Starting Your Business
Examine what's involved in starting your own business, and assess whether self-employment is right for you.
Do You Have What It Takes?
Responsibilities of Ownership
Pros and Cons of Owning a Business
Roles You'll Be Expected to Play
What Are Your Goals?
Economic Goals
Personal Goals
Retirement Goals
Why Goals Are Important
How to Quantify Your Goals
Do You Have the Right Stuff?
Assessing Your Strengths
Essential Qualities for Owners
Compensating for Weaknesses
Can You Handle the Impact on Your Life?
The Right Small Business for You
Choosing a Type of Business
Market Research Techniques
Niche Marketing
Additional Social Trends
Choosing a Business: Common Mistakes
Matching Skills to Businesses
Buying a Business or Franchise
Why Buy a Business?
Finding a Business to Buy
Researching the Business
Deciding Whether to Buy the Business
Why Buy a Franchise?
Franchise vs. New Business
Franchise vs. Existing Business
Finding a Franchise
Investigating the Franchise
Deciding Whether to Buy the Franchise
Evaluating Your Chance for Success
Market Assessment
Profitability Assessment
Making a Family Budget
Costs of Setting Up the Business
Hiring Professionals
Getting Insurance
Advertising and Marketing Costs
Hiring Employees
Planning the Physical Space
Special Rules for Retail Businesses
Miscellaneous Startup Costs
Cost of Raising Money
Case Study: Startup Costs
Costs of Running the Business
The First 90 Days
Case Study: The First 90 Days
Forecasting Sales
Estimating Sales: Trade Publications
Estimating Sales: Product Vendors
Estimating Sales: Census Figures
Cash Flow Peaks and Valleys
Some Cash Flow What-Ifs
Filling Cash Flow Shortages
Wearing the Parachute
Hiring Family Members
Franchising
Hiring a Manager
Using a Home Office
Starting Part Time
Know When to Cut Your Losses
Financing Assessment
Legal Assessment
Researching Your Industry
Federal Information Resources
Case Study: Government Information
SCORE: Free Business Counseling
Customized Economic Research
State and Local Government Help
Sources of Exporting Information
Getting Started
Choosing Professionals to Assist You
Building a Business Plan
Organizing Your Business
Choosing a Form of Organization
Starting Sole Proprietorships
Starting Partnerships
Starting General Partnerships
Starting Limited Partnerships
Starting Limited Liability Companies
Doing Business Out-of-State: Foreign Qualification
The Foreign Qualification Process
Selecting a Registered Agent for Your Business
Starting Corporations
Starting S Corporations
Starting Tax-Exempt Organizations
Starting Nonprofit Corporations
Naming Your Business
DBA (Doing Business As) Filings
Getting a Loan for Your Business
Setting Up Your Books
Keeping Good Records
Amortizing Your Startup Expenses
Getting Off the Ground
Where to Open Your Business
Home Office or Leased Space?
Choosing the Geographic Location
Leasing Office Space
Business Incubators
When to Open Your Business
Buying or Leasing Equipment
Marketing Your Product or Service
Getting Licenses and Permits
Finding Contractors and Suppliers
Hiring Employees
Joining a Trade Association
Protecting Yourself and Your Ideas
Buying Insurance for Your Business
Protecting Your Ideas
Now That You're Up and Running
Determining If You're Succeeding
The First Step to Success: Infancy
The Second Step: Survival
The Third Step: Nominal Success
Avoiding Common Pitfalls
Securing Your Success
Opening the Mail
Practicing Computer Security
Maintaining Confidentiality
Using Locks, Alarms, and Cameras
Managing Risk
Liability Insurance
Special Insurance
Property Insurance
Recognizing and Resolving Problems
Cash Flow Clogs
Accounting Enigmas
Marketing Snafus
Working Smarter
Managing Your Time Better
Managing Your Technology Needs
Employment Issues
Outgrowing Facilities
Planning Your Business
Learn how to create a winning business plan.
What Can a Business Plan Do for You?
Benefits of a Written Plan
Reality Check
Your Business's Resume
Timetable for Operations
Modeling Tool
Tracking Your Progress
Adjusting Operations
Planning for the Future
Events Triggering the Need for a Plan
Business Plan for a New Business
Business Expansion
New Products
New Markets
New Geographic Markets
New Customers in Existing Market
New Distribution Channel
Acquisitions and Franchise Opportunities
Preparing to Write Your Business Plan
Who Are Your Audiences?
Your Plan's Internal Audience
Your Plan's External Audience
How Far Out Can You Plan?
Planning for Your Type of Business
Service Businesses
Product-Based Businesses
Mixed Goods and Services
Sources of Information
Analysis of Your Present Situation
Business Records
Market and Marketing Data
SWOT Analysis
Establishing Reasonable Assumptions
The General Business Environment
Assumptions Regarding Your Business
Events Outside Your Control
Writing Your Business Plan
Format and Presentation Issues
Cover Page and Table of Contents
The Executive Summary
Business Background
The Business Entity
Product or Service Description
Business Facility Assessment
Planning for People
Marketing Plans
Market Analysis
Marketing Strategy
Marketing and Sales Plan
Action Plans
Planning Your Business Operations
Planning Management Activities
Planning for Contingencies
Financial Statements and Projections
Projected Profit and Loss Statement
Projected Cash Flow Statement
Historical Financial Information
Startup Business Financial Information
Financial Ratios
Appendix
Using Your Business Plan
Monitoring Your Progress
Selecting Performance Measures
Creating a System to Track Performance
How Frequently Should You Look?
When Things Go According to Plan
When Things Go Better Than Planned
When Things Go Wrong
Assessing the Deviation
Determining the Response
Keeping Your Plan Current
Planning Interval
Timing for Planning Activities
Refining Your Plan Between Revisions
Business Plan Case Studies
Case Study: Manufacturer's Business Plan
Case Study: Service Provider's Business Plan
Case Study: Retailer's Business Plan
Getting Financing for Your Business
Examine a wide variety of ways to get the money you need to start a business.
Your Business's Financing Profile
Maturity of the Business
Startup Small Businesses
Acquired Businesses
Growing or Mature Businesses
Aging Businesses
Appeal: Nothing Sells Like Success
Estimating the Money You Need
Estimating the Cost of a Startup
Planning to Succeed
Personal Financing
Insider Financing
Bootstrapping: Internal Sources of Funds
Quick Pick Chart for Financing Sources
Financing Basics: Debt vs. Equity
Equity Financing
Forms of Business Organization
Financing Sole Proprietorships
Financing General Partnerships
Financing Limited Partnerships
Financing Corporations
Financing LLCs and LLPs
Which Form Is Best for You?
Business Combinations
Venture Capital
Small Business Investment Corporations
Private Investors/Business Angels
What Do Angels Look Like?
Angel Networks
Initial Public Offerings
Alternatives to Going Public
Financing Through Franchising
For the Franchisee
For the Franchisor
Employee Stock Ownership Plans
Debt Financing
Selecting a Bank or Other Lender
Banks for Small Business Loans
Large Commercial Banks
Community Banks
Directory of Small Business Lenders
Credit Unions
Consumer Finance Companies
Commercial Finance Companies
Common Types of Bank Loans
Working Capital Lines of Credit
Credit Cards
Short-Term Commercial Loans
Longer-Term Commercial Loans
Equipment Leasing
Letters of Credit
The Real Cost of Borrowing Money
Direct Financial Costs
Indirect Costs and Loan Conditions
Personal Guarantees
What Banks Look For
Credit History
Collateral
Cash Flow from Operations
Cash Flow Suggestions
Character
Bank Loan Documentation
How Banks Judge Your Application
Asset-Based Financing
Accounts Receivable Financing
Inventory Financing
Factoring
Leasing
Trade Credit
Insurance Companies
Government Financing Programs
Recent Changes in SBA Programs
SBA Financing for Small Businesses
Looking Ahead for the SBA
SBA Loan Guarantees
What Is an SBA Loan Guarantee?
Eligibility for SBA Loan Guarantees
How Small Is a Small Business?
Ineligible Businesses
RIP SBA 'LowDoc' Loan Guarantee Program
SBA Regular 7(a) Loan Guarantees
Special 7(a) Programs
CAPlines: Short-Term Financing
Asset-Based Lines of Credit
CAPlines: Seasonal Lines of Credit
CAPlines: Contract Lines of Credit
CAPlines: Builders' Lines of Credit
SBA Microloans
Section 504 Loan Program (CDCs)
Use of 504 Funds
Eligibility for a 504 Loan
Obligations Under a 504 Loan
SBA Financing for Exporting
Export Working Capital Programs
International Loan Program
State and Local Public Funding
Marketing Your Product
Establish your unique selling proposition and make pricing, packaging and advertising decisions.
Overview: The Marketing Challenge
What's Your Unique Business Idea?
Your Unique Selling Proposition
Do Customers Value Your Uniqueness?
Who Is Your Target Buyer?
Niche Marketing
How to Segment Your Market
Identifying Your Competitors
Undercutting Competitors' Prices
What's Your Positioning Message?
How to Strengthen Product Positioning
Case Study: Fargo Gas
What's Your Distribution Strategy?
Analyzing the Market Environment
Your Competitors
Who Are Your Competitors?
Competitors' Strengths and Weaknesses
Cost of Direct Competition
What Will Your Competitors Do Next?
Competitive Spending Trends
Buyer Identification and Behavior
End Users
Channel Buyers
The Marketing Environment
Future Market Growth
Market Research
Secondary Market Research
External Secondary Market Research
Internal Secondary Market Research
Primary Market Research
Laboratory Studies
Field Studies
Controlled Store Testing
City/Regional Test Markets
Qualitative Research
Qualitative Questionnaires
Quantitative Research
Quantitative Questionnaires
Sample Selection
Sample Size and Distribution
Developing and Refining Your Product
Developing a Mission Statement
Case Study: Fred's Grocery
Product Development Strategies
Importance of New Products
Finding a Niche for Your Company
Generating New Product Ideas
Screening Your Current Products
Examining Users' Needs
Inventing New Ideas
Brainstorming Techniques
Improving a Competitor's Product
New Product Concept Screening
New Product Prototypes
Testing Packaging, Price, and Ads
Measuring Success of New Products
Packaging and Pricing Your Product
Package Design
Package Designs for Positioning
Designing for Graphic Identity
Packaging to Reflect Buyer's Values
Pricing Your Product
Analyzing Size and Composition of Market
Researching Product Price Elasticity
Evaluating Your Product's Uniqueness
Selecting Your Distribution Channels
Considering Product Life Cycles
Analyzing Your Costs and Overhead
Consumer Goods Pricing
Wholesaling and Retailing Markups
Estimating Sales at Different Prices
Considering Other Pricing Strategies
Selecting Final Pricing Levels
Case Study: Whole Planet Beverages
Choosing Distribution Methods
How Are Competitor's Products Sold?
Strength, Weakness, Opportunity, Threat
Case Study: Life Designs Architecture
Costs of Distribution Channels
Matching Distribution to Your Goals
Prioritizing Distribution Options
Case Study: Teddy's Flower Shop
Case Study: Alice's Dressings
Promotion, Advertising, and PR
Planning Promotional Programs
Positioning Strategy Statement
Promoting Your USP
Setting a Marketing Budget
Case Study: Joe's Redhots
Promotion Ideas
Games and Contests
Premiums and Gifts
Coupons and Rebates
Product Demonstrations
Advertising Ideas
Advertising Checklist
Advertising Media
Low- and No-Cost Advertising
Telephone Directories, 800 Numbers
Local Print Ads
Signs and Displays
Higher-Cost Advertising Alternatives
Electronic Marketing
Direct Mail and Catalogs
Specialized Advertising Opportunities
Public Relations Ideas
PR Program Execution
Press Releases
Public Service Activities
Special Events
Company Vehicles and Materials
Building a Successful Marketing Plan
Situation Analysis
Macroenvironment Situation
Market Situation
Competitive Situation
Target Buyer or End User Situation
Product Situation
Distribution Situation
Opportunity and Issue Analysis
Marketing Goals and Objectives
Marketing Strategy
Sales and Marketing Plans
Total Quality Management (TQM)
Establishing Commitment to Quality
Improving Quality and Satisfaction
Incorporating TQM in All Activities
Communicating TQM to Customers
TQM and Your Suppliers
Will TQM Cost More?
TQM May Demand Significant Changes
Small Changes Make a Difference
Internet Marketing for Your Business
Learn how to use the Internet to make your small business a success.
Your Company's Website
Adopting the Market-Led Approach
Developing a Website Project for Your Business
Establishing Internet Objectives
Setting Website Strategies
Devising a Content Plan
Creating an Implementation Plan
Drafting a Request For Proposal (RFP)
Building Your Company Website
Writing Content for the Web
Website Design and Usability Issues
Special Technology Considerations
Content Management Systems
Ongoing Website Maintenance
Internet Accessibility for the Disabled
Selecting a Website Developer
Choosing a Website Hosting Company
E-Commerce
Creating an Online Store
Setting Up Online Shopping Carts
Accepting Payment on the Web
Using Express Pay Services
Addressing Shopping Cart Abandonment
Search Engine Marketing
Keyword Research
Search Engine Campaigns
Refining SEM Plans
Keyword Refinement
Testing Ad Positions
Improving Your Landing Page
Scheduling Google Dayparts
Retargeting Lost Sales
Search Engine Optimization
Link Popularity
Sitemap XML Feeds
Selecting an SEO Vendor
Online Advertising
Ad Networks
Text Ads
Display Ads
Rich Media Ads
In-Text Ads
Email Marketing
Building Your List
Sending E-Newsletters
Using Email Promotions
Complying with the CAN-SPAM ACT
Avoiding SPAM Filters
Increasing the Open Rate
Winning Government Contracts
Learn the rules that will help you sell to the biggest consumer there is: the U.S. government.
Government Contracting 101
What Are the Opportunities?
Contracting Opportunities
Credit Card Opportunities
But Is There Real Opportunity for You?
What the Government Needs
What Contracting Can Do for You
What Contracting Can't Do for You
Do You Have What It Takes?
Is Your Business Big Enough?
How Small Is Small?
Do You Have the Financial Resources?
Do You Have a Quality Assurance Program?
Do You Have the Technology?
Electronic Procurement
E-Government and Security Issues
Rate Your Readiness To Be a Contractor
Government Rules You Need to Know
Government Procedures
Government Laws and Regulations
How FASA Affects You
Chart Of Laws That Affect Contracting
The Rulebook and Bible: the FAR
10 Steps to Successful Bids
Think Like the Government
Identify Your Customers
Search FedBizOpps
Use the Personal Touch
Subscribe to a Bid-Matching Service
Work with a PTAC
Get To Know the GSA
Step-by-Step Guide for Multiple Award Schedules
Guidelines for Marketing a GSA Schedule Contract
Get Registered
Registering with the CCR
Identification Numbers
General Information About Your Company
Classification Codes for Your Products/Services
Electronic Funds Transfer
Registration Acknowledgment and Point of Contact
Online Representations and Certifications Application (ORCA)
Deciphering Government Codes
Federal Supply/Service Code
National Stock Number
NAICS and SIC
Solicitation Numbers
Find Bid Leads
Monitor FedBizOpps
Get Included on Solicitation Mailing Lists
Search SUB-Net
Use Electronic Bulletin Boards
Check Agency Bid Boards
Submit an Unsolicited Proposal
Get Registered on Qualification Lists
Sign Up with SBAExchange
Get the Bid Package
Getting the Specifics
Contracts and Pricing Arrangements
Fixed-Price Contracts
Cost-Reimbursement Contracts
Special Situation Contracts
Special Bidding Techniques
Buying Offices' Terminology
Blanket Purchase Agreements
Surge Requirements
Marketbaskets
Review the Bid
Types of Bids/Solicitations
How to Read a Typical Bid
Read the Fine Print, Twice!
RFID AND UID
Unique Identification (UID)
Radio Frequency Identification Devices (RFID)
Get Technical Data
Types of Government Specs
Getting Correct Specs
Price It Out
Write Your Proposal
Writing a Proposal for an IFB
Filling Out DD Form 1707
Filling Out Standard Form 33 (SF 33)
Solicitation Section (Filled in by the Government)
Offer Section (Completed by the Bidder)
Award Section (Completed by the Government)
Amendments to Solicitation: Standard Form 30
Writing a Proposal for an RFP or RFQ
Decision Time: Respond or Not?
What To Do Before You Start Writing
Tips on Writing a Proposal
Submit Your Bid
After the Bid
Bid Evaluation and Award
Factors Influencing Bid Outcome
Pre-Award Survey
You Won It! Now What?
Quality Assurance Standards
Contract Quality Requirements
Higher-Level International Standards
ISO 9000
ISO 14001
Higher-Level U.S. Standards
MIL-I-45208
MIL-Q-9858A
Certificate of Conformance
Quality Requirements for Subcontractors
Assuring Measuring and Testing Requirements
Assuring Packaging and Shipping Requirements
How To Develop Your Own QA Program
What To Know When Things Go Wrong
Contract Terminations
Termination for Convenience
Termination for Default
Your Right To Protest and Dispute
Protesting a Bid or Award
Disputing Contract Issues
Conflict Resolution: Other Options
Case Study: From Dispute to Court Action
Getting Paid
Prompt Payment and a Proper Invoice
Interest Penalty
Government Invoice Form
Electronic Funds Transfer
EFT Includes Government Credit Card
Who Can Help?
Help from the Government
Government Web Sites
Specialized Government Personnel
Procurement Conferences
Government Publications
Help from Counseling Services
Procurement Technical Assistance Centers
Commercial Counseling Services
National Contracts Management Association
Special Small Business Programs
Small Business Set-Aside Program
Very Small Business Pilot Program
Small Business R&D Funding Programs
Small Business Innovation Research Program
Small Business Technical Transfer Program
DoD SBIR/STTR Fast Track
Other SBA Programs
SDB Certification Program
Benefits of SDB Program
Eligibility Requirements
Application and Certification
Help Getting Certified
8(a) Business Development Program
Benefits of 8(a) Program
Eligibility Requirements
Application and Certification
Women-Owned Small Businesses
HUBZone Program
Benefits of HUBZone Program
Eligibility and Certification
8(a) Mentor-Protege Program
Protege Requirements
Mentor Requirements
Entering the Program
Veterans Entrepreneurship Program
Other Assistance Measures
Certificate of Competency
DoD Regional Councils
Subcontracting: Another Huge Opportunity
What Are the Sub-Opportunities?
Prime-Time Players and Our Top Picks
Government Rules Assure Sub-Opportunities
Bundling Increases Sub-Opportunities
Advantages of Subcontracting
Lay the Groundwork
Find the Right Primes and the Right People
Do Your Homework
Get To Know Your Customer
Get To Know Your Capabilities
Get To Know Your Competition
Learn How To Sell Yourself
Get on Approved/Preferred Vendor Lists
Fill Out the Application Form
Prepare for and Pass an Evaluation/Inspection
Final Tips To Seal the Deal
Bid Wisely and Selectively
Focus on Providing Best Value
Improve Your Chances as a Sub
Be What a Prime Looks for in a Sub
Put Your Best Foot Forward
Your Office and Equipment
Assess your needs, then choose and equip the right facility for your business, whether its your home or a dedicated business facility.
Your Home Office
Is a Home Business Right for You?
Which Businesses Thrive at Home?
Dealing With Customers and Suppliers
Dealing with Neighbors and Family
Working for Yourself
Dressing for Work at Home
Maintaining a Healthy Lifestyle
Hours That Make Up the Work Day
Setting Up the Home Office
Defining Your Work Area
Equipping Your Home Office
Home Office Safety
Legal Restrictions on Home Offices
Cottage Industry Regulation
Zoning Regulations
Getting Zoning Information
Consequences of Zoning Violations
Is It Time to Leave Home?
Business Facilities Outside the Home
Determining Your Facility Needs
Efficient Business Operation
Mapping Out Your Operating Steps
Building Size, Layout, Appearance
Building Dock and Refuse Facilities
Proximity to Customers and Suppliers
Character of the Community
Nearby Businesses and Competitors
Environmental Issues
Security Issues
Insurance Protection of Site
Presenting a Good Business Image
Factors Personal to You
Allowing for Future Growth
Accomplishing Goals Economically
Choosing the Right Facility
Conducting a Search for a Site
Deciding Which Facility Is Best
Should You Lease or Buy a Facility?
When Leasing Makes Sense
When Buying Makes Sense
Lease Provisions
Comparing the Economics
Equipping Your Business
Determining Equipment Needs
Assessing Communications Needs
Telephone Features and Equipment
Selecting a Long-Distance Company
Answering Machines and Services
Business Listing of Home Phones
Facsimile Machines
Mail and Package Delivery
Assessing Your Computer Needs
Finding the Right Computer Software
Identifying Your Required Hardware
Shopping for Your System
Protecting Your Computer System
Acquiring the Equipment You Need
Leasing Your Equipment
Basic Leasing Terminology
Leasing Advantages
Leasing Disadvantages
Comparing Leasing and Purchasing
Case Study: Leasing vs. Purchasing
Finding the Right Equipment Lease
Tax Implications of Leasing
Purchasing Your Equipment
Saving with Used Equipment
Negotiating an Equipment Purchase
Tax Incentives for Purchases
Financing Equipment Purchases
Using Personal Assets for Business
Using Your Equipment Productively
Setting Up Your Equipment
Setting Up a Productive Office
Setting Up an Efficient Office
Setting Up a Comfortable Office
Protecting Your Equipment
Insuring Your Equipment
Repairing and Replacing Equipment
Disposing of Unproductive Equipment
Vehicles and Your Business
Obtaining Vehicles for Your Business
Buying Used Vehicles
Leasing Vehicles
Letting Employees Use Your Vehicles
Liability for Employees' Vehicle Use
Chart Summary of Vehicle Liabilities
Respondeat Superior Liability
Negligent Hiring or Retention
Negligent Lending of a Vehicle
Negligent Maintenance of a Vehicle
Setting Vehicle Policies
Disposing of Vehicles
Is It Time to Sell Your Vehicle?
Pros and Cons of Disposal Methods
Pros and Cons of Selling a Vehicle
Pros and Cons of Trading In a Vehicle
Pros and Cons of Scrapping a Vehicle
Pros and Cons of Donating a Vehicle
Getting the Best Price for a Vehicle
Tax Consequences of Disposing of a Vehicle
Miscellaneous Vehicle Disposal Matters
Protecting Your Business and Assets
Insuring Your Office and Equipment
Importance of Business Insurance
Impact of Losses to Business
Impact of Nonbusiness Losses
Types of Insurance You May Need
Homeowner's Insurance
Automobile Insurance
Business Owner's Policies
Other Insurance
Professional Malpractice Insurance
How Much Insurance Do You Need?
Exploring Alternatives to Insurance
Security in Your Workplace
Preventing Burglary
Preventing Embezzlement
Warning Signs of Embezzlement
Establishing Internal Controls
Bonding Employees
Creating a Written Security Policy
Planning for Disasters
Developing a Contingency Plan
Developing Emergency Procedures
Safety in Your Workplace
Workplace Safety Regulation (OSHA)
Are You Subject to OSHA?
Are Your Workers Covered by OSHA?
Complying with OSHA Requirements
General Duty Clause
General Industry Standards
How General Standards Apply to You
Hazardous Material Requirements
Material Safety Data Sheets (MSDS)
Written Hazard Communication Program
Community Information About Hazards
OSHA Recordkeeping Requirements
Accident Reporting
Illness or Injury Reporting
Posting Forms
OSHA Inspections and Penalties
Citations
Variances
Penalties
Defenses
Employees' Rights Under OSHA
Getting Help from OSHA
Directory of OSHA-Approved Sources
Directory of OSHA Resources
OSHA Publications
OSHA Regional Offices
Developing a Safety Program
Analyzing Your Worksite
Involving Employees
Training Employees and Managers
Implementing Your Safety Program
Documenting Your Program
Emerging Safety Issues
Office Automation Hazards
Ergonomics
Office-Related Illnesses and Injuries
Preventing Office-Related Injury
AIDS in the Workplace
Legal Duties to Workers With AIDS
Safety Precautions
Dealing with AIDS in the Workplace
Creating a Policy Addressing AIDS
Controlling the Cost of AIDS
AIDS in Specific Industries
Bioterrorism/Anthrax Threats
|
People Who Work for You
Hire, manage, and retain the right people.
Recruiting and Hiring
Should You Hire Someone?
Full-Time Employees
Part-Time Employees
Hiring Your Children
Temporary Help
Leased Employees
Steps to Successful Employee Leasing
Independent Contractors
What Is an Independent Contractor?
Pros and Cons of Using Contractors
Tips for Using Independent Contractors
No-Cost Staffing Options
Employers' Legal Liability
Who Is an Employee?
Your Federal Liability
Your State Liability
Minimizing Liability with Contracts
What Do You Need Done?
Doing Job Analysis
Analyzing Your Employee Needs
Analyzing an Existing Job
Defining Job Qualifications
Experience
Education
Ability
Language Fluency
Physical Effort or Abilities
Restrictions on Job Qualifications
Creating Job Descriptions
Keeping Job Descriptions Simple
Case Study: Simple Job Description
What to Put in Job Descriptions
What Not to Put in Job Descriptions
How Do You Publicize a Job Opening?
Advertising Media for Job Ads
Newspapers
Trade Journals
Television and Radio
Electronic Posting
Writing a Job Advertisement
Information to Include in Job Ads
Avoiding Discrimination in Job Ads
Case Study: Discrimination in Ads
Personal Recruiting
Outsourcing Recruiting Activities
Public Employment Services
Private Employment Services
How Do You Choose an Agency?
Evaluating Your Recruiting Choices
Screening Job Applicants
Determining Who Is an Applicant
Acknowledging Applicants
Determining the Information You Need
Using Job Applications
What to Ask on Job Applications
What Not to Ask on Job Applications
What to Include in Your Application
Accepting Resumes
Job Objective and Work Experience
Education and References
Using Other Application Materials
Testing Job Applicants
Deciding Whether to Test Applicants
Choosing a Test That's Fair
Administering Tests
Achievement Tests
Aptitude Tests
Physical Ability/Agility Tests
Personality Tests
Lie Detector Tests
Honesty Tests
Drug Testing
Medical Exams
How Do You Interview Applicants?
Planning for the Interview
Choosing Where to Interview
Choosing an Interview Format
Conducting the Interview
The Role of the Interviewer
Questions to Ask
Questions Not to Ask
How Do You Do a Background Check?
Avoiding Negligent Hiring
What is Negligent Hiring?
Combating Negligent Hiring Claims
Guidelines for Reference Checking
Checking Employment References
Calling the Former Employer
Writing to the Former Employer
Checking Personal References
Checking Education Records
Checking Credit Reports
Federal Laws for Credit Checks
State Laws for Credit Checks
Checking Driving Records
Checking Criminal Records
Restrictions on Criminal Record Checks
Checking Conviction Records
Checking Arrest Records
Case Study: Using Arrest Records
Documenting the Reference Check
How Do You Make the Hire?
Avoiding Unintended Hiring Contracts
What Do You Do After the Hire?
Completing Required Paperwork
The Form W-4
The I-9 Form
New Hire Reporting Information
Setting Up Records and Personnel Files
Are Personnel Files Required?
Personnel Information You Must Keep
Who Can See Personnel Files?
Orienting the Employee
Before the Employee Arrives
On the Employee's First Day
In the First Week
Review Your Hiring Process
Paying Your Employees
Deciding What to Pay Your Employees
What Other Employers Are Paying
Using the Want Ads for Salary Data
Networking for Salary Data
Public Sources for Salary Data
Negotiating a New Hire's Salary
Is the Candidate Worth More?
Making a Counteroffer
Giving Employees Raises
Using Base Wages to Give Raises
Linking Pay to Performance
Reviewing Your Compensation Package
Complying with Wage and Hour Law
Are You Subject to the FLSA?
Employer Coverage Under the FLSA
Individual Employee FLSA Coverage
Exempt and Nonexempt Employees
Minimum Wage Law Requirements
Who Must Be Paid Minimum Wage?
Counting Tips Toward Minimum Wage
State Minimum Wage Laws
Overtime Requirements
Are You Subject to Overtime Pay?
What Is a Workweek?
State Overtime Pay Laws
Must You Pay Time and One-Half?
Child Labor Requirements
Are You Subject to Child Labor Law?
Restrictions on Employees Under 18
Restrictions on Employees Under 16
State Child Labor Laws
Getting Age/Employment Certificates
Equal Pay Requirements
Are You Subject to Equal Pay Laws?
Complying with Equal Pay Requirements
Posting Requirements
Recordkeeping Requirements
Nonexempt Employee Records
Exempt Employee Records
Homeworker Records
Tipped Employees Records
Preserving and Retaining Your Records
State Laws on Recordkeeping
Doing Payroll
Setting Up Your Payroll System
Federal Employer Identification Numbers
State Identification Numbers
Employees' Social Security Number
How Often Must I Pay Employees?
Establishing a Pay Period
Calculating an Employee's Hours Worked
What Counts as Compensable Work?
Are Incidental Activities Compensable?
Handling Meal and Break Times
Breastfeeding in the Workplace
Keeping Track of an Employee's Hours
Giving Comp Time
Deducting Pay for Tardy Employees
Docking Exempt Employees' Time
Calculating Employees' Regular Rates
Pay Excluded from the Regular Rate
Regular Rates and the Minimum Wage
Case Study: Calculating Regular Rates
Making Deductions from Pay
Garnishments
Docked Pay
Deductions for Overpayments
Deductions for Uniforms
Deductions for Benefit Premiums
Getting the Money to Employees
Direct Deposit of Payroll
Other Information to Provide with Pay
Rules to Follow When Distributing Pay
Paying Terminated Employees
Benefits for Your Workers
Benefits Basics
Which Benefits Are You Required to Offer?
Benefits Pros and Cons
Which Benefits Should You Offer?
Which Benefits Can You Afford?
Which Benefits Do Others Offer?
The Positive Impact of Benefits
Time-Off Benefits
Time Off to Vote
Jury Duty Leave
Creating a Jury Duty Policy
Handling Requests for Jury Leave
Military Leave
Federal Military Leave Laws
State Military Leave Laws
Family and Medical Leave
Holidays
Vacations
Vacation Pay: Case Study
Vacation Policies
Sick Leave
Personal Leave
Funeral Leave
Pregnancy/Parental Leave
Workers' Compensation
Workers' Compensation Benefits
What to Do When Accidents Happen
Employees' Response to Accidents
Tax Implications of Workers' Compensation
Benefits Offsetting Workers' Compensation
Health Care Benefits
Pros and Cons of Health Benefits
Which Benefits Should You Offer?
Covered Health Services
State Health Coverage Rules
Small Employer Health Reform
Waiting Period/Eligibility Requirements
Health Plan Portability
Deciding Whom to Cover
HMOs
PPOs
Fee-for-Service Plans
Major Medical Plans
Dental Care
Vision Care
Flexible, Health and Medical Savings and Spending Accounts
How to Find Benefit Providers
Surveying Other Employers
Hiring a Consultant
Purchasing Alliances
Gathering Employee Information
Information to Ask For
How to Negotiate Your Policy
Reading and Comparing Proposals
Bargaining on the Policy Price
Administering Your Health Plan
Enrolling Employees, Changing Coverage
Acting as Employee Liaison
Requirements for a Qualified Plan
Defined-Benefit Plans
Defined-Contribution Plans
Terminating Benefits
Flexible Spending Accounts
Basic Rules of FSAs
Reimbursable Expenses under FSAs
Disability Benefits
Short-Term Disability Policies
Long-Term Disability Policies
State Disability Programs
Federal Disability Benefits
Life Insurance Benefits
Which Employees' Lives Are Covered?
What Type of Life Insurance?
How Much Life Insurance?
Finding Life Insurance Providers
Administering Life Insurance
Retirement Benefits
Pros and Cons of Retirement Plans
Basic Types of Plans
Your Goals for a Retirement Plan
Making the Right Pension Choice
Profit-Sharing Plans
401(k) Plans as Benefits
401(k) Plan Requirements
Planning Options with 401(k)s
SIMPLE Plans as Benefits
Target Benefit Plans
Case Study: Target Benefit Plan
Disadvantages of Target Plans
Simplified Employee Pension Benefits
How Much Will You Contribute?
Establish IRAs for Employees
Completing Form 5305-SEP
Providing Information to Employees
Participation Limits in SEPs
Limits on Contributions
Vesting in a SEP
SARSEPs
Keogh Plans as Benefits
Who Can Have a Keogh?
Contribution and Deduction Rules
Keogh Prohibited Transaction Rules
Fiduciary Requirements
Choosing and Funding a Keogh
Nonqualified Plans
Administering Retirement Plans
Plan Distributions
Rollovers
Fiduciary Responsibilities
Recordkeeping Requirements
Plan Loans
Reporting and Disclosure Requirements
Plan Terminations
Miscellaneous Fringe Benefits
No-Additional-Cost Services
Qualified Employee Discounts
Working Condition Fringe Benefits
Very Minimal Fringe Benefits
Qualified Transportation Fringe Benefits
How to Administer Benefits
Outsourcing Administration
Selection Tips
Measuring Performance
COBRA Benefits
Who Is Eligible for COBRA?
Which Benefits Are Covered?
Which Events Trigger COBRA?
Your COBRA Communication Duties
Who Pays for COBRA Coverage?
Other COBRA Issues
Requirements of ERISA
Which Benefits Does ERISA Cover?
Administrative Requirements Under ERISA
Forms Required by ERISA
Alternate Payees/Recipients
Medical Child Support Orders
Qualified Domestic Relations Orders
Rules for Your Workers
Why Have Work Rules?
Some Work Rules Are Required
Rules May Protect Your Business
Wrongful Discharge Protection
Discrimination Claims Protection
Quality of Work Life
Selecting Your Work Rules
Appropriateness of Work Rules
Overly Restrictive Work Rules
Rules That May Be Legally Required
Anti-Harassment Policies
What Is Unlawful Harassment?
What Is Sexual Harassment?
Preventing and Handling Harassment
Establishing a Complaint Procedure
Creating a Harassment Policy
State Laws on Sexual Harassment
Smoking in the Workplace
State Laws on Smoking
Designating Smoking Areas
Restricting Customers' Smoking
Limiting Employees' Off-Duty Smoking
Developing a Smoking Policy
Drugs and Alcohol in the Workplace
Written Substance Abuse Policies
Educating Your Employees
Employee Assistance Programs
Drug Testing Programs
The Drug Free Workplace Act
Optional Work Rules to Consider
General Work Rules
Absenteeism
Tracking Absences
Costs of Absenteeism
Handling Excessive Absences
Creating an Absence Policy
Insubordination
Examining Insubordinate Behavior
Handling an Insubordinate Worker
Creating an Insubordination Policy
Violence in the Workplace
State Laws and Violence in the Workplace
Warning Signs of a Violent Employee
Preventing and Handling Fighting
Handling a Violent Incident
Creating a Policy on Fighting
Gambling
Arrested or Jailed Workers
Treating Arrests as Absences
Treating Arrests as Personal Leaves
Written Incarceration Policies
Theft by Employees
Detecting Employee Theft
If You Suspect an Employee of Theft
Polygraph Tests for Employees
Creating an Anti-Theft Policy
Selling or Soliciting on Work Time
Dress Codes
Laws Affecting Dress Codes
Handling Dress Code Violations
Your Dress Code Policy
English-Only Rules
Political Activities
Off-Duty Conduct
Misconduct and the Job
Handling Off-Duty Misconduct
State Laws on Off-Duty Conduct
Moonlighting
Handling Moonlighting Employees
Your Moonlighting Policy
Confidential Information
What Information Is Secret?
Protecting Confidential Information
Your Confidentiality Policy
Noncompete Agreements
Personal Use of Business Equipment
Personal Use of Computers
Personal Use of Other Equipment
Excessive Telephone Usage
Communicating Work Rules
When to Communicate Your Work Policies
Communicating Your Policies Orally
Communicating Policies in Writing
Handbooks
What Should Go in the Handbook
Putting a Handbook Together
Handbooks as Unintentional Contracts
Disclaimers in Handbooks
Motivating Your Workers
Morale and the Bottom Line
Productivity
Measures of Productivity
How to Improve Productivity
Turnover
Causes of High Turnover
Measuring Turnover
Turnover Costs
Preventing Turnover
Employee Loyalty
Gaining an Employee's Loyalty
Keeping It Professional
Knowing What Makes Morale High
Signs of Low Morale
Asking Employees What They Want
Employee Forums
Doing a Written Survey
Improving Morale and Motivation
Building Employees' Involvement
Building Employees' Self-Esteem
Recognizing/Rewarding Employees
When to Recognize and Reward
What Rewards Can You Give?
How to Reward and Recognize
Disciplining Your Workers
Setting Up a Discipline Program
Elements of a Discipline Program
Progressive Discipline
How Progressive Discipline Works
Progressive Discipline Advantages
Progressive Discipline Disadvantages
Your Progressive Discipline Policy
Regular Performance Reviews
Employees' Complaints
Informal Complaint Procedures
Case-by-Case Complaint Procedures
Handling Employees' Complaints
Conducting an Investigation
Basic Investigation Methods
Advanced Investigation Methods
Searches and Surveillance
Employee Monitoring
Polygraph Testing
Dealing with Problem Employees
Coaching Employees
Steps in Coaching an Employee
Constructive Feedback
Pitfalls of Constructive Feedback
Basic Steps in Discipline
Documenting Disciplinary Actions
Firing and Termination
Legal Restrictions on Firing
Firing Restrictions in Written Laws
Federal Fair Employment Laws
State Firing Restrictions
Implied Employment Contracts
Public Policy Limitations on Firing
Bad Faith Limitations on Firing
When Is It Improper Not to Fire?
Using Proper Termination Procedures
Before Firing for Misconduct or Poor Work
Before an Economic Layoff
What If You Fire Someone on the Spot?
Releases and Severance Agreements
Releases Under Age Discrimination Law
Handling Voluntary Resignations
Advance Notice
Handling Prompted Resignations
Conducting a Termination Meeting
Preserving the Employee's Dignity
Setting Up the Termination Meeting
What to Do at a Termination Meeting
What About Voluntary Resignations?
Benefits for Fired Employees
Defending Unemployment Claims
Why Defend Unemployment Claims?
How the Unemployment System Works
Unemployment Benefits Eligibility
Disqualification Factors
When to Defend Unemployment Claims
How to Defend Unemployment Claims
Providing Employment References
State Job Reference Letter Laws
Employment References and Defamation
Guarding Against Defamatory Statements
Other Risks in Providing References
Limiting Employment Reference Risks
Managing Your Business Finances
Institute the accounting processes that will provide the information you need to manage your business.
Your Basic Bookkeeping
Importance of Good Records
Working with Your Accountant
Selecting an Accountant
Getting Records Ready
The Accounting System
Accounting Basics
Definitions of Accounting Terms
Cash vs. Accrual Accounting
Who Can Use the Cash Method?
Single- or Double-Entry Accounting
Daily Recording of Transactions
Sales and Revenue Transactions
Sales and Cash Receipts Journal
Cash Transactions
Daily Cash Sheets
Bank Reconciliation
Cash Disbursements Journal
Petty Cash Fund
Accounts Receivable
Accounts Payable
General Ledger
Suggested General Ledger Accounts
Closing the Books
Trial Balance
Finding Trial Balance Errors
General Journal
Adjusting Entries
Accruing Wages Payable
Accruing Employer FICA Taxes
Accruing Property Taxes Due
Adjusting Interest and Loan Balances
Prepaid Insurance
Adjusting Entry for Inventory
Accruing Interest Income Receivable
Recording Depreciation Expense
Adjusting for Bad Debts
Accruing Dividends Payable
Accruing Income Taxes Payable
Adjusting for Sales of Fixed Assets
Adjusting Year-End Receivables
Adjusting Year-End Accounts Payable
Preparing Financial Statements
Balance Sheet
Income Statement
Closing Entries
Accounting for Tax Purposes
Credit and Collections
Understanding Your Credit Options
Credit Factors
Credit Options
Building a Credit Policy That Works
Types of Credit to Offer
To Whom Should You Offer Credit?
Credit Information on Individuals
Credit Information on Businesses
How Much Credit to Offer?
Accepting Credit Cards
How Credit Card Transactions Work
What Banks Want from You
Shopping for the Best Rates
Risky Businesses
Credit Card Equipment
Chargebacks on Credit Cards
Violations of Credit Card Policy
Improving Your Collection Cycle
Tracking Past-Due Accounts
When to Call Your Collection Lawyer
Paying Lawyers and Debt Collectors
Streamlining Your Collection Tactics
Factors Affecting Your Technique
Collection Tips
Collection Scenarios
Bringing a Collection Suit
Avoiding the Legal Pitfalls
When Is a Debt Uncollectable?
Skip-Tracing
Bankruptcy
Accounting for Bad Debts
Allowance for Bad Debts
Bad Debt Recoveries
Unclaimed Property
Unclaimed Property Overview
Unclaimed Property Lost and Found
Federal Unclaimed Property
Unclaimed Property by State
Alabama Unclaimed Property Rules
Alaska Unclaimed Property Rules
Arizona Unclaimed Property Rules
Arkansas Unclaimed Property Rules
California Unclaimed Property Rules
Colorado Unclaimed Property Rules
Connecticut Unclaimed Property Rules
Delaware Unclaimed Property Rules
District of Columbia Unclaimed Property Rules
Florida Unclaimed Property Rules
Georgia Unclaimed Property Rules
Hawaii Unclaimed Property Rules
Idaho Unclaimed Property Rules
Illinois Unclaimed Property Rules
Indiana Unclaimed Property Rules
Iowa Unclaimed Property Rules
Kansas Unclaimed Property Rules
Kentucky Unclaimed Property Rules
Louisiana Unclaimed Property Rules
Maine Unclaimed Property Rules
Maryland Unclaimed Property Rules
Massachusetts Unclaimed Property Rules
Michigan Unclaimed Property Rules
Minnesota Unclaimed Property Rules
Mississippi Unclaimed Property Rules
Missouri Unclaimed Property Rules
Montana Unclaimed Property Rules
Nebraska Unclaimed Property Rules
Nevada Unclaimed Property Rules
New Hampshire Unclaimed Property Rules
New Jersey Unclaimed Property Rules
New Mexico Unclaimed Property Rules
New York Unclaimed Property Rules
North Carolina Unclaimed Property Rules
North Dakota Unclaimed Property Rules
Ohio Unclaimed Property Rules
Oklahoma Unclaimed Property Rules
Oregon Unclaimed Property Rules
Pennsylvania Unclaimed Property Rules
Rhode Island Unclaimed Property Rules
South Carolina Unclaimed Property Rules
South Dakota Unclaimed Property Rules
Tennessee Unclaimed Property Rules
Texas Unclaimed Property Rules
Utah Unclaimed Property Rules
Vermont Unclaimed Property Rules
Virginia Unclaimed Property Rules
Washington Unclaimed Property Rules
West Virginia Unclaimed Property Rules
Wisconsin Unclaimed Property Rules
Wyoming Unclaimed Property Rules
Time Limits for Claiming Property
Abandoned Property Dormancy Periods in Alaska
Abandoned Property Dormancy Periods in Alabama
Abandoned Property Dormancy Periods in Arkansas
Abandoned Property Dormancy Periods in Arizona
Abandoned Property Dormancy Periods in California
Abandoned Property Dormancy Periods in Colorado
Abandoned Property Dormancy Periods in Connecticut
Abandoned Property Dormancy Periods in the District of Columbia
Abandoned Property Dormancy Periods in Delaware
Abandoned Property Dormancy Periods in Florida
Abandoned Property Dormancy Periods in Georgia
Abandoned Property Dormancy Periods in Hawaii
Abandoned Property Dormancy Periods in Iowa
Abandoned Property Dormancy Periods in Idaho
Abandoned Property Dormancy Periods in Illinois
Abandoned Property Dormancy Periods in Indiana
Abandoned Property Dormancy Periods in Kansas
Abandoned Property Dormancy Periods in Kentucky
Abandoned Property Dormancy Periods in Louisiana
Abandoned Property Dormancy Periods in Massachusetts
Abandoned Property Dormancy Periods in Maryland
Abandoned Property Dormancy Periods in Maine
Abandoned Property Dormancy Periods in Michigan
Abandoned Property Dormancy Periods in Minnesota
Abandoned Property Dormancy Periods in Missouri
Abandoned Property Dormancy Periods in Mississippi
Abandoned Property Dormancy Periods in Montana
Abandoned Property Dormancy Periods in North Carolina
Abandoned Property Dormancy Periods in North Dakota
Abandoned Property Dormancy Periods in Nebraska
Abandoned Property Dormancy Periods in New Hampshire
Abandoned Property Dormancy Periods in New Jersey
Abandoned Property Dormancy Periods in New Mexico
Abandoned Property Dormancy Periods in Nevada
Abandoned Property Dormancy Periods in New York
Abandoned Property Dormancy Periods in Ohio
Abandoned Property Dormancy Periods in Oklahoma
Abandoned Property Dormancy Periods in Oregon
Abandoned Property Dormancy Periods in Pennsylvania
Abandoned Property Dormancy Periods in Rhode Island
Abandoned Property Dormancy Periods in South Carolina
Abandoned Property Dormancy Periods in South Dakota
Abandoned Property Dormancy Periods in Tennessee
Abandoned Property Dormancy Periods in Texas
Abandoned Property Dormancy Periods in Utah
Abandoned Property Dormancy Periods in Virginia
Abandoned Property Dormancy Periods in Vermont
Abandoned Property Dormancy Periods in Washington
Abandoned Property Dormancy Periods in Wisconsin
Abandoned Property Dormancy Periods in West Virginia
Abandoned Property Dormancy Periods in Wyoming
Managing Your Cash Flow
Understanding How Cash Flow Works
What Is Cash Flow Management?
Case Study: The Cash Flow Gap
Profit vs. Cash Flow
Accrual vs. Cash Accounting
Converting Profit to Cash Flow
Changes in Accounts Receivable
Changes in Inventory
Changes in Accounts Payable
Changes in Notes Payable
Case Study: Profit vs. Cash Flow
Analyzing Your Cash Flow
Accounts Receivable and Cash Flow
Measuring Average Collection Period
Using the Average Collection Period
Accounts Receivable to Sales Ratio
Accounts Receivable Aging Schedule
Using the Receivables Aging Schedule
Credit Terms
Offering Trade Discounts
Case Study: Cost of Trade Discounts
Credit Policy
Inventory
Average Inventory Investment Period
Using Average Inventory Investment
Inventory to Sales Ratio
Turnover Analysis
Using Turnover Analysis
Case Study: Turnover Analysis
Accounts Payable and Cash Flow
Measuring Average Payable Period
Case Study: Average Payable Period
Using the Average Payable Period
Accounts Payable Aging Schedule
Cash Flow Budget
Sales Forecast
Projecting Cash Inflows
Case Study: Projecting Cash Receipts
Projecting Cash Outflows
Projecting Outflow for Debt Payments
Projecting Outflow for Cost of Goods
Case Study: Predicting Cost of Goods
Projecting Outflows for Expenses
Projecting Outflows for Major Purchases
Putting the Projections Together
Projected Cash Inflows
Projected Cash Outflows
Improving Your Cash Flow
Accelerating Cash Inflows
Cash Conversion Period
Purchase Decision and Ordering
Credit Decisions
Fulfillment, Shipping, and Handling
Billing the Customer
Case Study: Accelerating Billing
Improving Average Collection Period
Payment and Deposit
Post Office Box
Lockbox Banking
Preauthorized Checks
Preauthorized Debits
Delaying Cash Outflows
Trade Credit
Taking Trade Discounts
When to Take a Trade Discount
Case Study: Trade Discounts
Negotiating Payment Terms
Using the Float
Minimizing Expenses
Service Contracts
Cooperative Advertising
Outside Bookkeeping Services
Stop the Weekly Payroll
Outside Payroll Processing
Filling Cash Flow Gaps
What to Do with a Cash Surplus
Paying Down Debt
Investing the Cash Surplus
Risk
Maturity
Liquidity
Yield
Checking Accounts with Interest
Sweep Accounts
Treasury Bills and Notes
CDs and Money Market Funds
Major Purchases and Projects
Deciding to Make a Major Purchase
What's the Business Benefit?
What Are the Costs of the Project?
Develop a Cash Flow Statement
Financial Analysis of Major Projects
Payback Period Analysis
Accounting Rate of Return
Net Present Value of Major Purchases
Discount Rate
Internal Rate of Return
Which Method Is Best?
Implementing a Major Purchase
Should You Buy or Lease?
Tips for Financing a Major Purchase
Analyzing Your Financial Position
Financial Statements
Basic Rules for Financials
Balance Sheets
Using Balance Sheet Data
Improving Your Balance Sheet
Income Statements
Statement of Changes in Position
Statement of Changes in Equity
What to Do with Your Financials
Common-Size Financial Statements
Business Ratios
Liquidity Ratios
Current Ratio
Quick Ratio
Efficiency Ratios
Ratios for Inventory Analysis
Ratios for Receivables Analysis
Fixed Asset Turnover
Total Asset Turnover
Profitability Ratios
Gross Profit Margin Ratio
Operating Profit Percentage
Net Profit Margin
Return on Assets
Return on Equity
Solvency Ratios
Debt to Equity
Debt to Assets
Coverage of Fixed Charges
Interest Coverage
What Can Distort the Picture?
Inflation
Accounting Procedures
Cost/Volume/Profit Analysis
Fixed and Variable Costs
Contribution Margins
Breakeven Analysis
Operating Leverage
Controlling Your Taxes
Develop effective methods for complying with your sales, income, property, and other tax obligations.
Your Payroll Tax Obligations
Who Are Your Taxable Workers?
Employee or Independent Contractor?
The IRS's 20-Factor Analysis
Safe Haven Rule
Requesting an IRS Ruling
Taxable Independent Contractors
Salespersons Treated as Contractors
Family Members and Payroll Taxes
What Compensation Is Taxable?
Advances and Loans
Gifts, Awards, and Prizes
Business Expense Reimbursements
Employee Benefits
Vacation and Other Time-Off Pay
Tips
Large Food and Beverage Establishments
Large Establishment Tip Reporting
Tip Allocation in Large Establishments
Case Study: Tip Allocation
Noncash Wages
Payments for Casual Labor
Which Payroll Taxes Apply?
Federal Income Tax Withholding
Calculating the Withholding Amount
Withholding Exemptions for Employees
State and Local Income Taxes
State Income Tax Withholding Map
Multistate Employment
Social Security and Medicare (FICA) Taxes
Unemployment Taxes
Federal Unemployment Tax
State Unemployment Taxes
Disability Insurance Taxes
Payroll Tax Returns and Payments
Federal Tax Deposits and Returns
Federal Tax Deposits
Using Deposit Coupons
Electronic Transfer of Funds
Federal Returns
State Payments and Returns
Reports to Employees and Contractors
Payroll Tax Records
Payroll Tax Penalties
What Are Your Self-Employment Taxes?
Federal Income Tax Obligations
The Basics of Tax Planning
Reducing Taxable Income
Reducing Your Tax Rate
Controlling the Due Date for Taxes
Restrictions on Tax Planning
Alternative Minimum Tax Planning
Selecting Your Business Form
Tax Aspects of Sole Proprietorships
Must You File a Schedule C?
Can You Use Form C-EZ?
Family Businesses as Sole Proprietorships
Statutory Employees
Tax Aspects of Partnerships
Tax Aspects of Limited Liability Companies
Tax Aspects of Corporations
C Corporation Taxes
S Corporation Taxes
Defining Your Trade or Business
Business or Hobby?
Presumption of Profit Motive
Nine-Step Profit Motive Test
Hobby Loss Rules
More Than One Business?
Identifying Your Business
Did You Participate in the Business?
Tax Year and Accounting Methods
Choice of Tax Year
Accounting Methods
Cash Method Accounting
Accrual Method Accounting
Business Income
Gross Income from Sales
Miscellaneous Business Income
Canceled Debts
Some Non-Income Items
Computing Your Cost of Goods Sold
Inventory Cost or Market Value
Identification of Inventory Items
Business Deductions
General Rules for Business Deductions
Ordinary and Necessary Expenses
Business vs. Personal Expenses
Recordkeeping and Substantiation
List of Common Business Deductions
List of Nondeductible Expenses
Nondeductible Capital Expenditures
What, Exactly, Is a Capital Expenditure?
Examples of Capital Expenditures
Business Startup Expenses
Incorporation Expenses
Partnership Organization Expenses
Business Travel Expenses
Away From Home
Defining Travel Expenses
Convention and Cruise Ship Expenses
Foreign Travel
Meal and Entertainment Expenses
Defining Meals and Entertainment
Business-Related Entertainment
Business Gift Expenses
Deductible Compensation and Benefits
Salaries of Business Owners
Deducting Employee Benefits
Awards and Bonuses
Loans or Advances
Vacation Pay and Unpaid Salaries
Meals and Lodging
Life and Health Insurance
Deducting Medical Savings Accounts
Deducting Retirement Contributions
Reimbursing Employees' Expenses
Payments to Independent Contractors
The Home Office Deduction
Qualifying for a Home Office Deduction
Factors Affecting Deduction Amount
Rent, Interest, and Taxes
Depreciation on a Home Office
Insurance, Utilities, Repairs, and Decorating
Home Office Casualty Losses
Business Portion of the Home
Partial-Year Home Offices
Business Income Limitation
Home Office Deduction Calculator
Home Office Deduction Examples
Home Office Deduction Tax Forms
Casualty Losses
What Is a Casualty?
Measuring a Casualty Loss
Proving the Loss
Casualty Loss Reimbursements
Calculating the Casualty Deduction
Casualty Gains
Reporting a Casualty Loss
Vehicles and Taxes
Tax Consequences of Buying a Vehicle
Excise Taxes on New Cars
Tax Breaks for New Clean-Fuel Vehicles
Business Use of a Car
Travel from a Home Office
Hauling Tools or Equipment
Keeping Records of Business Usage
How to Compute Your Vehicle Expenses
The Standard Mileage Rate
The Actual Cost Method
Deducting Vehicle Lease Payments
When Employees Use Vehicles
Reimbursing Employees for Vehicle Expenses
Vehicles as Fringe Benefits
Annual Lease Value Method
Cents-Per-Mile Method of Valuing Use
Commuting in Company Vehicles
Claiming Your Business Vehicle Deductions
Capital Assets and Depreciation
Which Assets Can Be Depreciated?
Depreciable Value of an Asset
Partially Depreciable Assets
Adjustments to the Basis
Effect of Trade-In on Tax Basis
Writing Off Assets in the First Year
Annual Expensing Election Limit
Timing Purchases To Be Expensed
Business Income Limitation
Sharing the Expensing Election
Recapturing the Expensed Amount
When Does Depreciation Begin?
Depreciation Methods
Groups of Assets
Variations on MACRS
Alternative Depreciation System
Pre-1987 Property
Cars and Other Listed Property
Depreciation Limits for Passenger Cars
When Does Depreciation End?
Claiming Your Depreciation Deductions
Disposing of Capital Assets
Tax Rate on Capital Gains
Calculating Net Capital Gains
Recapture of Depreciation Deductions
Foreclosures and Involuntary Conversions
Installment Sales
Case Study: Installment Sales
Qualified Small-Business Stock
Reporting Sales of Assets
Purchasing vs. Leasing
Net Profit, Loss, and Self-Employment Tax
Self-Employment Tax
SECA Tax on Partnership Distributions
SECA Tax on Corporate Payments
Religious Exemptions from SECA Tax
SECA Tax on Aliens
SECA Tax on Miscellaneous Income
The Limit on SECA Contributions
Computing Your SECA Tax
Net Operating Losses
Do You Have an NOL?
How Do You Report an NOL?
Claiming Tax Credits
Federal Income Tax Credits Available
Credits for Certain Taxes
Credits Benefiting Disadvantaged Groups
Credits Benefiting the Environment
Credits for Certain Investments
Claiming Federal Income Tax Credits
The General Business Tax Credit
The Investment Tax Credit
Dealing With the IRS
Due Dates for Returns and Payments
Sole Proprietors' Tax Returns
Partnerships' and LLCs' Tax Returns
C Corporations' Tax Returns
S Corporations' Tax Returns
Estimated Tax Payments
Who Must Make Estimated Tax Payments?
Calculating Your Estimated Tax Payments
How To Make Estimated Tax Payments
When To Make Estimated Tax Payments
Filing Early in Lieu of Making Last Payment
Penalties for Underpayment or Late Returns
Avoiding Tax Audits
What To Expect if You Are Audited
Your Sales Tax Obligations
What Are Sales Taxes?
Types of Sales Taxes
Taxable Transactions
Services
Leases and Rentals
Common Exemptions
Resale Exemption
Occasional Sale Exemption
Exemption Certificates
Direct Payment Permits
Computing the Tax
Use Taxes
Your Sales Tax Concerns as a Seller
Where Must You Register?
Collecting the Tax
Paying the Tax
Your Sales Tax Concerns as a Purchaser
Sales Tax Considerations by Industry
Sales Tax in the Construction Industry
Contractors' Sales Tax on Sales
Contractors' Sales Tax on Purchases
Sales Tax in the Reselling Industries
Reseller's Sales Tax on Sales
Resellers' Sales Tax on Purchases
Sales Tax in Service Industries
Service Providers' Sales Tax on Sales
Service Providers' Sales Tax on Purchases
Your State Tax Obligations
Alabama
Initial Fees and Licenses in Alabama
Taxes on Business Income in Alabama
Privilege Tax in Alabama
Income Taxes on Business Income in Alabama
Personal Income Tax in Alabama
Sales and Use Taxes in Alabama
Sales Tax Obligations of Purchasers in Alabama
Sales Tax Obligations of Sellers in Alabama
Oversight Agencies in Alabama
Alaska
Initial Fees and Licenses in Alaska
Taxes on Business Income in Alaska
Franchise Tax in Alaska
Income Taxes on Business Income in Alaska
Personal Income Tax in Alaska
Sales and Use Taxes in Alaska
Oversight Agencies in Alaska
Arizona
Initial Fees and Licenses in Arizona
Taxes on Business Income in Arizona
Franchise Tax in Arizona
Income Taxes on Business Income in Arizona
Personal Income Tax in Arizona
Sales and Use Taxes in Arizona
Sales Tax Obligations of Purchasers in Arizona
Sales Tax Obligations of Sellers in Arizona
Oversight Agencies in Arizona
Arkansas
Initial Fees and Licenses in Arkansas
Taxes on Business Income in Arkansas
Franchise Tax in Arkansas
Income Tax on Business Income in Arkansas
Personal Income Tax in Arkansas
Sales and Use Taxes in Arkansas
Sales Tax Obligations of Purchasers in Arkansas
Sales Tax Obligations of Sellers in Arkansas
Oversight Agencies in Arkansas
California
Initial Fees and Licensing Costs in California
Taxes on Business Income in California
Franchise Taxes on Business Income in California
Income Taxes on Business Income in California
Personal Income Tax in California
Sales and Use Taxes in California
Sales Tax Obligations of a Purchaser in California
Sales Tax Obligations of a Seller in California
Oversight Agencies in California
Colorado
Initial Fees and Licenses in Colorado
Taxes on Business Income in Colorado
Franchise Tax in Colorado
Income Taxes on Business Income in Colorado
Personal Income Tax in Colorado
Sales and Use Taxes in Colorado
Sales Tax Obligations of Purchasers in Colorado
Sales Tax Obligations of Sellers in Colorado
Oversight Agencies in Colorado
Connecticut
Initial Fees and Licenses in Connecticut
Taxes on Business Income in Connecticut
Franchise Tax in Connecticut
Income Taxes on Business Income in Connecticut
Personal Income Tax in Connecticut
Sales and Use Taxes in Connecticut
Sales Tax Obligations of Purchasers in Connecticut
Sales Tax Obligations of Sellers in Connecticut
Oversight Agencies in Connecticut
Delaware
Initial Fees and Licensing Costs in Delaware
Taxes on Business Income in Delaware
Franchise Taxes on Business Income in Delaware
Income Taxes on Business Income in Delaware
Personal Income Tax in Delaware
Sales and Use Taxes in Delaware
Oversight Agencies in Delaware
The District of Columbia
Initial Fees and Licensing Costs in D.C.
Taxes on Business Income in D.C.
Franchise Taxes on Business Income in D.C.
Income Taxes on Business Income in D.C.
Personal Income Tax in D.C.
Sales and Use Taxes in D.C.
Sales Tax Obligations of a Purchaser in D.C.
Sales Tax Obligations of a Seller in D.C.
Oversight Agencies in D.C.
Florida
Initial Fees and Licensing Costs in Florida
Taxes on Business Income in Florida
Franchise Taxes on Business Income in Florida
Personal Income Tax in Florida
Sales and Use Taxes in Florida
Sales Tax Obligations of Purchasers in Florida
Sales Tax Obligations of Sellers in Florida
Oversight Agencies in Florida
Georgia
Initial Fees and Licensing Costs in Georgia
Taxes on Business Income in Georgia
Franchise Taxes on Business Income in Georgia
Income Taxes on Business Income in Georgia
Personal Income Tax in Georgia
Sales and Use Taxes in Georgia
Sales Tax Obligations of a Purchaser in Georgia
Sales Tax Obligations of a Seller in Georgia
Oversight Agencies in Georgia
Hawaii
Initial Fees and Licensing Costs in Hawaii
Taxes on Business Income in Hawaii
Income Taxes on Business Income in Hawaii
Personal Income Tax in Hawaii
Sales and Use Taxes in Hawaii
Sales Tax Obligations of a Purchaser in Hawaii
Sales Tax Obligations of a Seller in Hawaii
Oversight Agencies in Hawaii
Idaho
Initial Fees and Licenses in Idaho
Taxes on Business Income in Idaho
Income Taxes on Business Income in Idaho
Personal Income Tax in Idaho
Sales and Use Taxes in Idaho
Sales Tax Obligations of Purchasers in Idaho
Sales Tax Obligations of Sellers in Idaho
Oversight Agencies in Idaho
Illinois
Initial Fees and Licensing Costs in Illinois
Taxes on Business Income in Illinois
Franchise Taxes on Business Income in Illinois
Income Taxes on Business Income in Illinois
Personal Income Tax in Illinois
Sales and Use Taxes in Illinois
Sales Tax Obligations of a Purchaser in Illinois
Sales Tax Obligations of a Seller in Illinois
Oversight Agencies in Illinois
Indiana
Initial Fees and Licensing Costs in Indiana
Taxes on Business Income in Indiana
Income Taxes on Business Income in Indiana
Personal Income Tax in Indiana
Sales and Use Taxes in Indiana
Sales Tax Obligations of a Purchaser in Indiana
Sales Tax Obligations of a Seller in Indiana
Oversight Agencies in Indiana
Iowa
Initial Fees and Licenses in Iowa
Taxes on Business Income in Iowa
Franchise Tax in Iowa
Income Taxes on Business Income in Iowa
Personal Income Tax in Iowa
Sales and Use Taxes in Iowa
Sales Tax Obligations of Purchasers in Iowa
Sales Tax Obligations of Sellers in Iowa
Oversight Agencies in Iowa
Kansas
Initial Fees and Licenses in Kansas
Taxes on Business Income in Kansas
Franchise Tax in Kansas
Income Taxes on Business Income in Kansas
Personal Income Tax in Kansas
Sales and Use Taxes in Kansas
Sales Tax Obligations of Purchasers in Kansas
Sales Tax Obligations of Sellers in Kansas
Oversight Agencies in Kansas
Kentucky
Initial Fees and Licenses in Kentucky
Taxes on Business Income in Kentucky
Franchise Tax in Kentucky
Income Taxes on Business Income in Kentucky
Personal Income Tax in Kentucky
Sales and Use Taxes in Kentucky
Sales Tax Obligations of Purchasers in Kentucky
Sales Tax Obligations of Sellers in Kentucky
Oversight Agencies in Kentucky
Louisiana
Initial Fees and Licenses in Louisiana
Taxes on Business Income in Louisiana
Franchise Tax in Louisiana
Income Taxes on Business Income in Louisiana
Personal Income Tax in Louisiana
Sales and Use Taxes in Louisiana
Sales Tax Obligations of Purchasers in Louisiana
Sales Tax Obligations of Sellers in Louisiana
Oversight Agencies in Louisiana
Maine
Initial Fees and Licenses in Maine
Taxes on Business Income in Maine
Franchise Tax in Maine
Income Taxes on Business Income in Maine
Personal Income Tax in Maine
Sales and Use Taxes in Maine
Sales Tax Obligations of Purchasers in Maine
Sales Tax Obligations of Sellers in Maine
Oversight Agencies in Maine
Maryland
Initial Fees and Licenses in Maryland
Taxes on Business Income in Maryland
Franchise Tax in Maryland
Income Taxes on Business Income in Maryland
Personal Income Tax in Maryland
Sales and Use Taxes in Maryland
Sales Tax Obligations of Purchasers in Maryland
Sales Tax Obligations of Sellers in Maryland
Oversight Agencies in Maryland
Massachusetts
Initial Fees and Licenses in Massachusetts
Taxes on Business Income in Massachusetts
Franchise Tax in Massachusetts
Income Taxes on Business Income in Massachusetts
Personal Income Tax in Massachusetts
Sales and Use Taxes in Massachusetts
Sales Tax Obligations of Purchasers in Massachusetts
Sales Tax Obligations of Sellers in Massachusetts
Oversight Agencies in Massachusetts
Michigan
Initial Fees and Licenses in Michigan
Taxes on Business Income in Michigan
Franchise Tax in Michigan
Income Taxes on Business Income in Michigan
Personal Income Tax in Michigan
Sales and Use Taxes in Michigan
Sales Tax Obligations of Purchasers in Michigan
Sales Tax Obligations of Sellers in Michigan
Oversight Agencies in Michigan
Minnesota
Initial Fees and Licenses in Minnesota
Taxes on Business Income in Minnesota
Franchise Tax in Minnesota
Income Taxes on Business Income in Minnesota
Personal Income Tax in Minnesota
Sales and Use Taxes in Minnesota
Sales Tax Obligations of Purchasers in Minnesota
Sales Tax Obligations of Sellers in Minnesota
Oversight Agencies in Minnesota
Mississippi
Initial Fees and Licenses in Mississippi
Taxes on Business Income in Mississippi
Franchise Tax in Mississippi
Income Taxes on Business Income in Mississippi
Personal Income Tax in Mississippi
Sales and Use Taxes in Mississippi
Sales Tax Obligations of Purchasers in Mississippi
Sales Tax Obligations of Sellers in Mississippi
Oversight Agencies in Mississippi
Missouri
Initial Fees and Licenses in Missouri
Taxes on Business Income in Missouri
Franchise Tax in Missouri
Income Taxes on Business Income in Missouri
Personal Income Tax in Missouri
Sales and Use Taxes in Missouri
Sales Tax Obligations of Purchasers in Missouri
Sales Tax Obligations of Sellers in Missouri
Oversight Agencies in Missouri
Montana
Initial Fees and Licenses in Montana
Taxes on Business Income in Montana
Franchise Tax in Montana
Income Taxes on Business Income in Montana
Personal Income Tax in Montana
Sales and Use Taxes in Montana
Oversight Agencies in Montana
Nebraska
Initial Fees and Licenses in Nebraska
Taxes on Business Income in Nebraska
Franchise Tax in Nebraska
Income Taxes on Business Income in Nebraska
Personal Income Tax in Nebraska
Sales and Use Taxes in Nebraska
Sales Tax Obligations of Purchasers in Nebraska
Sales Tax Obligations of Sellers in Nebraska
Oversight Agencies in Nebraska
Nevada
Initial Fees and Licenses in Nevada
Taxes on Business Income in Nevada
Franchise Tax in Nevada
Income Taxes on Business Income in Nevada
Sales and Use Taxes in Nevada
Sales Tax Obligations of Purchasers in Nevada
Sales Tax Obligations of Sellers in Nevada
Oversight Agencies in Nevada
New Hampshire
Initial Fees and Licenses in New Hampshire
Taxes on Business Income in New Hampshire
Franchise Tax in New Hampshire
Income Taxes on Business Income in New Hampshire
Personal Income Tax in New Hampshire
Sales and Use Taxes in New Hampshire
Oversight Agencies in New Hampshire
New Jersey
Initial Fees and Licenses in New Jersey
Taxes on Business Income in New Jersey
Franchise Tax in New Jersey
Income Taxes on Business Income in New Jersey
Personal Income Tax in New Jersey
Sales and Use Taxes in New Jersey
Sales Tax Obligations of Purchasers in New Jersey
Sales Tax Obligations of Sellers in New Jersey
Oversight Agencies in New Jersey
New Mexico
Initial Fees and Licenses in New Mexico
Taxes on Business Income in New Mexico
Franchise Tax in New Mexico
Income Taxes on Business Income in New Mexico
Personal Income Tax in New Mexico
Sales and Use Taxes in New Mexico
Sales Tax Obligations of Purchasers in New Mexico
Sales Tax Obligations of Sellers in New Mexico
Oversight Agencies in New Mexico
New York
Initial Taxes and Fees in New York
Taxes on Business Income in New York
Franchise Tax in New York
Corporate Income Tax in New York
Personal Income Tax in New York
Sales and Use Taxes in New York
Sales Tax Obligations of Purchasers in New York
Sales Tax Obligations of Sellers in New York
Oversight Agencies in New York
North Carolina
Initial Fees and Licensing Costs in North Carolina
Taxes on Business Income in North Carolina
Franchise Taxes on Business Income in North Carolina
Income Taxes on Business Income in North Carolina
Personal Income Tax in North Carolina
Sales and Use Taxes in North Carolina
Sales Tax Obligations of Purchasers in North Carolina
Sales Tax Obligations of Sellers in North Carolina
Oversight Agencies in North Carolina
North Dakota
Initial Fees and Licenses in North Dakota
Taxes on Business Income in North Dakota
Franchise Tax in North Dakota
Income Taxes on Business Income in North Dakota
Personal Income Tax in North Dakota
Sales and Use Taxes in North Dakota
Sales Tax Obligations of Purchasers in North Dakota
Sales Tax Obligations of Sellers in North Dakota
Oversight Agencies in North Dakota
Ohio
Initial Fees and Licenses in Ohio
Taxes on Business Income in Ohio
Franchise Tax in Ohio
Income Taxes on Business Income in Ohio
Personal Income Tax in Ohio
Sales and Use Taxes in Ohio
Sales Tax Obligations of Purchasers in Ohio
Sales Tax Obligations of Sellers in Ohio
Oversight Agencies in Ohio
Oklahoma
Initial Fees and Licenses in Oklahoma
Taxes on Business Income in Oklahoma
Franchise Tax in Oklahoma
Income Taxes on Business Income in Oklahoma
Personal Income Tax in Oklahoma
Sales and Use Taxes in Oklahoma
Sales Tax Obligations of Purchasers in Oklahoma
Sales Tax Obligations of Sellers in Oklahoma
Oversight Agencies in Oklahoma
Oregon
Initial Fees and Licenses in Oregon
Taxes on Business Income in Oregon
Franchise Tax in Oregon
Income Taxes on Business Income in Oregon
Personal Income Tax in Oregon
Sales and Use Taxes in Oregon
Oversight Agencies in Oregon
Pennsylvania
Initial Fees and Licenses in Pennsylvania
Taxes on Business Income in Pennsylvania
Franchise Tax in Pennsylvania
Income Taxes on Business Income in Pennsylvania
Personal Income Tax in Pennsylvania
Sales and Use Taxes in Pennsylvania
Sales Tax Obligations of Purchasers in Pennsylvania
Sales Tax Obligations of Sellers in Pennsylvania
Oversight Agencies in Pennsylvania
Rhode Island
Initial Fees and Licenses in Rhode Island
Taxes on Business Income in Rhode Island
Franchise Tax in Rhode Island
Income Taxes on Business Income in Rhode Island
Personal Income Tax in Rhode Island
Sales and Use Taxes in Rhode Island
Sales Tax Obligations of Purchasers in Rhode Island
Sales Tax Obligations of Sellers in Rhode Island
Oversight Agencies in Rhode Island
South Carolina
Initial Fees and Licenses in South Carolina
Taxes on Business Income in South Carolina
Franchise Tax in South Carolina
Income Taxes on Business Income in South Carolina
Personal Income Tax in South Carolina
Sales and Use Taxes in South Carolina
Sales Tax Obligations of Purchasers in South Carolina
Sales Tax Obligations of Sellers in South Carolina
Oversight Agencies in South Carolina
South Dakota
Initial Fees and Licenses in South Dakota
Taxes on Business Income in South Dakota
Franchise Tax in South Dakota
Income Taxes on Business Income in South Dakota
Sales and Use Taxes in South Dakota
Sales Tax Obligations of Purchasers in South Dakota
Sales Tax Obligations of Sellers in South Dakota
Oversight Agencies in South Dakota
Tennessee
Initial Fees and Licenses in Tennessee
Taxes on Business Income in Tennessee
Franchise Tax in Tennessee
Income Taxes on Business Income in Tennessee
Personal Income Tax in Tennessee
Sales and Use Taxes in Tennessee
Sales Tax Obligations of Purchasers in Tennessee
Sales Tax Obligations of Sellers in Tennessee
Oversight Agencies in Tennessee
Texas
Initial Fees and Licenses in Texas
Taxes on Business Income in Texas
Franchise Tax in Texas
Sales and Use Taxes in Texas
Sales Tax Obligations of Purchasers in Texas
Sales Tax Obligations of Sellers in Texas
Oversight Agencies in Texas
Utah
Initial Fees and Licenses in Utah
Taxes on Business Income in Utah
Franchise Tax in Utah
Income Taxes on Business Income in Utah
Personal Income Tax in Utah
Sales and Use Taxes in Utah
Sales Tax Obligations of Purchasers in Utah
Sales Tax Obligations of Sellers in Utah
Oversight Agencies in Utah
Vermont
Initial Fees and Licenses in Vermont
Taxes on Business Income in Vermont
Franchise Tax in Vermont
Income Taxes on Business Income in Vermont
Personal Income Tax in Vermont
Sales and Use Taxes in Vermont
Sales Tax Obligations of Purchasers in Vermont
Sales Tax Obligations of Sellers in Vermont
Oversight Agencies in Vermont
Virginia
Initial Fees and Licenses in Virginia
Taxes on Business Income in Virginia
Franchise Tax in Virginia
Income Taxes on Business Income in Virginia
Personal Income Tax in Virginia
Sales and Use Taxes in Virginia
Sales Tax Obligations of Purchasers in Virginia
Sales Tax Obligations of Sellers in Virginia
Oversight Agencies in Virginia
Washington
Initial Fees and Licenses in Washington
Taxes on Business Income in Washington
Franchise Tax in Washington
Income Taxes on Business Income in Washington
Sales and Use Taxes in Washington
Sales Tax Obligations of Purchasers in Washington
Sales Tax Obligations of Sellers in Washington
Oversight Agencies in Washington
West Virginia
Initial Fees and Licenses in West Virginia
Taxes on Business Income in West Virginia
Franchise Tax in West Virginia
Income Taxes on Business Income in West Virginia
Personal Income Tax in West Virginia
Sales and Use Taxes in West Virginia
Sales Tax Obligations of Purchasers in West Virginia
Sales Tax Obligations of Sellers in West Virginia
Oversight Agencies in West Virginia
Wisconsin
Initial Fees and Licenses in Wisconsin
Taxes on Business Income in Wisconsin
Franchise Tax in Wisconsin
Income Taxes on Business Income in Wisconsin
Personal Income Tax in Wisconsin
Sales and Use Taxes in Wisconsin
Sales Tax Obligations of Purchasers in Wisconsin
Sales Tax Obligations of Sellers in Wisconsin
Oversight Agencies in Wisconsin
Wyoming
Initial Fees and Licenses in Wyoming
Tax on Businesses in Wyoming
Franchise Tax in Wyoming
Sales and Use Taxes in Wyoming
Sales Tax Obligations of Purchasers in Wyoming
Sales Tax Obligations of Sellers in Wyoming
Oversight Agencies in Wyoming
Building Your Personal Wealth
How your business profits will allow you to achieve personal financial goals.
Creating Your Wealth-Building Plan
What Do You Have Now?
Taking Inventory of Your Assets
Personal Budgeting
Income Budgeting
Budgeting for Expenses
Budgeting Tools
Current Arrangements and Documents
What Do You Want?
Envisioning the Goal
Making Your Goals Measurable
Planning to Reach Your Goals
Computing After-Tax Yield
Making Necessary Changes
Implementing the Plan
Monitoring the Plan
What If You Need Help?
Building Blocks of Financial Plans
Compensating Yourself
How Will You Pay Yourself?
Salary or Draw
Bonuses
Loans
Basic Fringe Benefits
Retirement Benefits
Life Insurance Benefits
Expenses Paid by the Business
Dividends
Rental Income
Delayed Compensation
Family Payroll
How Much Should You Pay Yourself?
Building an Investment Fund
The Investment Planning Process
Identifying Current Holdings
Identifying Investment Goals
Measuring Risk Tolerance
Implementation and Monitoring
Retirement Planning
Estimating Your Retirement Needs
Estimating What You Currently Have
Social Security
A Brief History of Social Security
How to Qualify for Social Security
How Much Will Your Benefits Be?
Requesting Your Benefit Estimate
When Can You Collect Benefits?
Taxation of Social Security Benefits
Employer-Provided Pension Plans
Distributions from Pension Plans
Tax on Plan Distributions
Retirement Plans for the Self-Employed
Keogh Plans
Individual Retirement Accounts (IRAs)
Simplified Employee Pensions (SEPs)
SIMPLE Plans
Bridging the Gap
Life Insurance
Term or Cash Value Policies
Pros and Cons of Term Policies
Pros and Cons of Cash-Value Policies
Choosing Term or Cash Value
Comparison of Life Insurance Policies
Provisions and Terms
Acceleration of Benefits
Beneficiary
Cash Value and Loans
Dividends and Dividend Options
Double Indemnity
Extended Insurance; Premium Waivers
Guaranteed Insurability
Ownership and Assignment Clauses
Participating Policies
Riders
Settlement Options
Life Insurance in Your Business
Is Your Business Profitable?
Will Survivors Run the Business?
Other Insurance
Annuities
Disability Insurance
Health Insurance
Long-Term Care Insurance
Borrowing Money and Managing Credit
What Is Consumer Credit?
Types of Credit: Closed or Open-End
Sources of Consumer Credit
Uses and Costs of Credit
Cost of Credit Cards
Finance Charge
Calculating Interest
Grace Period
Annual Percentage Rate (APR)
Early Repayment: The Rule of 78's
Tips for Lowering Your Credit Costs
Debt and the Income Tax Laws
Applying for Credit
Measuring Your Credit Capacity
General Rules for Credit Capacity
Building and Keeping Good Credit
Credit Bureaus
Your Credit File
Avoiding and Correcting Mistakes
Billing Disputes
Cosigning a Loan
Drowning in Debt?
Bankruptcy: The Last Resort
Types of Bankruptcy
What Bankruptcy Can and Cannot Do
Bankruptcy's Effect on Your Credit
Legal Forms of Asset Ownership
Tenancy in Common
Joint Tenancy
Tenancy by the Entirety
Community Property
Passing Along Wealth to Your Heirs
What Happens to Property at Death?
If the State Writes Your Will
Legal Relationship for Inheritance
If You Write Your Will
Who Will Get Your Property?
What Property to Give
How Much to Give
Tailoring the Bequest
Split Property Interests
Restrictions on Property Use
Joint Ownership Bequests
Powers of Appointment
Trusts
Minimizing Probate Costs and Delays
Appointing Guardians for Children
Appointing an Executor
Providing Income During Settlement
A Will as Companion to a Trust
What to Do About Your Business
Avoiding the Estate Tax Collector
Marital Deduction
Charitable Deduction
Credit Shelter Bequests
Lifetime Gifts
Trusts
Life Insurance
Powers of Appointment
Special Use Valuation
Deferring Payment of Estate Tax
Alternate Valuation Date
Generation-Skipping Transfer Tax
Holding Down Estate Planning Costs
Protecting Your Assets
Strategies to protect your personal and business assets.
Are Your Assets at Risk?
How Creditors Get Your Assets
The Debtor-Creditor Relationship
Types of Liens
Consensual Liens
Statutory Liens
Judgment Liens
Battling Liens Against You
Eliminating Liens
Lien Elimination on Exempt Assets
Liens Eligible for Elimination
Calculation of Lien Impairment
Lien Stripping or Bifurcation
Lien Stripping for Personal Residences
Invalidating Liens
Using FTC Credit Practices Rule to Invalidate Liens
Avoiding Liens Through Persuasion
Bankruptcy--An Overview
Special Lien Elimination Situations
Chapter 7 Filings
Exclusion of Income Received After Chapter 7 Filing
Preferential Transfers in Chapter 7
Nondischargeable Debts in Chapter 7
Discharging Personal Liability in Chapter 7
Chapter 13 Filings
Chapter 11 Filings
After-Effects of Bankruptcy
Effective Asset Exemption Planning
Understanding Exempt Asset Status
Who Is Eligible for Exemptions
Keep Personal Exemptions Personal
No Exemptions for Business
Your Asset Exemption Options
The Homestead Exemption
If the Exemption Exceeds Your Home's Value
If Your Home's Value Exceeds the Exemption
If No Homestead Exemption Exists
Tenancy by the Entirety
Transferring Assets to the Non-Business-Owner Spouse
Joint Tenancy
Tenancy in Common
Community Property
Using a Trust To Protect a Homestead
The Retirement Plan Exemption
Effect of ERISA on Exemption Status
Unprotected IRAs
ERISA Eligibility Requirement
Retirement Planning
The Wage Exemption
Paying Yourself
Bankruptcy Provisions
The Annuity Exemption
Private Annuities
The Wild Card Exemption
Exempting an Ownership Interest in a Business
Tools of the Trade and Household Goods Exemptions
Doubling of Exemptions
Proceeds from Exempt Assets
Change of Residence
Conversion of Secured Debt into Unsecured Debt
Avoiding Challenges to Asset Transfers
How UFTA Affects Transfers
Timing the Transfers
Timing Before a Bankruptcy
Timing Under State Law
Constructive Fraud and Asset Transfers
Asset Exemption Transfers
Is it a Transfer?
Transfers by the Business
Actual Fraud and Asset Transfers
Motive (Intent)
Insolvency
Concealment
Special Medicaid Transfers
Timing of Transfers under Medicaid
Exempt Assets under Medicaid
Exempt Income under Medicaid
Transfers of Assets under Medicaid
Penalized Transfers under Medicaid
Transfers in Trust for Others under Medicaid
Using Asset Protection Trusts
The Nature of a Trust
Revocable vs. Irrevocable Trusts
Probate Court and Federal Estate Taxes
Living or Testamentary Trusts
Common Types of Trusts
The Grantor Trust
The Totten Trust
The Bypass or Credit Shelter Trust
The Marital Deduction or QTIP Trust
The Irrevocable Living Children's Trust
The Irrevocable Life Insurance Trust
The Asset Protection Trust
The Spendthrift Clause
The Delaware and Alaska Asset Protection Trusts
The Full Faith and Credit Clause
Real Property vs. Personal Property
Combining the Trust with a Business Entity
Bankruptcy Considerations for Domestic Asset Protection Trusts
Requirements of the Alaska and Delaware Trusts
Creditor's Rights: Comparing Alaska and Delaware Trusts
Other Considerations
The Offshore Asset Protection Trust
Common Clauses in Offshore Trusts
Estate and Income Tax Aspects of Offshore Trusts
Trust Planning Issues
Limiting Liability in Your Business Structure
Choosing an Organizational Form
Business Forms: An Overview
Sole Proprietorships and General Partnerships
Limited Partnerships
The LLC and the Corporation
The Statutory Close Corporation
The Limited Liability Partnership (LLP)
The Limited Liability Limited Partnership (LLLP)
Business Forms for Professionals
The Nature of Limited Liability
Exceptions to Full-Shield Limited Liability
Impact of Liability on Structuring and Funding Decisions
Business Debt Liability
 |