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May
20

Met with an accountant yesterday; here are some of my thoughts!

Written by Chris on May 20, 2008 – 10:00 am -

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Sunday I blogged that I was going to be meeting with an accountant and listed a few questions that I was going to ask him to dive deeper into the realms of setting up a business entity, such as an LLC or a C corp. The basis for the meeting was because with the amount of money that I had been bringing in recently from ebay and my website development business, there was some money that was not being reported as income and instead was just being deposited and not being accounted for. So there were some worries about the possibility of getting audited or having different problems with paying state taxes.

So, I wanted to learn more about my options, discuss my ventures, and see what may be the best idea for me as an entrepreneur. Now, before I go any further, I want to STRESS that this is advice that was given to ME and is specific to my case. That being said, it is always best to get your own advice from a certified professional such as an accountant or lawyer or both! So, with that, I am going to just talk about some of my different options, the answers to some of the questions that I asked, and what the future holds for how I do business. Read more »


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Posted in Blogging, Business Ideas, Entrepreneurship, Money Management, Web Development, Website Updates / News, eBay | 6 Comments »
May
18

Talking to an Accountant tomorrow, what should I ask?

Written by Chris on May 18, 2008 – 10:34 pm -

So, I know I have talked a bunch before about starting a business, different types of businesses to start, etc, but now it is time for me to actually do it. Tomorrow I will be going and sitting down with my parents Accountant and Financial Planner in search of some advice as to what to do relating to my web design business income and my ebay income - ie start a business to funnel it into or not.

However, I want to make sure that I am well prepared with a list of questions - so I am looking for more ideas as to what else to ask or look into. Here is what I am thinking so far:

  1. What is the best type of entity to launch in order to run ventures under different names (doing business as [DBA] names) and funnel all profits and expenses into the parent company.
  2. What kind of protection does a parent company offer when operating under a DBA? Does everything fall onto the parent company?
  3. If operating with a DBA, does a new company (say a LLC) need to be launched in order for the parent company to have ownership of it or can multiple DBA’s be filled for the same parent company?
  4. What can be written off as a business expenses and where should the line be drawn (as far as deciding what to submit and what not to)?
  5. How should internet income be reported (individually from each company [like google, cashcrate, etc] or just as one lump sum)?
  6. What is the best way to report blogging income which would break down into the following categories: advertising (google, private ad sales, paid reviews, etc), networks/affiliates, miscellaneous.
  7. Can meals and other items be written of as a tax deductible/business expense if they are written about and reviewed? Such as restaurant reviews or camping equipment reviews?

That is about all I have for now, any one have other suggestions or questions they may like to try to get answered? I am already there, so I’d be happy to try and ask any question you may have! Leave a comment! My meeting is at 3 PM tomorrow.


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Posted in Blogging, Entrepreneurship, Website Updates / News | 2 Comments »