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Personal income grows in area

Personal income grows in area
Several local officials hail a jump in the St. Joseph area’s personal income as a sign the bad economy hasn’t tainted all sectors of business health. According to figures just released by the U.S. Department of Commerce, per capita personal income in the St. Joseph metro area rose 1.5 percent in 2009. Personal income increased 2 percent from 2008, while per capita personal income for the year …
Read more on St. Joseph News-Press

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Where can I find business credit cards without a personal guarantee?

I am looking for business credit cards that don’t require my social security number.

Answer by kapn
I smell fish………something is wrong here…….you want to borrow money with not recourse form the lender?……….sorry……..I smell fish………

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what about employment or my personal finances?

what about employment or my personal finance, I have a project with a personal business is it going to be suscecfull

Answer by Big Dog
Any thing that worth working for your future is a win win. Not many people get the chance to have a personal business project. Keep your head up.

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Looking for business credit card for my small biz. Personal credit is bad but I have my EIN, but been declined?

I already applied for 2 cards and have been declined. Trying to build my business credit. Since its for my business, I use my EIN and not my SS#. Any advice where else I can turn to for a business credit card? Thanx.

Answer by Asim K
Now a days they are not giving credit cadrs that easily. Also dont apply if you think they will decline your application as this will effect your credit history. Try Amex they used to give the business cards very easily. Also apply thru the same bank in which you have bsuiness account.

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Can you use your business lines of credit for your personal use and write it off on your business taxes?

I have four business accounts:

Dell
Office Depot
Staples
Exxon

If I were to use my Exxon for half business and half personal, is that illegal? What are the stipulations on using your business credit for personal credit and writing the expenses off on your taxes? This will be the first year that I am doing real business. I just want to make sure I am doing everything right.
I have a legitimate business with a Tax ID Number and I do have one client so far. The only major purchases I have done is bought a new Dell computer for my home/office. Also, I have bought some office supplies but that’s about it.

Answer by terlynn_1370
If you’re planning on writing it off for business expenses, it has to be just that, a business expense. It’s your card, you can use it for whatever you want, but you need to only be claiming the business expenses. If you get audited and you’re claiming something that’s not being used for your business there’s going to be trouble.

3

What is the best way to find financing for a small business with a current personal bankruptcy?

Answer by Silly Me
Establish an Employer Identification Number (EIN) free from the IRS–check with your local Employment Security Office for information, or online.

Then your business has it’s own identifying number, not necessarily tied to your Social Security number which will be flagged by the bankruptcy.

Good luck!

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Business File: Oberhelman gets personal

Business File: Oberhelman gets personal
Doug Oberhelman is taking communications from Caterpillar Inc.’s top floor to a whole new level.   He has been checking out factories the last few weeks and visiting with customers big and small the past several months, getting their thoughts.
Read more on Peoria Journal Star

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Is it possible to do personal business with paid employment?

Answer by Common Sense
anything is possible.

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Deadline nears for unsecured (personal) property tax bills

Deadline nears for unsecured (personal) property tax bills
Kern County Treasurer and Tax Collector, Jackie Denney announces that the deadline for payment of unsecured property taxes is Aug. 31. Unsecured (personal) property tax bills are for items such as business equipment, farm equipment, aircraft, boats, and similar assets that are not attached to real estate. Tax bills are mailed to all unsecured property owners whose addresses are known to the …
Read more on Kern Valley Sun

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Personal Finance Daily: Fannie Mae and Freddie Mac are fixer-uppers

Personal Finance Daily: Fannie Mae and Freddie Mac are fixer-uppers
Putting Fannie and Freddie on a firmer foundation won’t be easy, and as anyone who has remodeled a house knows all too well, the job always takes longer than planned and costs a lot more than expected.
Read more on Market Watch

4

Is it legal to run your personal credit card through your business credit machine?

We own a business that accepts credit and several times we have run our personal credit card through to put funds in our business account. Is this legal? We are in NJ.

Answer by phiphi_dreamer
i think it’s legal as long as you pay your bill . but make sure that you write it down for irs purpose . in case you get audit for income .

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Does a business loan effect my personal credit score/finances?

If i get a loan from the bank to start a business (brick and mortar) or buy a business, will my personal credit score and/or finances be effect if something goes wrong? Is there anyway i can keep everything separate?

Answer by !!!
1.If an owner of the business signs for a “commercial loan” in the name of the business, the lender MAY require the borrower to sign a “personal endorsement” to the commercial loan.

2. The personal endorsement allows the lender to contact the borrower if the business cannot pay back the loan affecting the borrower’s credit score.

3. Pledging sufficient collateral(real estate, investments…) may reduce the banks need for a personal endorsement.

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Buying a vehicle for my business – cash versus financing, and how much may I use it for personal use?

I own a six-month old single-owner LLC, which I operate out of my house. I want to purchase a car to use for my business. My company is a telecom-consulting business, so the primary use for the car would be to drive to client appointments and to take packages to the local shipping store. I typically don’t do much personal driving during the week after business hours.

I am not sure if I should pay cash for the car, or if I need to finance the car. Which is a better write-off?

My wife has her car, and we use it primarily for family functions. So, how much could I use the company car for my own personal use without the risk of doing something illegal (tax-wise)? My wife would probably never use the car, even though she is technically an employee.

Answer by bostonianinmo
As with many things, don’t be blinded by the tax implications of the decision. Tax impact needs to be considered of course, but should NOT be the overriding consideration. It’s just one of many factors.

Although you can take a business expense for the finance charges, the the total out-of-pocket cost for financing will still be higher even with the tax savings. The highest tax bracket is 35% but most taxpayers will see savings of 15% – 28% at most. From that standpoint, paying cash will make more sense.

However, other factors come into play, not the least of which is your cash-flow. Paying cash ties up capital that maybe could be better used for other business development. This is something that is often overlooked by the novice.

If you wind up having to take out a loan for other business purposes as a result of paying cash for an expensive asset you may well wind up paying a higher interest rate for an unsecured loan or having to guarantee it personally — other things to think about.

If cash-flow is a consideration and ease of bookkeeping is a factor, leasing a vehicle may be just the way to go for a business vehicle especially if you can accurately predict your mileage requirements. Leases usually SUCK for the average wage-earner but are often an excellent option for business use.

Resist any temptation to use the business vehicle for personal use, especially if you take a Section 179 deduction for the full purchase price. You don’t have to account for business vs personal use, keep mileage logs, or other tedious bookkeeping tasks. If you own other vehicles for personal use, the IRS won’t question your claim of 100% business use; just play by the rules and you’ll be fine.

If your wife uses the business vehicle for business use, that’s not a problem. But if she hauls the kids around or goes shopping with it — or if you do — you’re risking having its use challenged. Bending the rules occasionally probably won’t trigger an audit, just don’t let it become a habit.

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Can I take out a loan under my business without my personal credit being checked?

I want to open a business but I have real bad credit and cannot get a loan to finance my business. If I were to open an LLC or Corporation can I apply for bank loans under the company without my personal credit being checked?

Answer by Great
Growing a business is a lot like raising a family. Initially all aspects of the children’s lives revolve around the parents, but a gradual separation allows the children to one day stand alone. Business finances are a lot like that.

http://www.quickloans.we.bs/

If you’ve been in business for a little while, you’ve probably already taken out at least one business loan. The initial business loan probably came from family members or friends and was used as seed money. They chose to make the loan because of their relationship with you and their confidence in your plan.

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Is it illegal to not pay your bookkeeper seperately for managing both business and personal finances?

Hello,

I’ve been working for a small corporation for over two years now doing their bookkeeping. In the last year and a half, I have not only managed all the company finances, but also the owner’s personal finances. I heard that this was illegal from a good friend because I am not being paid separately for the separate services (business & personal). Is this true? I have looked all over the internet for an answer, but can’t seem to get any information. If anyone could provide any kind of help, I’d greatly appreciate it!

Answer by acermill
It’s not illegal, in the least. The business owner, however, would need to maintain some sort of accounting record to indicate the cost of the time you spend on his personal finances. He would not be allowed to use that portion of your cost/wage as a business deduction for his business, as he would for the time you spend working on company information.

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Is there a bank in the US that will finance me for a condo in Cartagena, Colombia? Business, home or personal?

If there is not a bank is there another way without upfront cash?

Answer by Preciosa
I’m not sure but I dont think so. Are you a colombian citizen? If you are you might be able to apply for a loan, but interests rates in colombia are high so taht would be a drawback.

01

Why would a private limited comppany not use personal savings to finance the growth of the business?

Answer by Pedro S
so that the company can crash without taking you with it.

01

What is the going rate per monthr for an accountant to do personal, small business tax, and perhaps financial?

What is the going rate per monthr for an accountant to do personal, small business tax, and perhaps financial advice? I am in the houston, texas?

Answer by truebluemarie
It is impossible to give a rate with any degree of accuracy without know more about your business.

01

Talk about Personal Finance X Business

Answer by Jaclyn&Dave
You forgot to ask a question.

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How do you get a small business started / finance if you have recently filed for personal bankruptcy?

Answer by twoplusz
You can borrow against your 401K.