subject to the social security tax. The rate of self employment tax is subject to acts of congress and can change.
Form 941
Small business employers use IRS form 941, Employer’s Quarterly Federal Tax Return to remit payroll taxes to the IRS. They report and pay Social Security and Medicare taxes along with federal income tax withheld.
Sole Proprietors
Sole proprietors file a Schedule C, Profit or Loss from Business along with their form 1040 each year with the IRS. Business income and expenses are reconciled on Schedule C to calculate net profit for the year. The net profit is entered on Schedule SE. The sole proprietor figures out their self employment tax using this form. This tax consists of Social Security and Medicare taxes for those who run businesses as sole proprietors.
Schedule SE
Sole Proprietors earning more than $400 annually in net earnings from their business as figured on Schedule C must file the Schedule SE. Church employees who had income of $108.28 or more must also file Schedule SE. Self employed individuals receiving social security or medicare are required to file a Schedule SE regardless of age.
Self Employment Tax Deduction
Self employed sole proprietors can deduct a portion of their self employment tax on form 1040 in calculating their adjusted gross income. The deduction is equivalent to an employer contribution to social security that regular payroll employees are entitled to. The deduction affects only income tax, not self employment earnings or tax. The self employed are also eligible to take a deduction for health insurance costs. The instructions for form 1040 and schedule SE include information on claiming this deduction.
A Self Employed T-Shirt Geek
Self Employment Tax Rate
The Self Employment Tax Rate for 2011 and 2012 is 13.3 percent, with just over ten percent of it earmarked for social security. Income earned after $106,800 is not subject to the social security tax. The rate of self employment tax is subject to acts of congress and can change.
Form 941
Small business employers use IRS form 941, Employer’s Quarterly Federal Tax Return to remit payroll taxes to the IRS. They report and pay Social Security and Medicare taxes along with federal income tax withheld.
Tuesday, September 04, 2012
Mobile Marketing for T-Shirt Printers
There are now more mobile phones than people in the United States, with Smartphones in the hands of more than 50% of mobile users. I've been looking at articles from the NY Times, Forbes and Inc, and they all report that mobile advertising and marketing is growing, uh, wicked fast.
I'm no expert on mobile marketing, but clearly it's time for custom T-Shirt printers (hey, that's me!) to add mobile to our marketing mix.
How are we gonna do that? Well, I'll take the easy way out and refer readers to some slick guys in Australia, Oz Promo TShirts, who've put in the work and have posted a darn good article about Mobile Marketing for Custom T-Shirt Printers. I note that most of their comments apply to small business as a whole.
Turns out we're shifting to making tools now (apps), not websites, to aid our marketing efforts.
I'm no expert on mobile marketing, but clearly it's time for custom T-Shirt printers (hey, that's me!) to add mobile to our marketing mix.
How are we gonna do that? Well, I'll take the easy way out and refer readers to some slick guys in Australia, Oz Promo TShirts, who've put in the work and have posted a darn good article about Mobile Marketing for Custom T-Shirt Printers. I note that most of their comments apply to small business as a whole.
Turns out we're shifting to making tools now (apps), not websites, to aid our marketing efforts.
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