Carina Advisors

6 Tax Mistakes Self Employed Folks Make Way To Often

Since those who are self employed don’t have a larger corporation taking care of everything for them, anything to do with taxes can be frustrating and confusing. Not only will you need to keep track of everything, but you’ll also need to make sure you fill everything out correctly and thoroughly. Even missing a few of these things could result in an audit and cause you more stress and trouble than need be. With that being said, here are 6 things you’ll want to avoid during tax time, as told by professionals like Carina Advisors.

Using the Wrong Forms

One of the biggest mistakes that self employed people do is using the wrong forms. Many don’t realize that you can’t use the same form that you would with a traditional job because it doesn’t record all of the information needed. This mistake happens quite a bit with those that are trying to do things themselves. In this case, you should get a professional to help. If you don’t want to go that route, there is plenty of information out there that can walk you through how to fill it out and what information you’ll need.

Bad Record Keeping

Another common mistake is bad record keeping. This includes things like forgetting to write down expenses, throwing away receipts or even keeping poor records when it comes to how much you earn. All of these things are essential to get you the most deductions and the biggest refund possible. It’ll also help you report your income more accurately and prevent you having to make a guess. Keep in mind, there’s always a chance that the IRS will audit you, so make sure you’re keeping everything organized together to ensure that you can show whatever proof or verification they’re asking for.

Waiting to File

Some people who are self employed are expecting to pay a huge amount in taxes, so they wait to file. While it’s fine to wait closer to the deadline, you don’t want to go over that. Even if you file before the deadline, you want to make sure you don’t wait until the last minute because you never know what kind of issues you might run into. Waiting until after the deadline can also cause you to wrack up quite a bit in fees, so it’s better for everyone to just file with plenty of time left.

Not Putting Money Back

Another big mistakes is not putting money back for taxes. Since you’re self employed, taxes aren’t automatically taken out of each check. This means you’re responsible for doing this yourself. Some people figure they’ll just pay it all when they file taxes, but those that are making a good amount of money might end up paying a lot at once. To avoid this, make sure you’re taking out money from each pay check to ensure you have enough to cover your tax bill. If you aren’t sure how much you need to take out, you can talk with a professional or look up information online. Keep in mind, you can either pay this all together or make quarterly payments to help ensure they are definitely being paid.

Skipping Professional Help

While some people choose to do their self employment taxes on their own, it’s a really good idea to get professional help. Not only will these people have an in-depth understanding of tax laws, but they can help ensure you’re filling everything out the way it needs to be. Even if you don’t use them for long periods, it’s a good idea to consult with them at least a few times a year. Having someone with extensive knowledge on your side will help make the entire process easier and help reduce the chances of you getting audited.

Not Knowing Write-Offs

One final tax mistakes is not knowing write-offs. There are many deductions and write-offs that self employed people can take. Not only will this reduce their tax bill, but it could increase their refund. It’s important to take every deduction you qualify for, but it can be hard to figure out exactly what those are. Do research or talk to a professional to ensure you’re getting all the deductions that you can.

While you can do things alone, it’s always a good idea to get help from a reputable company, such as Carina Advisors. Not only will they help ensure that everything is correct, but they can also get you the most deductions and credits possible. This will reduce how much you’ll have to pay out and possibly get you a bigger refund. It’s best to research as much as possible and make sure you’re doing things correctly in order to avoid any types of audits or issues coming up

nancy behrman communications

Why Your Business Needs to Hire a Public Relations Firm This Year

Perhaps the greatest value your business can have is the ability to get people talking about it. Public relations plays an essential role in this regard because they can help facilitate conversations about your organization for a fraction of the cost that it would take to do so through conventional means. Advertising is an essential strategy to give your company profits, but it does nothing to help your company’s credibility because it is an expected behavior.

If you have wondered if your business needs to hire a public relations firm, you will see that there is plenty of upside to doing so. Here is what to consider with public relations firms, and whether or not you need to hire one.

Builds Brand Recognition

You can do a lot to get more eyes on your company through your own methods, but hiring a public relations firm can help expedite that process greatly. Building a brand is not a sprint, it is a marathon. A good public relations firm will work in correlation with your marketing strategy which may entail social media or other events you may be holding.

The fact of the matter is you will not get profit if no one knows who you are and what you bring to the table. Therefore, if you want to help your business grow, it a public relations firm may be the way to go. Brand recognition is the first step to being successful, and a public relations firm will go a long way in determining that.

Stay Relevant

When your business gets that first bit of buzz, it can prove to be a very exciting time. You should be excited because it can feel very rewarding to finally have people talking and interacting with your business after months of hard work getting it off the ground. However, if you think that was hard, imagine how difficult it will be sustaining the effort and making sure people don’t get tired of you.

An effective PR strategy is a multi-faceted process that produces different ways to get people talking about your business. The worst thing a business can do is grow stale in relativity to the competition. The moment that happens, you will see sales decline instantly. However, a PR firm can help with many of these issues. Suggestions will be made about different methods you could go about creating media and content. Videos, podcasts and other content specifically catered to your customers will help generate sales and keep the buzz going. You can understand more about these concepts through nancy behrman communications.

Increase Return on Investment

One of the worst mistakes that a company can make is thinking that they don’t need to hire a public relations firm just because sales are up. Major brands will have PR firms even when they are doing well because they are constantly preparing for the worst case scenario. Anything can go bad at any moment, and this can result in negative media coverage. Ultimately, trust in the brand will gradually decline and it will be reflected in declining sales.

On the other hand, if there is powerful news that is relevant to your business, it creates a great deal of excitement. This is where a PR firm will work to your advantage because it will increase sales. With an increase ins ales, this increases the return on investment that you had for your business. The more sales that are directly converted from the work of a PR firm, the more value you get for all the money you invested to get your business afloat. You can learn more about the value a PR firm brings to the table by seeking expert information from nancy behrman communications.

As you can see, hiring a PR firm can be beneficial to your business. Not only can it help build brand recognition, but it can generate sales in the process while increasing your return on investment. Businesses are becoming more competitive than ever and are always looking for ways to get an edge. One of the best ways to do start is by hiring a PR firm this year

Pacific Collection Group

5 Creative Ways to Spread The Word About Your Debt Collection Agency

Letting everyone know about your debt collection agency can be a difficult task. There are so many avenues that you can take and all of them can be viable. However, some are more beneficial than others. This is why business owners like Pacific Collection Group are masters in this area. They know exactly how to market their debt collection agency since they are all incredible at what they do. Thankfully, they have bestowed us with some information that will startup debt collection agencies find the traffic that it needs in order to succeed.

Using Word of Mouth

One of the best methods to market your business is to use word of mouth. While digital marketing has improved our outreach globally, it cannot compete with the organic approach of telling someone how amazing a certain business is. The message that they leave to someone else in person will be organic and authentic. It is hard to discern whether a company is worth it or not online since the marketing tactics that they use may seem non-genuine. Fortunately, Pacific Collection Group is talked about all the time since they are one of the best debt collection agencies in the world.

Utilizing Digital Marketing

While we did say that word of mouth can beat digital marketing in some areas, you still should be using digital marketing all of the time. Digital marketing can allow you to reach audiences that you never knew existed before. Fantastic companies like Pacific Collection Group always make sure to put their message out there with the power of digital marketing. This means that you can find them on platforms such as Facebook, YouTube, and LinkedIn. To not utilize these free services would be ridiculous and no business owner should ever not consider these avenues.

Networking Events

Nothing beats the power of meeting someone in person and selling your ideas and services to them. Meeting people at networking events is a great way to find a demand for your debt collection services. Fortunately, networking events happen in all sizes. Whether it is a local chamber of commerce or a national business event, there are opportunities waiting around every corner. Fortunately, your debt collection agency should always send a brand ambassador to these events so that they can make connections that will drum up business. This is a fantastic way to ensure a steady stream of clients coming through your door.

Utilize SEO

Did you know that writing articles and producing web pages on your website increases your chances of being found? You want to be able to stand out from the rest if you are a debt collection agency with ambitions. This is why you need to utilize SEO on your website to increase your chances of being found. SEO stands for search engine optimization. This important part of the internet determines how and where businesses get found. Thankfully, hiring an SEO specialist for your business will help you improve your index ranking on your web page. This can lead to big business leads for your debt collection agency if a future client is searching for debt collection services on Google.

Use Promotions

Providing debt collection services can be pricey depending on who you decide to work with. One of the best things that you can do if you are a startup debt collection agency is to utilize promotions on your services. This means that newer clients will be able to save money on your services if you decide to work with them. However, this should only be used for a limited time. Veteran debt collection agencies typically don’t do this tactic. Use it at your own discretion.

Using The Tools at Your Disposal

Running a debt collection agency is a rewarding challenge that can positively impact those who you work with. This means that you want to make sure that you are using every tool at your disposal in order to be found. Thankfully, there are more tools available to business owners than ever before if they wish to be found online or in person. Be sure to utilize these tips that we have provided to you if you wish to market your debt collection agency the right way

Jason Vanclef

Here’s Why You Need to Hire a Business Financial Consultant in 2020

Growing wealth requires a gameplan, and most people, even active business persons, aren’t qualified to create one. That’s the primary reason that financial consultants are gaining popularity. They’re available to help corporate clients put together strategies to get the most from their investments and income.

Financial Consultants Are Affordable

Consultants are using attractive fee models that make their services widely affordable. That’s fantastic because it lowers the cost of entry for anyone who wants professional financial guidance. For businesses with more extensive portfolios, a percentage paid towards consulting makes excellent sense.

Consulting is accessible in the business world for a few reasons that also apply to personal finance. First, it’s less expensive to leverage outside expertise than to develop it independently. Secondly, the potential profit from using the consultant service is more substantial than the fees.

Consultants Create Strategies

Hiring a consultant is smart because they help develop winning, long-term strategies to solve everyday financial problems. For most people, that means coming up with ways to save on taxes. Most also need a plan for maximizing the return on investments.

Personal finance experts like Jason Vanclef are there to maximize your earnings and to help you develop a plan to build wealth. Hiring one makes the same sense as any choosing any other professional. If you have the money and need the service, you’ll benefit.

Businesses are outsourcing more because it’s the fastest way to get up to speed on any subject. Leveraging existing expertise is always quicker than building it in-house.

Leverage Research-Driven Advice

Consultants back up their advice by providing clients with data-driven research. That’s important because it means they have a methodology they’re following to come up with conclusions.

Finances can be an emotional subject for anyone, even business people. The way to combat negative feelings is with facts and research helps. As a business owner, you can tell the consultant what objectives are on your mind, and they can come up with tactics to make it happen.

Achieve Business Goals With Consulting Help

Achieving objectives is what separates successful businesses from floundering operations. Any company can stall out without additional input to keep things fresh. For financial issues, the options are to hire a CFO or to look to outsiders for assistance.

For most firms, the latter solution is sufficient. If they don’t require full-time work, it’s much less expensive to hire someone for a specific task. That’s a point from Jason Vanclef that’s hard to argue with for anyone.

Planning for the Future Now Makes Sense

The only way to plan for the future is to set up an ongoing strategy. If your company wants to reduce taxes or leverage other crucial financial tactics, there’s no point in delaying. The longer you wait, the less money overall you’ll receive. Investments take time to add up, so putting money away now gets the ball rolling.

Probably, you’re already behind other competitors if you’re only beginning to explore financial topics. If that’s the case, further delays will only cost more money. Why not end the controversy and consider hiring financial consultants instead?

These professionals are filling in the gaps at companies all over. They’re able to instill a new mindset and a set of processes and tools to help managers achieve their goals. Picking the brain of a leading consultant also has the advantage of spreading new ideas, at a time when they’re needed most.

The old ways of doing business are passing away, and new concepts spring up to replace them. Plugging into a new school of thought is a fast way to rejuvenate energy levels around any organization. A shot in the arm from new thinking might help your company hit new levels of achievement. Hiring a consultant is no longer the challenge it once was and now represents a substantial move forward

Jeffrey English NYC Shares How To Find The Best Graphic Designer For Your Brand

Finding the best graphic designer for your business is an important part of creating your image. You need a new logo, artwork for your company, and ads that make your business look great. However, you must choose the appropriate designer to support your company. Use these tips to determine which designer is right for you because everyone has their own style, process, and pricing structure.

Ask The Designer For A Portfolio

When you need a graphic designer, you should ask for heir portfolio. You can read through their portfolio, learn about the companies they have worked with, and ask them what their process was. You can compare their previous work to what you want, and you can choose your designer based on their style alone.

When you talk to someone like Jeff English NYC, you can learn about how his style matches with your ideas. When there is a match, you can continue to research that designer.

How Does The Designer Create Your Logo?

You can ask your graphic designer about their process. You can learn about the colors that will be used in your logo, and you can discuss the uniqueness of the logo. You do not want your business to look like others, and the designer can show you a range of colors so vast you need time to decide.

The Designer Can Help Create A Motto Or Slogan

Even though Jeffrey English NYC is not a professional writer, you can ask for help creating a slogan or motto. The designer you hire should help you fit the motto or slogan into your logo. Plus, you can ask for a script or font that will be recognizable. You do not want to copy other companies in your industry, and you should invest in more renderings of that motto. Your company has an identity, and your designer will explain how that identity can be used to your advantage.

How Do You Change The Look Of Your Website?

The graphic designer you have chosen should know how to incorporate your new logo and design into your website. You want your website to be an attractive place for your customers to visit. Plus, your designer can help create artwork or animations that will make the website look nice.

Does The Designer Know How To Update Your Look?

If you hire someone like Jeffrey English NYC, you might ask about updating your style. When the markets change, you need to keep up with those changes. A modern design might require a complete overhaul of your logo. You might want to make a few small changes to your fonts, or you could ask your designer to use different colors to update your look. You could ask for new and trendy designs, and you can change every time the market changes.

Ask The Designer For A Pricing Schedule

You need to know how much it costs to create a logo, the font for your business, and other media that must be created. You might pay a flat fee because the designer will create everything for one price. You might pay by the hour, or you might pay every time the designer reaches a milestone.

When the designer reaches milestones, they can tell show you how much you owe. Plus, you should ask the designer for progress reports along the way. If you are not allowed to see the designer’s progress, you may want to avoid them. Also, you should ask the designer if they plan to post any of their work on social media.

You can ask a designer like Jeff English NYC to sign an NDA that will keep everything they do confidential. However, you might want the designer to post non-revealing progress report videos online. This might be a good way to generate more publicity for your business, and you can even ask for suggestions from fans during the process. You can share all the designer’s posts on your social media channels, and you can generate more interest in your brand.


Finding a quality graphic designer is very important if you want your business to look good. You can create more interest in your brand if you have a nice logo, and your designer can turn your logo into a color scheme, font scheme, and additional artwork that will make your website look wonderful

How to Create Solid Financial Habits For Your Business

If you want to ensure the long term success of your business, you need to be utilizing solid financial habits on a regular basis. Furthermore, business owners should stay on top of their spending habits and should constantly reevaluate the way they are spending and tracking their money. Falling into complacency is a big issue that business owners face, which can wind up becoming extremely costly. The more in tune you are with your financial habits, the healthier your business is going to be. Incorporating these solid financial habits will increase the likelihood that you find continued success in your business endeavors.

Prioritize Saving

Saving money is one of the most important financial habits to incorporate into your business. There are far too many businesses out there that don’t focus on putting money in the bank, which can wind up being incredibly costly. Furthermore, if you don’t prioritize your savings, you may wind up being unable to capitalize on potential business opportunities that present themselves. If you want to grow your business, you are going to have to have liquid funds that can be accessed at any point in time. Failing to do so can be incredibly costly and can limit your ability to grow your business. Furthermore, having liquid savings available is a safety net that may be critical if your business runs into financial difficulty in the future. Rather than constantly investing money back into your business, it is wise to put money aside and prepare for the unexpected. It is generally a good idea to determine a set amount that you are going to put towards savings and stick to it each and every month. If you make this a priority and run into financial hurdles in the future, you should be able to get over the hump. Additionally, your savings may provide you the resources to capitalize on an opportunity that requires liquid funds.

Track Expenses Accurately

Spending is something that each and every business is going to engage in, although it can get out of control quite quickly. While you typically need to spend money to make money, you need to make sure you know exactly how much you are spending each month. Tracking expenses properly is crucial when it comes to understanding where your business stands financially at any given moment. If you are inaccurate when it comes to tracking your expenses, you might find yourself making financial decisions that may negatively affect your business. These mistakes can cripple a business, so make sure you know exactly how much you are spending.

Set Financial Goals and Stick to Them

Setting goals in life is the key to success and these principles also apply to business. If you want to be successful, you need to sit down and determine the financial goals you have for your business. Be realistic and develop a plan that you believe is attainable and stick to the goals that you have laid out in your business. The more diligent you are with your planning, the greater the chance you are going to be able to achieve your goals. Dictate the necessary steps that you will have to take to achieve each financial goal you have set for your business. Possessing lofty financial goals is admirable, but you need to understand the necessary actions you must take on the micro-level if you want to achieve them. Laying out a solid gameplan with things that must be achieved each and every day will help you to reach your goals for the year.

Use Debt Appropriately

Debt is a word that gets a bad reputation, based on the fact that most people view it as a negative. However, you can use debt to your advantage when it comes to growing a business. A loan is a debt that you may incur, which you might use as a means of expanding your business. The revenue you create from investing can help you to pay off the original loan. In this sense, businesses can profit off of debts and use them to their advantage.

Utilize Financial Counseling

Companies such as Finance Solutions are excellent when it comes to helping businesses create a financial plan. Finance Solutions can help your business to work around high-interest credit card debt, which can be a major problem that drags down profitability. You may be under the impression that you have your business finances in order, but consulting with a professional may help to identify holes where you can increase efficiency

How Much Does a Business Attorney Cost?

Starting a business can be an extraordinarily tough endeavor to place oneself in. However, the rewards of being your own boss and building something of your own is, without a doubt, a very triumphant and rewarding feeling.

When building a business and scaling a business, it would be a great idea to invest in a business lawyer.

There will be a host of legal issues that you will want an expert’s Alice on, and there really is no better an expert than a business lawyer.

In this article, we will explain how much it cost to have a business lawyer on your team and if it will be worth it in the end.

As the old saying goes, “you have to spend money to make money.

And this is very true when scaling a business.

If you would like to learn more Law issues and concerns, then feel free to give Douglas Healy website a look.

The law does need to be as complicated as many make it seem. The more you learn, the less likely you are to fall prey to those who would break and bend the law to their whims.

How Much Does a Business Attorney Cost?

What Is a Business Attorney?

Before we begin to discover the price of a business attorney, it would prove most salient to understand what a business attorney is.

A Business Attorney helps handle certain legal matters.

Legal matters such as (but not limited to):

  • Buying and selling a business
  • Filing incorporate documents
  • Drafting and/or reviewing certain business documents

What your Business Attorney will do (assuming you hire one) is:

  • Help with business information
  • Any Business Disputes
  • Any conflicts that may, and most definitely WILL, arise
  • Make sure your business is in compliance with local laws and regulations
  • Help with international and interstate laws and requirements

How Much Does It Cost To Hire A Business Attorney?

Now, that you have a better understanding of what a business attorney is, let us get into the main objective of this article, which is how much does it cost to hire a business attorney.

The amount that you will pay for the business lawyer is determinate upon the size of your business, as well as the type of ring process you are doing.

Most Business Attorneys are hired out per hour.

And what this means is that you must pat them for their hours of work.

The amount that you will pay is somewhere in the estimated ballpark of $150 to $325 per hour.

It is essential to know that the amount that you will pay out is also influenced by the town or city you may be residing in.

It is very safe to say that if you are working in a small town in the Midwest, you will be paying as much as a person who is living in the “Big Apple” or somewhere out “In Hollywood“.

Your location will be a factor.

What will also be another factor is the amount of work that is needed by the Business Attorney.

Not all cases will demand the same timeframe, and as such, the job and tasks will also play a role in how much you will be paying.

Different Law Firms

Lastly, knowing what law firm company you will be working with will also be something you will want to consider. There are many “affordable” (and we use this word very lightly here) that can do the job for you at a price that makes it seem like a steal.

But this is because most likely these are NEW Business Attorneys trying to get their foot in the door.

It may cost more to work with a more reputable company, but you must take into consideration that you will be hiring someone to do the job RIGHT.

You don’t want to pay someone who will do the job but only cause you more headaches later on.

This is just a piece of friendly advice and something you may want to consider when hiring a Business Attorney.

Want To Learn More

If this article has piqued your interest and you would like to learn more, feel free to reach out to Douglas Healy with the link provided above

How to Manage Money When You’re Self-Employed

There are many things you can do to manage your money when you’re self-employed — things like loans, budgets, and plans that keep your spending to a minimum. There are a lot of ways to save money, budget well, and manage your money to maintain a pleasant profit at the end of each month.


There are many ways to get a loan and some reasons why there needed. Some reasons why they are needed is that you are just starting up a business, and need funds to be able to get the company up and running. Another good reason is that you need more products to sell if you don’t have the money to buy the items you need to sell, them more than likely a loan is right for you. The good thing about this is that there are numerous options to take out a loan from. The 1st option is getting money from friends or family and paying it back when you can, but that can get messy. There are hard money loans or self employed loans, this option is hard as it puts your property up as collateral, and you need the property to put it up. Another option is Private lending, and this is favorable for people with no or bad credit. The last option is bad credit loans, and this is the best loan for people with no credit or bad credit, they give you the loan with an increased monthly fee, and this works for both parties. Any of these options are good for self employed loans.

Budgeting Your Money

Budgeting your money is crucial, primarily when self-employed. A lot of people think that budgeting costs time and requires sacrifice. Those are both untrue and can lead to losing money if you decide not to budget. We’ll go through a list of everything you can do to budget your finances better. Number one is getting a budget sheet. Then when you get a budget sheet, write down your finances. The finances should include what you make, your fixed costs, optional obligation costs, and variable costs. What you make should be your monthly income, and everything else should be based on that. Second is the fixed costs, and these are things you need to pay each month, like your health insurance, car payments, house payments, rent, etc. Next is optional obligation costs are expenses that you opted into like a phone bill, cable bill, subscription, or membership. Finally, your variable costs are anything left. Any bills or purchases you’ve made over the year should be in this category, including gifts, clothes, and entertainment costs.

After all of that is put into a sheet, you need to work on your financial goals and wishes. This includes things like big purchases such as a car, house, property, stocks, retirement, or anything else. This could also be a vacation so that you have a good trip. This allows you to see how much you can save up a month for it, and know when you can take that vacation. Then prioritize your goals and don’t exclude necessities. This will ensure that you have enough money to do what you want, and you’ll be able to see what you are spending.

Managing Your Funds When Self-Employed

While managing your money may seem hard to do at first, here are some things to consider while setting yourself to a managed budget. First, and an important thing is not to underestimate your expenses. They will add up, and you need to be ready for them by setting aside extra cash to help pay for it. Budgeting your income was covered above, but it is a vital tool in helping to manage your self-employed business. Another thing to consider is to avoid credit cards, don’t use them, and don’t rely on them. Then you want to keep tabs on your taxes, record expenses so that you can write them off during tax time. Keep all your records accurate and factual. If that doesn’t help, get a lawyer to help with all of this if it becomes too much.


With so many options to take out loans, it’s no wonder self-employed people choose to go this route so that they can stay ahead financially. However, it’s always important to keep a record of all of your finances so that you know what you’re spending per month, and how to budget yourself to do things you love. So if you think that this is too hard, you can hire a lawyer to help keep all your information for you and help you to put everything together, or maybe a CPA to help you with your taxes and budget

13 Business Finance Terms You Need to Know

Whether you are just starting out in business or you are a well established. There are business finance terms that everyone should know. It is important to know the lingo of business in order to be successful. Now, there are countless business finance terms but for this blog, we have chosen what we see as the top 13 vital business finance terms.

1. Bookkeeping

Bookkeeping is the process by which you keep a record of all your incoming and outgoing expenses. This is vital information, as it gives you an overview of your business and can help you at tax time.

2. Capitial

If you don’t know how much your business is worth, then you are not a very good business person. The term Capital is used to reference the overall wealth of your business. It is an indication of the current and future success of your business.

3. Gross Profit

This is the term used to highlight the actual worth of the business minus expenses.

4. Depreciateion

Depreciation is the record of assets and their loss in value over a period of time. Depreciation is a good way to decrease values of assets and allows you to get tax breaks on depreciated and replaced assets.

5. Intangable Assests

An asset that is not physical, such as intellectual property.

6. Profit/Loss statement

Profit/Loss statements are used to keep track of the business expenses. 

7. Liability

Liabilities come in the form of liabilities or monies owed now, or in the future. Liabilities include wages, taxes, supplies bills ect.

8. APR (Annual Percentage Rate)

This is the amount of money each year you have to pay in interest on top of the principal balance on a loan.

9. Bankruptcy

Bankruptcy is the legal process that a business goes through, after they have gone broke, or are on the verge of. When your business fails, there is bankruptcy protections in place to protect you, and any creditors you may have.

10. Collateral

This is any asset or securities you pledge to surrender if you default on a loan.

11. Fixed Interest Rates

This is a fixed amount of interest on a loan. A fixed interest rate never changes throughout the lifetime of a loan.

12. Floating Interest Rates

Floating interest rates change with market fluctuations. This may not always be to your advantage. Rex Burgdorfer is an authority on the market and always has vital information. Check him out by searching Rex Burgdorfer Crunchbase or Rex Burgdorfer Twitter.

13. Guarantor

When you have low capital, or a low credit score, it is sometimes a requirement that you have someone who has good credit and a sound amount of capital to vouch for your ability to pay your bills. If you default on the loan, then your guarantor will be obliged to pay what is owed.

There are many more terms but, the ones mentioned in this article are, in our opinion, the most vital business financial terms to know. For more great business advice, check out a finance authority, Rex Burgdorfer Crunchbase or Rex Burgdorfer Twitter

Everything Your Business Needs to Know About Sales Tax Nexus

It is important for any business to know about sales tax. The sales tax policies can be very confusing for a businessman but it is crucial to learn everything about sales tax if you are thinking to run a business. Sales tax nexus is very important to know about for businessmen. Sales tax nexus is often explained using complicated terms which makes it very hard to understand. Nexus is now applicable to any business that has either a physical store or an online store. Previously there weren’t any taxes on online websites which made it very easy to sell things online. In this article, everything that you would need to know about Sales Tax is discussed.

How did it begin?

It started on 21st June 2018 when the USA Supreme Court passed the decision in favor of the state in the case of South Dakota VS Wayfair Inc. After Wayfair sales tax case many other states adopted this rule and sales tax started to be applied to online sales as well. Wayfair sales tax case opened a new chapter in the sales tax law. 40 states have exected the new sales tax law regarding the nexus and more states are joining on a regular basis.

Different types of sales tax

One of the most common reasons for sales tax is the physical store. Now there are many other types of businesses where sales tax is applicable. The click-through nexus applies when a retailer company hires an individual or a company to increase sales through either generating a link directing to the website of the retailer or by any other form of advertisement. The tax is payable if the individual or the company gets a commission on sales. Affiliate sales are applicable when an individual or a company works as an affiliate for a company and sales the product of that company either physically by a retail store or digitally through a website. The online market places are also required to pay their sales taxes. You can calculate your profit after doing the sales tax deduction. It is important to know about all the rules that are associated with the sales tax so you know where your money is going and also to be sure that you are following all the legal procedures.

Calculation of the sales tax

You could hire an individual to calculate their taxes. Sales tax outsourcing is a common practice for big corporates as the task is very demanding. You can search on the internet for a reputed firm or an individual for sales tax outsourcing. There are various websites available on the internet also which provides a sales tax calculator if you want to do those things on your own. There are many sales tax calculator software available too for calculating easily. You need to do a sales tax deduction after calculating the sales tax to know your actual profit.

Nexus rules can vary from state to state. If you have nexus than you owe the state sales tax. It is important to keep yourself up to date with any changes regarding the sales tax law. You should calculate both the local and the state sales tax and the charge your customers after doing a proper calculation. It is always a good idea to clearly know what sales tax Nexus is