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What Businesses Should Know About Schedule K-1s Before They File Taxes

Posted by Melissa Hollis to Taxes, Business

I recently overheard a casual conversation between two of my friends from inDinero’s tax team in the breakroom. Their conversation was animated, and I kept hearing the term “K-1”—naturally, I assumed they were talking about a new Star Wars character. But boy was I wrong...

 

I learned that the Schedule K-1 is not a new imperial droid, but can be just as villainous in the eyes of many small business owners.

The Startup Productivity Stack: 100+ Tools Small Teams Use to Get More Done

Posted by Melissa Hollis to inDinero Academy, Business Advice, Business, Guides

If you run a startup or other business in the midst of growth, you picked a hell of a time to embark on your entrepreneurial journey. We’ve reached a point in the global marketplace where the tools and products out there designed to help you manage your company are virtually limitless.


The question then becomes: Where to begin?

 

The landscape of business resources is vast and weeding through the internet is time consuming... so we did it for you! As of April 2016, here’s a comprehensive list of resources you should know about, from marketing to sales to teamwork to legal help and beyond:

Ways to Keep a Positive Cashflow Running for Your Startup

Posted by Niraj Ranjan Rout to Accounting, Business Advice, Budgeting, Startup Tips

For a startup to survive and succeed, it needs to manage cash flow with utmost care and skill. Founders and business owners often find it challenging to maintain a steady handle on their burn rate, and this has become a common reason for many startup failures.

Even if you’ve reached profitability or raised a significant amount of capital, you can still fall short if you don’t manage to meet your overhead, payroll, and other operating expenses that keep your business afloat.

When are Business Taxes Due in 2018? Every Date You Need to File Your 2017 Tax Return

Posted by Melissa Hollis to Taxes

There are two reliable tactics to avoiding tax penalties: having a stable year-round accounting system and being on time. In this article, we’ll focus on the latter to help you build a simple but structured 2017-2018 calendar for both your business and personal tax returns that can help you keep up with your filing responsibilities and avoid paying more than you have to when you  file your 2017 tax return.

Converting Your Business from LLC to C Corp? Here’s How You Can Avoid Costly Tax Consequences

Posted by Melissa Hollis to Taxes, Business Advice

Many entrepreneurs get their business off the ground as a limited liability company (LLC).

This can make a lot of sense if you are the single owner of a company or if you only have a few partners. Operating as an LLC gives business owners flexibility.

From a tax perspective, an LLC couldn’t be better: The business’ income is treated as the income of the owners. That’s right—you don’t pay separate business taxes if your company is an LLC. Instead, the company passes taxable profits and deductible losses through to the owners, who are all considered partners by the friendly folks at the IRS.

Pretty straightforward, right?

But there may come a time when you need to convert your LLC to a C Corporation. There are a few indicators that you should think about converting to a C Corp.

7 Ways Small Business Owners Can Build Financial Confidence

Posted by Tony Esposito to Accounting

We recently explored what it means to have "financial confidence" or the knowledge and faith that your business is meeting its fiscal objectives, and the sense of certainty imparted by a robust and accessible set of bookkeeping data.

We learned that financial confidence has as much to with the facts of one’s business as it has to do with an executive’s feelings about the business—the two are woven together in a pretty tight ring. From there we know that you can’t manifest feelings or facts out of thin air, so how do you build confidence in your business’s finances?

Need To Finance a Startup? Start By Building Up Your Credit

Posted by Anastasia Ivanov to Funding

Nothing is more frustrating than knowing you’ve got a million dollar idea and not one dollar to put into it. But this is a common situation in today’s world. Many people barely have enough money to pay their monthly bills, much less finance a brand new company.

5 Accounting Problems That Can Sink Your Funding Round

Posted by Molly Otter to Investment, Taxes, Accounting, Business Advice, Funding, Startup Tips

You’re a startup CEO. You’re running your business fast and lean. Getting your company’s financials cleaned up and organized is on your to-do list, but so are a thousand other things. You’ll get around to it—just as soon as you secure the loan that will help you scale up.


I hate to break it to you, but as long as your financials are a mess, that funding is going to stay forever out of your reach. At Lighter Capital, we field a lot of loan applications, and the number one reason we reject potential borrowers is that the entrepreneur is unable to produce financials. And we’re not the only ones who feel this way.

SMBs Say Hello to Receipt Matching (and Goodbye to Cluttered Shoeboxes)

Posted by Melissa Hollis to Taxes, Accounting, Business Advice, inDinero Product Updates, Budgeting, Startup Tips

Over the course of your life, you’ve probably known someone who holds on to all their receipts, no matter how old or trivial those receipts may seem. Maybe it was your grandfather and his shoebox. Maybe it’s your mother and her filing cabinet. Maybe it’s you and that overflowing desk drawer.


While the practice of saving receipts can verge on obsession, startups have good reasons to retain and organize those little scraps of paper with care. Receipts help your business keep track of expenses, so you can provide proof of purchase for any future exchanges or claims under warranty, understand what your organization is spending too much money on, reimburse employees when necessary, and, of course, deduct everything you possibly can on your taxes.

What eCommerce Sellers Should Know about Sales Tax on Shipping Charges

Posted by Jennifer Dunn to Taxes, Startup Tips

If you run an eCommerce business, you’re quite familiar with shipping products. But did you know that states have different ideas of what UPS or post office shipping fees are considered taxable?

Success starts when you take charge of your finances.

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