Do you want to know how long it is before bad debt is written off? My experience has shown that when a creditor waits too long to pursue collection of a debt, the debt is “statute-barred,” meaning that it can no longer be pursued in court. Though officially, the debt still exists, in practice, this […]
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Do you want to know How do tax write-offs work for LLC? While operating your own business can be rewarding, expanding your limited liability company (LLC) can incur significant costs. Advertising and promotional expenditures, legal fees, and startup costs can accumulate over time. Thankfully, straightforward methods exist to decrease these expenditures and preserve your diligently
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Do you want to know how a 100% tax write-off works? Have you ever thought about what a “write-off” really means? And how does a tax deduction of 100% work? My knowledge leads me to believe that any legitimate expense that may be deducted from one’s taxable income during tax time is a write-off. This
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Do you want to know How do I prove mileage for taxes? My own experience shows that utilizing a computer spreadsheet, a paper mileage notepad, or a mileage monitoring app like Drivers Note are all viable choices. The paper-and-pen approach was the sole way to log miles for a long time, but these days, most
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Do you want to know How I can claim bad debt relief? My experience tells me that if you fulfill all the requirements, also you can be exempt from paying VAT on bad debts for the goods or services you have provided. Regardless of whether the money products, or services were paid to you through
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Would you want to know how digital payments work? From what I’ve seen, digital payments are made digitally or online without exchanging real money. This kind of payment, which is also sometimes called an “e-payment,” is when money is sent from one payment account to another using a computer, cell phone, or credit, debit, or
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Do you want to know How to pay myself from my business legally? From what I’ve seen, how you pay yourself as a business owner relies on how your business is set up, how far along it is in its growth and other things. When you’re building a business, paying yourself might not be the
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How can digital payments benefit entrepreneurs? Entrepreneurs can be more involved in e-commerce and have better relationships with customers, suppliers, and financial institutions if they can send and receive digital payments. For example, digital records can help business owners track their goods better and choose cheaper ways to buy things. Again, digital payment systems make
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Do you want to know How to increase my tax refund? A tax refund is a discrepancy between the amount paid in taxes during the year and the amount owed upon filing the tax return. Consider the following example: You will receive a refund of $1,750 if you withhold $10,250 from your paychecks in 2022
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Would you want to know about hedging strategies in the stock market? Hedging means taking out more than one position simultaneously to protect your stock from changes in the market that could be risky or unclear. To do this, you must balance losses in one spot with gains in another. Hedging techniques are meant to
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