Author: Thomas Bernal

The Benefits Of Saving For Your Child’s School Finance

The Benefits Of Saving For Your Child’s School Finance

Specifying your cost savings objectives is the initial point to do prior to you spend, particularly when that financial investment will certainly have an influence on your kid’s future.

It is after-all your youngster’s future that you are purchasing– as well as college money can not be stayed clear of, as infants will certainly become grownups that require to be offered the most effective possibilities we can supply as moms and dads.

The ideal guidance that any kind of moms and dad can obtain is to begin conserving early. As well as what much better inspiration is there than recognizing that the cash you conserve will certainly fund your youngster’s education and learning.

Usually the most effective phase to begin conserving for your kid’s money in the direction of university tuition goes to birth. If, nevertheless, you have actually not begun, after that the moment to begin conserving is currently. It is never ever far too late to begin conserving.

The quicker you begin conserving, the even more time there’ll be for substance rate of interest to accumulate right into a wonderful university fund for your kid. Keep in mind that each kid ought to obtain his/her institution financing cost savings fund.

You likewise require to choose the quantity you plan to conserve by the time that your kid gets to university age. When it buck quantity, there are several choices readily available for you to pick from. This suggests that you compute the predicted price of public university tuition by the time your kid awaits university.

The various other frequently utilized approach, which several moms and dads choose, entails dedicating a set portion of revenue to their kid’s future university expenses. The concept is this: whatever you do, you need to have actually a specified objective. You ought to conserve as long as you can, whether it be a huge quantity, like a number of hundred bucks a month or an extra small quantity, such as $25 to $50 monthly.

An university education and learning is a financial investment in the future of your kid. If you really wish to see your kid be successful, as all moms and dads do, what could potentially be a much better financial investment?

And also what much better inspiration is there than understanding that the cash you conserve will certainly fund your youngster’s education and learning.

Usually the ideal phase to begin conserving for your youngster’s financing in the direction of university tuition is at birth. You likewise require to make a decision the quantity you plan to conserve by the time that your kid gets to university age. The various other generally made use of technique, which numerous moms and dads like, includes dedicating a set portion of earnings to their youngster’s future university prices.

The post The Benefits Of Saving For Your Child’s School Finance appeared first on ROI Credit Builders.

Top 15 Game Design Podcasts You Must Follow in 2019

Top 15 Game Design Podcasts

Game Design Podcasts

1. The Debug Log

Atlanta, Georgia, United States About Podcast Welcome to The Debug Log, a podcast about game development. Hosts Andrew, Obinna, Zack, Ryan, and Eduardo are all professional game developers. From games for health care to AAA mobile games, these guys have experienced it all. The Debug Log balances in-depth discussions and interviews with a casual and wry sense of humor. The show targets developers of all skill levels. Join them each week as they deep dive into the evolving world of game development.
Frequency 1 episode / month
Since Jul 2015
Podcast thedebuglog.com
Twitter followers 1K ⋅ Domain Authority 35

2. GameDev Loadout – A Game Developer Podcast

GameDev Loadout - A Game Developer Podcast Houston, Texas, United States About Podcast GameDev Loadout podcast hosted by Tony Chan. He interviewed 100+ industry experts to extract the tactics, tools, and routines you can use to succeed as a game developer. subscribe to get invaluable advice and tips from 100+ game industry experts.
Frequency 1 episode / week
Since Jul 2017
Podcast gamedevloadout.com/podcast
Twitter followers 278 ⋅ Domain Authority 29

3. Game Dev Unchained

Game Dev Unchained United States About Podcast Game Dev Unchained, hosted by Larry Charles and Brandon Pham. Podcast gives everyone the real inside look at what it is like to be a professional game developer. Every week they’ll interview pro and indie developers about jobs, studios, salaries and much more.
Frequency 1 episode / week
Since May 2015
Podcast gamedevunchained.com
Twitter followers 725 ⋅ Domain Authority 27

4. Designer Notes

Designer Notes Seattle, Washington, United States About Podcast Why do we make games? Every designer has a different and very personal answer to that question. Soren Johnson, founder of Mohawk Games, sits down with noted designers to find out by examining their careers as a whole.
Frequency 2 episodes / quarter
Since Oct 2014
Podcast idlethumbs.net/designernotes
Twitter followers 62.4K ⋅ Social Engagement 2 ⋅ Domain Authority 58

5. The Game Design Round Table

The Game Design Round Table Toronto, Ohio, United States About Podcast The Game Design Round Table is by game designers, for game designers. Since 2012 They have explored the art and craft of game design from the perspective of tabletop, digital, and role-playing games. Podcast provides a forum for conversation about critical issues to game design.
Frequency 2 episodes / month
Since Nov 2012
Podcast thegamedesignroundtable.com/..
Twitter followers 1.4K ⋅ Domain Authority 37

6. The Game Maker’s Notebook

The Game Maker's Notebook New York City, New York, United States About Podcast A series of in-depth conversations between video game makers on the business and craft of interactive entertainment, exploring the core tenants of D.I.C.E. (Design. Innovate. Communicate. Entertain.) Hosted by Ted Price from Insomniac Games.
Frequency 1 episode / week
Since Nov 2017
Podcast interactive.org/Interviews/t..
Twitter followers 56.9K ⋅ Social Engagement 6 ⋅ Domain Authority 63

7. Dev Game Club

Dev Game Club Seattle, Washington, United States About Podcast Join hosts and industry veterans Brett Douville and Tim Longo. The podcast looks at older games and plays through them in a form similar to a book club! They also seek to feature guests for their final episodes in each series, to get a developer from the original game to talk about how it was built or what their particular development stories were.
Frequency 1 episode / day
Since Mar 2016
Podcast devgameclub.com
Twitter followers 856 ⋅ Domain Authority 26

8. Game Dev Advice: The Game Developer’s Podcast

Game Dev Advice: The Game Developer's Podcast Chicago, Illinois, United States About Podcast 30-year game industry veteran John Podlasek interviews game designers, programmers, producers, artists, arcade owners, writers, CEOs and others about game development. Experienced or aspiring game developers alike will find useful, thought-provoking, and sometimes funny advice from others in the game industry.
Frequency 1 episode / month
Since Jan 2019
Podcast gamedevadvice.com
Twitter followers 181 ⋅ Domain Authority 9

9. Building the Game

Building the Game Kalamazoo, Michigan, United States About Podcast Join Rob Couch and Jason Slingerland as they take the journey to becoming first-time game designers. In each episode, they talk about games they play, game mechanics that they love and pitch their own game ideas to one another.
Frequency 1 episode / week
Since Jun 2012
Podcast buildingthegamepodcast.com
Twitter followers 1.8K ⋅ Social Engagement 4 ⋅ Domain Authority 29

10. HomeTeam GameDev Podcast

HomeTeam GameDev Podcast Los Angeles, California, United States About Podcast HomeTeam GameDev Podcast is a game developers interviews podcast. The mission of the podcast is to share the personal stories and ways of thinking from developers with a wide range of experience levels, to convey a broader picture of what making games are like.
Frequency 2 episodes / month
Since Jun 2015
Podcast gamedevslikeyou.libsyn.com
Facebook fans 537 ⋅ Twitter followers 96.2K ⋅ Domain Authority 24

11. Nice Games Club – A Gamedev Podcast!

Nice Games Club - A Gamedev Podcast! Minneapolis, Minnesota, United States About Podcast Three nice game devs talk gaming and game development. Current events, guest interviews, and deep dives into the art and science of video games and how they’re made.
Frequency 1 episode / week
Since Sep 2017
Podcast nicegames.club
Twitter followers 377 ⋅ Social Engagement 7 ⋅ Domain Authority 24

12. Game Dev’s Quest

Game Dev's Quest Oregon, United States About Podcast Game Dev’s Quest, hosted by Taylor and Rett. They embark on a quest to acquire the tools and skills to develop their very own video games. Tune in to listen to their struggles, and learn that if they can do it, you can too.
Frequency 1 episode / month
Since Mar 2017
Podcast gamedevsquest.com
Twitter followers 868 ⋅ Domain Authority 7

13. Level Design Lobby

Level Design Lobby Poland About Podcast The Level Design Lobby breaks down game and level design techniques, showing how they are used within games, as well as how we can improve upon them. It also shares reading material to its audience, while providing interviews with industry professionals.
Frequency 1 episode / week
Since Sep 2017
Podcast leveldesignlobby.libsyn.com/..
Twitter followers 4.4K ⋅ Domain Authority 10

14. The Clockwork Game Design Podcast

The Clockwork Game Design Podcast New York, United States About Podcast The Clockwork Game Design Podcast is a game design podcast hosted by Keith Burgun. Some episodes are a bunch of talking and thinking about a specific issue in game design. Some episodes are longer-form interviews with some of the smartest people working in the field. Most episodes also address listener comments and questions, and other stuff.
Frequency 1 episode / month
Since Oct 2015
Podcast keithburgun.net/category/gam..
Twitter followers 1.6K ⋅ Social Engagement 7 ⋅ Domain Authority 42

The post Top 15 Game Design Podcasts You Must Follow in 2019 appeared first on Feedspot Blog.

Panama Investment Corporation

Panama Investment Corporation

Financial investment companies, additionally referred to as mutual fund, are organizations of cumulative financial investment. They collect resources from the general public to reinvest it jointly as well as diversely, as a result the financial investment dangers are reduced as well as the go back to the capitalists remain in concept mosting likely to be improved. It is a Panama lorry to increase 3rd party mutual fund.

Interpretation – A financial investment firm in Panama is any kind of judicial individual (company or structure), depend on or legal arrangement that, with the issuance and also sale of its very own engagement allocations, is devoted to business of getting cash from the financial investment public, with once repayments or periodical settlements, with the things of investing and also negotiating, either straight or via financial investment supervisors or managers, financial investments in protections, bonds, choices, futures, steels, realty or any kind of various other acknowledged financial investment tool. The Panama financial investment companies are entities that collect funds from the general public to reinvest them jointly. The intent is that they can supply reduced dangers and also prices of management (minimized trading compensations as an example) as well as an expert ability of financial investment evaluation, management, adhere to up and also monetary control of the financial investment.
Financial Investment Corporations Conducting a Public Offering in Panama

It is lawfully recognized that a public offering of engagement allocations of a financial investment company is taking location when it or its financial investment manager, or one more entity on part of it, uses safety and securities with advertising and also promo tasks in the area of the Republic of Panama. These advertising and marketing as well as marketing tasks are any type of type of interaction targeting prospective financiers with the item of getting or advertising the registration engagement allocations (financial investments) in a financial investment company car, and also will certainly be thought about to be in the region of the Republic of Panama as long as it is resolved to individuals domiciled in Panama.

A financial investment firm is taken into consideration to be carried out in or from Panama when among the complying with uses:

1. That the financial investment firm marks a financial investment manager in the Republic of Panama
2. That the primary residence of the financial investment firm lies in the Republic of Panama, or the possibility or any type of various other ad product shows that it lies in Panama.
3. That the financial investment firm marks a custodian in the Republic of Panama.
4. That the supervisors required to take on a resolution of the Board of Directors of the financial investment company have their residence in Panama.

Financial Investment Corporations Requiring Licensure with the Panama Securities Commission

1. Basic Investment Corporations: Only have one sort of involvement allocations as well as one financial investment profile.
2. Umbrella Investment Corporations: Have numerous collection of engagement allocations with various financial investment profiles.
3. Numerous Class Investment Corporations: Have numerous collection of involvement allocations, every one of those collection with various terms relating to the settlement of compensations and also membership charges, redemptions as well as management costs.
4. Principal Fund Feed by various other Funds: This is ideal called a financial investment company that buys various other financial investment companies.

Needs for the Registration of an Investment Corporation in Panama

1. Call as well as unification info.
2. Commercial as well as lawful abode of the firm.
3. Classification of a financial investment manager that will certainly need to have actually a License released by the National Securities Commission. When the financial investment company will certainly be carried out for itself, the paperwork concerning the individual that will certainly be the primary exec and also the conformity police officer should be sent.
4. Classification of a custodian for the financial investment firm.
5. Recognition of the sort of fund.
6. Licensed share funding and also minimal funding to start the procedure.
7. Quantity of involvement allocations called for to be signed up for public offering as well as worth of the first deal.

Records to be Submitted with the Application

1. Confirmed duplicate of the short articles of unification, which should develop that the firm will solely run as a financial investment firm and also the bookkeeping publications will certainly be maintained in Panama. Need to remain in Spanish yet a qualified English translation can be gotten.
2. Replicate of ticket or Panama Cedulla of Directors.
3. Audited economic declarations or audited first equilibrium.
4. Résumé of Dignitaries and also supervisors as well as Legal Representative.
5. Interesting possibility of the financial investment company.
6. Authorized agreement with the financial investment manager and also authorized agreement with the custodian.
7. Draft Code of Conduct for those financial investment firms that will certainly presume their very own management as well as depiction.
8. When), ad and also various other attention product that will certainly be made use of by the financial investment company (every little thing that will certainly be utilized also.
9. Draft of the financial investment agreement to be registered for every possible capitalist.
10. Draft Minutes of the Board of Directors developing all problems as well as terms associated with the procedure of the financial investment firm.

Personal Investment Corporations? Enrollment Exempt

This sort of financial investment firms are not needed to be signed up in the Securities Commission and also as a result are exempt to the policies that relates to signed up financial investment companies located over.

The Commission can permission any type of depiction or statement that the financial investment company does, mentioning that it is signed up in the Commission.

It is thought about to be a personal financial investment firms when it is provided in the Republic of Panama or from the Republic of Panama, and also has engagement allocations that are not used in the Republic of Panama which its Articles of Incorporation consists of among the complying with 2 personalities:

1. One personality that restricts the quantity of efficient proprietors of its engagement allocations to 50, or that specified securely that the deals for the financial investment will certainly be done via exclusive interactions just and also not with public interaction such as internet site, e-newsletters, print or media advertisements and so on
2. A personality that develops that its involvement allocations will just be supplied to certified capitalists in marginal first financial investment quantities of $100,000.

The personal financial investment firms have to assign an agent in Panama, that can be a qualified financial investment manager, a safeties home, a certified financial investment expert, an accredited Bank, an Accountant or a Lawyer, that need to have the ability to dully stand for the financial investment company prior to the Securities Commission any time.

They need to offer duplicate of the Articles of Incorporation, the Offering Prospectus, Audited Financial Statements, name as well as address of Directors. Annual investigated declarations should be sent.
Self-Administered Investment

When the financial investment firm chooses not to utilize an outdoors financial investment manager, it needs to follow the following:

The financial investment company need to have at the very least 3 participants of the Board of Directors, all of whom need to have renowned company as well as specialist honorability. They have to be able to show that they are reliable well-regarded service specialists.
2. A minimum of one third of the participants of the Board of Directors have to have appropriate understanding as well as experience in areas connected to safety and securities market as well as economic market generally. This would certainly be developed via expert licenses, job experience, referrals and also education and learning.
3. Have a full management and also bookkeeping company, along with technological (Information Technology, Legal) as well as personnels for the management of the financial investment firm. They need to have the ability to plainly show that all the items remain in location to be able to effectively as well as productively carry out the financial investment.
4. An inner standard procedure.
5. Mark a conformity policeman that can establish all financial investment as well as due persistance demands are being followed.

This paper was essentially converted from Spanish Legalese as well as placing it right into English Legalese which if you have actually ever before attempted it you would certainly understand it is hard so do not hesitate to ask inquiries.

Financial investment firms, additionally recognized as financial investment funds, are establishments of cumulative financial investment. Meaning – A financial investment company in Panama is any type of judicial individual (company or structure), count on or legal contract that, via the issuance as well as sale of its very own engagement allocations, is devoted to the service of getting cash from the financial investment public, via one time repayments or periodical repayments, with the item of investing and also negotiating, either straight or via financial investment supervisors or managers, financial investments in protections, bonds, alternatives, futures, steels, genuine estate or any kind of various other acknowledged financial investment tool. The intent is that they can use reduced threats as well as expenses of management (lowered trading payments for circumstances) and also an expert ability of financial investment evaluation, management, comply with up as well as monetary control of the financial investment.
It is legitimately comprehended that a public offering of engagement allocations of a financial investment firm is taking location when it or its financial investment manager, or an additional entity on part of it, supplies safeties via advertising as well as promo tasks in the region of the Republic of Panama. These advertising and marketing and also marketing tasks are any type of kind of interaction targeting prospective capitalists with the things of getting or advertising the membership engagement allocations (financial investments) in a financial investment company lorry, as well as will certainly be thought about to be in the region of the Republic of Panama as long as it is resolved to individuals domiciled in Panama.

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Do You Owe Tax on Business Credit Card Rewards? The Answer Might Surprise You

And 3 Surprising Things Other than Tax on Business Credit Card Rewards that May Impact Your Taxes

When choosing a credit card, whether personal or business, there are several factors to compare.  Interest rate is probably the one most consumers consider first, followed closely by credit limit, and then rewards.  Throw an annual fee in the mix, and you have even more to ponder.  Back to the rewards thing though.  Who doesn’t love a good reward? Cash back, points, airline miles galore, these are often the things that make the choice between one card or the other most interesting.  When it comes to rewards however, one thing most do not consider is that they may have to pay a tax on business credit card rewards.

When Do You Have to Pay Tax on Business Credit Card Rewards?

Whether or not you pay tax on credit card rewards on your business credit cards will depend.  Depends on what you ask?  It depends on whether you had to spend money to get those rewards.  For example, if you earn cash back, that would be a discount rather than income. It is therefore not taxable.  The same is true if you earn points or travel miles as a percentage of the money you spend.  If you earn $1 cash back for every $5 spent, that is considered a $1 discount, not $1 of income, and therefore not taxable.

If, however, all you had to do was open the account to earn the reward, and you did not have to spend anything to get it, then you may have to report it as income.  This is the case with the bonuses that many credit card companies are fond of offering for opening an account with them.  They may come in the form of cash, points, or miles.  It doesn’t matter what form they take.  If you didn’t have to do anything to get them, they are likely going to be taxable.

If your credit card information specifically states the funds are taxable, or if you receive a form 1099 from your credit card company, you can be sure there will be a tax impact. However, the absence of these two things does not set you free. A company only needs to to send a form 1099 if the amount is $600 or greater.  Amounts under $600 are still taxable, but companies only have to send a form 1099 if the amount is over $600.

Check out our professional research and score the best business credit cards for your business.

Real Life Example of Tax on Business Credit Card Rewards

In 2012, some Citibank card holders received frequent flyer miles as a gift for opening their accounts.  At tax time, a 1099-Misc came in the mail. It indicated the miles had been reported to the IRS as income with a value of 2.5 cents per mile. As you can imagine, this was an unwelcome shock to most.  Since they did not have to spend anything to receive the miles, the reward was taxable income.

Special Considerations for Tax on Business Credit Card Rewards

When it comes to tax on rewards from business credit cards, there are some special considerations that can affect the tax impact of the rewards.

Using Rewards to Offset Business Expenses

If you are using business credit card rewards to reduce the cost of business purchases, that affects the amount of a business expense that is tax deductible.

For example, if you purchase a new printer for your business for $300, and you offset the cost with rewards equal to $100, you can only deduct $200 as a business expense.  In this way, business credit card rewards can still increase your taxable income, though they are not technically taxable as income directly.

tax on business credit card rewards Credit Suite2

 

Using Business Credit Card Rewards to Offset Personal Expenses

If you happen to use rewards earned on business credit cards for personal expenses, rather than business expenses, you will not have to worry about them reducing business expense and thus indirectly affecting your tax liability.  The question has come up about whether rewards earned on business cards and used for personal purposes should be personal taxable income.  The IRS has said no.  They will not consider this to be taxable income.  As a result, there is zero impact on your taxes from these rewards.

Charitable Donations

If you receive a $500 bonus for opening an account, that is taxable income because no spending took place to get those funds.  If, however, you have the option to donate that amount to a charity, you do not have to report that $500 as income. And it is also tax deductible as a charitable contribution.  It’s a win/win.

Recap: How Do You Avoid Tax on Business Credit Card Rewards?

What’s the takeaway?  To best use your business credit card rewards with minimum tax impact, do the following:

  • Donate any bonuses, such as rewards not attached to required spending, to charity.
  • Use rewards such as cash back, points, or miles for personal expenses rather than to reduce business expense.

How Do I Find the Best Business Credit Cards for My Business?

There are a ton of options when it comes to choosing a business credit card, and which one is the best for your business will depend on many factors.  The first, as mentioned earlier, should probably be interest rate.  You want the interest rate to be as low as possible.

Next, consider the credit limit.  Does it give you access to enough funds to handle what you need it to?  If you are going to consistently have balances at or near your credit limit, that’s no good. It will lower your debt-to-credit ratio, which directly impacts your credit score in a negative manner.

The next thing to look at is rewards.  You need to find the card with the rewards that will be the most useful to you.  A great travel rewards program is only great if you travel a lot.  Triple points earned at gas stations and restaurants sounds good, but it is only a good deal if you spend a lot of money at gas stations and restaurants. If most of your credit cards spending is on supplies or inventory, these rewards will not be useful to your business.

Check out our professional research and score the best business credit cards for your business.

Next, balance the cost of the rewards versus how much you will actually benefit from them.  For example, you may have a card with rewards that are good for you.  But if it has a high annual fee, determine if the rewards benefit actually makes up for the cost of the annual fee. Do you pay $100 fee each year?  Then be sure to earn more than $100 worth of useable rewards with that card annually.

How To Get Business Credit Cards

Of course, the business credit card discussion is moot if you don’t even have one.  Perhaps you have tried, but you can’t get approval. Here’s the key.  You need to have strong business credit to get the best business credit cards.  This is credit that is separate from your personal credit, and therefore the accounts on your business credit report do not affect your personal credit score.

Business credit doesn’t just happen on its own however, and most new businesses do not realize this.  In fact, many new small business owners are not aware that business credit is even a thing, and consequently they have no clue how to set up their business properly to allow them to build business credit.

How Do You Set Up a Business to Build Business Credit?

Before you can worry about tax on business credit card rewards, you have to have business credit cards.  Before you can get business credit cards, you need business credit.  To get business credit, you have to set up your business to be a separate entity from yourself.

The first step in this process is to incorporate.  It is easy for a new business owner to simply operate as a sole proprietorship or a partnership, but this ties up all your personal credit data with your business information.  By incorporating, you are taking the first step in separating your business from your personal credit.

Next, apply for an EIN.  You can do this for free at IRS.gov.  It is a number that functions as an identifier for your business the same way your SSN is a personal identifier.  You will use this number on business credit card applications instead of your SSN.

Then, you will need to get a DUNS number.  This is a unique identifying number that you get from Dun & Bradstreet.  Since D&B is the largest and most commonly used business credit reporting agency, this number is essential to building business credit.  Get it for free on the Dun & Bradstreet website, but don’t let them fool you.  They will try to sell you a bunch of stuff you don’t need.  You really only need the number, and it is free.

Other Things that Will Make Your Business Appear Fundable On its Own to Lenders

What else does your business need to appear as a fundable entity separate from you personally?

  • A phone number and address that is different from your personal phone number and address. The phone number should be through a toll -free exchange and listed in the directories along with the business name and address.
  • A business bank account that all business transactions run through. Not only does this help separate your business as its own entity, but it also makes it easier to separate business expenses come tax time. In addition, some lenders actually make a business bank account a requirement for approval.
  • A professional website and dedicated email address. The email address should have the same URL as the website, and the web address should be something professional and paid for. A free email or website service is not suitable for these purposes.

Surprise! Here Are 3 Other Things that are Taxable that May Not Know

Now you know whether or not your credit cards rewards are taxable, how to avoid tax impact from business credit card rewards as much as possible, and how to get the best business credit cards for your business.  How about a few fun facts?  Here are 3 things that are taxable that you probably did not realize.

Bitcoin

Yes, if your bitcoin is currently worth more than you paid for it, the gains are taxable just like with stocks and bonds.  This also rings true of Bitcoin you get from your employer as compensation, a bonus, incentive, or even as a gift.

Gifts from an Employer

Speaking of gifts from employers, they are usually taxable.  This includes more than cash bonuses.  Did your boss give you an awesome new set of golf clubs or a weekend in his beach condo?  That may be taxable too.

Check out our professional research and score the best business credit cards for your business.

Bartering

This one was a total shock to me.  One of my favorite small business budget hacks is to barter within my network for goods and services.  It is not uncommon for small business owners to trade off for any number of things.  Graphics, social media management, content writing, cleaning services, printing services, and more.  The cash value of those trades can actually be taxable.  Who  ?

Do You Owe Tax on Business Credit Card Rewards?  Maybe, Maybe Not

It all depends on how you got those rewards and what you do with them. Most credit card rewards are actually a discount, because they are directly related to some level of spending.  These are not taxable, but they can still increase your taxable income by decreasing your business expense deduction if you choose to use them to reduce your business expenses. But if you choose to use those rewards to reduce personal expenses, they have no tax impact at all.

Bonuses for opening an account are different.  They are taxable as income, even if they do not reach the $600 threshold to trigger a form 1099.  This changes if you get the option to donate these funds to charity and choose to do so.  Not only are they then not taxable, but they also count as a tax deduction.

The best option to avoid tax on business credit card rewards is to choose the card with the rewards that will best benefit you personally.   Then you can redeem rewards for personal use. For bonuses, just donate them to charity if given the option.  It looks good for your business, and it will only help you come tax time.

Always be careful to weigh the tax benefit of not using rewards for business expense against the actual benefit of the cost reduction however.  You may find reduced expenses to be worth the cost come tax time.

The post Do You Owe Tax on Business Credit Card Rewards? The Answer Might Surprise You appeared first on Credit Suite.

What Are The Types Of Redirects And How To Use Them Correctly?

What Are The Types of Redirects and When To Use Them? Ever typed in an URL or clicked on an URL but when you land on the page, you noticed that the URL has changed? That’s weird… You’re not the only one who has experienced this. Once in a while, we do come across changes …

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How to Set Up a New Business in Idaho

Starting a Business in Idaho

A new business in Idaho is in reach. Have you been wondering: just how do I start a business in Idaho? And more importantly, can I do so no matter what the economic conditions are? Can I start a new business in Idaho during a recession?

A New Business in Idaho: Pros and Cons

Business Insider put Idaho in the middle set of ten states to start a new business in, per a 2016 article. And this is for the whole nation.  But its per capita GDP damages its position on the list. The education level and the availability of employees are both on the low end, too.  But the state has the third cheapest cost of living. It also has the sixth best opportunity share of new entrepreneurs in the country.

Recent Upswing?

In a 2018 article, Forbes put Idaho at its somewhat covet-worthy 14th spot. But also in 2018, Fit Small Business put Idaho at number 24.

Keep in mind, naturally, the three sites have differing methodologies.

Forbes gives Idaho high praise for its economic climate and regulatory environment. The state also does well when it comes to growth prospects, with above an average labor supply.

Fit Small Business does give Idaho high marks for access to capital (sixth in the nation). Cost of living and quality of life also rank well. But it’s below average for labor market, a measure of location desirability and percent of people with bachelor’s degrees. Hence there may be workers available, but they won’t do so well in more technical disciplines (unless you are willing to pay for continuing education). Plus they ranked Idaho dead last for startup activity.

If you’re starting a trucking business in particular, Idaho could be right up your alley.

A New Business in Idaho: DBAs

For sole proprietors not wishing to have their business’s name be the same as their own, a DBA (“Doing Business As”) status makes a lot of sense. In Idaho, it is called an assumed business name. The proper forms are with the Idaho Secretary of State website.

Start a New Business in Idaho – Idaho Top Industries

According to Idaho Commerce, the biggest industries in Idaho are aerospace, recreation technology, and energy. More top Idaho industries are advanced manufacturing, and computer technology and innovation. Also, these are top industries in Idaho: shared services, food production, and travel.

Smart business owners can take advantage of the bigger industries in the area by offering goods or services such as trucking for any industry. They can also offer catering, hospitality, and transportation. Another option is computer services and repairs. Yet another idea is technological innovations, among others.

Here is exactly how to start a new business in Idaho.

Idaho New Business Secretary of State Requirements

Register a Business Name

Business names in Idaho must have a registration with the Idaho Secretary of State. Find and download the application to reserve a corporate name online at Reserve ab Idaho Corporate Name on the Idaho Secretary of State website. There is a $20.00 filing fee to reserve a corporate name. A business owner must submit the name reservation application form to the office of the Secretary of State in Boise.

There are special naming requirements for Idaho corporations. To incorporate a small business in the state of Idaho, the corporate name that a business owner chooses must include the word “corporation,” “incorporated,” “limited,” “company”. Or it can include an abbreviation of any one of these words.

Business Permits and Licenses

A website run by the state, called Idaho Biz Help offers a “Business Wizard”. It has a quiz to help you determine which licenses you need.

Local Permits and Licenses

Idaho Biz Help also keeps a directory of all the Idaho City and Idaho County Clerk or Recorder offices.

Start a New Business in Idaho – Business Registration

Information and forms are with the Idaho Secretary of State.

A vital part of preparing to incorporate a small business in the state of Idaho is choosing a registered agent for the corporation. A company’s registered agent acts as an agent for service of process. They will also be responsible for receiving legal and tax documents for the corporation.  A business owner may want to look into using the registered agent services of a corporate service company.

There are various corporate service companies which provide registered agent services for a fee. Go to Idaho Corporate Register Agent on the Idaho Secretary of State website to find more information about companies that provide registered agent services.

Tax Registration

Idaho Biz Help also has information about taxes. You must register with the State Tax Commission.

Virtual Office

Alliance does not offer virtual office space in Idaho, not even in Boise.

Regus, however, has Idaho virtual business offices in Boise, Nampa, and Meridien.

For other areas of the state, business owners might want to seek out local business owners. Or they could possibly try computer user groups to get help in this area.

Another option may be to seek virtual business office space in neighboring states. These are Montana, Nevada, Oregon, Utah, Washington, and Wyoming.

Start a New Business in Idaho – Build Business Credit

Business credit is credit in a business’s name. It doesn’t attach to a business owner’s personal credit, not even if the owner is a sole proprietor and the solitary employee of the business.

Thus, an entrepreneur’s business and individual credit scores can be very different.

The Benefits

Because small business credit is distinct from personal, it helps to secure an entrepreneur’s personal assets, in case of court action or business bankruptcy.

Also, with two separate credit scores, a small business owner can get two separate cards from the same vendor. This effectively doubles purchasing power.

Another advantage is that even startups can do this. Visiting a bank for a business loan can be a formula for frustration. But building company credit, when done right, is a plan for success.

Consumer credit scores depend on payments but also other factors like credit use percentages.

But for small business credit, the scores actually only depend on if a business pays its bills promptly.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

The Process

Building business credit is a process, and it does not happen without effort. A company must proactively work to establish company credit.

That being said, it can be done readily and quickly, and it is much swifter than establishing personal credit scores.

Vendors are a big aspect of this process.

Carrying out the steps out of order will cause repetitive rejections. No one can start at the top with small business credit. For instance, you can’t start with retail or cash credit from your bank. If you do, you’ll get a denial 100% of the time.

Start a New Business in Idaho – Business Fundability

A company has to be fundable to loan providers and merchants.

Hence, a company will need a professional-looking website and email address. And it needs to have website hosting bought from a company like GoDaddy.

And, company phone and fax numbers should have a listing on 411.com.

In addition, the business phone number should be toll-free (800 exchange or similar).

A business will also need a bank account devoted only to it, and it has to have every one of the licenses essential for operating.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

Start a New Business in Idaho – Working with the IRS

Visit the IRS website and acquire an EIN for the company. They’re free of charge. Select a business entity such as corporation, LLC, etc.

A business can begin as a sole proprietor. But they will most likely wish to switch to a kind of corporation or an LLC.

This is in order to decrease risk. And it will make best use of tax benefits.

A business entity will matter when it concerns taxes and liability in the event of a lawsuit. A sole proprietorship means the owner is it when it comes to liability and tax obligations. Nobody else is responsible.

Sole Proprietors Take Note

If you run a business as a sole proprietor, then at the very least be sure to file for a DBA. This is ‘doing business as’ status.

If you do not, then your personal name is the same as the company name. Consequently, you can wind up being directly responsible for all small business financial obligations.

In addition, according to the Internal Revenue Service, using this structure there is a 1 in 7 chance of an IRS audit. There is a 1 in 50 probability for corporations! Prevent confusion and dramatically decrease the chances of an Internal Revenue Service audit at the same time.

Setting off the Business Credit Reporting Process

Start at the D&B website and get a free D-U-N-S number. A D-U-N-S number is how D&B gets a company in their system, to generate a PAYDEX score. If there is no D-U-N-S number, then there is no record and no PAYDEX score.

Once in D&B’s system, search Equifax and Experian’s web sites for the business. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for accuracy and completeness. If there are no records with them, go to the next step in the process.

This way, Experian and Equifax will have something to report on.

Vendor Credit Tier

First you ought to establish trade lines that report. This is also known as the vendor credit tier. Then you’ll have an established credit profile, and you’ll get a business credit score.

Start a New Business in Idaho Credit Suite

And with an established business credit profile and score you can begin to get credit in the retail and cash credit tiers.

These types of accounts have the tendency to be for the things bought all the time, like marketing materials, shipping boxes, outdoor work wear, ink and toner, and office furniture.

But to start with, what is trade credit? These trade lines are credit issuers who will give you starter credit when you have none now. Terms are commonly Net 30, versus revolving.

Therefore, if you get approval for $1,000 in vendor credit and use all of it, you need to pay that money back in a set term, such as within 30 days on a Net 30 account.

Details

Net 30 accounts need to be paid in full within 30 days. 60 accounts must be paid fully within 60 days. Compared to with revolving accounts, you have a set time when you have to pay back what you borrowed or the credit you used.

To kick off your business credit profile the proper way, you need to get approval for vendor accounts that report to the business credit reporting bureaus. When that’s done, you can then use the credit.

Then repay what you used, and the account is on report to Dun & Bradstreet, Experian, or Equifax.

Vendor Credit Tier – It Makes Sense

Not every vendor can help like true starter credit can. These are vendors that will grant an approval with hardly any effort. You also need them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.

You want 5 to 8 of these to move onto the next step, which is the retail credit tier. But you may need to apply more than once to these vendors. So, this is to verify you are reliable and will pay on time.

Retail Credit Tier

Once there are 5 to 8 or more vendor trade accounts reporting to at least one of the CRAs, then move onto the retail credit tier. These are companies like Office Depot and Staples.

Only use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use the business’s EIN on these credit applications.

One good example is Lowe’s. They report to D&B, Equifax and Business Experian. They need to see a D-U-N-S and a PAYDEX score of 78 or better.

Fleet Credit Tier

Are there 8 to 10 accounts reporting? Then move onto the fleet credit tier. These are service providers like BP and Conoco. Use this credit to buy fuel, and to repair, and maintain vehicles. Only use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, make certain to apply using the small business’s EIN.

One such example is Shell. They report to D&B and Business Experian. They want to see a PAYDEX Score of 78 or more and a 411 company telephone listing.

Shell might say they want a specific amount of time in business or revenue. But if you already have adequate vendor accounts, that won’t be necessary. And you can still get approval.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

Cash Credit Tier

Have you been sensibly handling the credit you’ve gotten up to this point? Then move to the cash credit tier. These are businesses like Visa and MasterCard. Only use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.

One such example is the Fuelman MasterCard. They report to D&B and Equifax Business. They need to see a PAYDEX Score of 78 or more. And they also want you to have 10 trade lines reporting on your D&B report.

Plus, they want to see a $10,000 high credit limit reporting on your D&B report (other account reporting).

Also, they want you to have an established business.

These are businesses like Walmart and Dell, and also Home Depot, BP, and Racetrac. These are usually MasterCard credit cards. If you have 14 trade accounts reporting, then these are attainable.

Start a New Business in Idaho –Monitor Your Business Credit

Know what is happening with your credit. Make sure it is being reported and attend to any mistakes ASAP. Get in the habit of checking credit reports and digging into the specifics, and not just the scores.

We can help you monitor business credit at Experian and D&B for only $24/month. See: www.creditsuite.com/monitoring.

Update Your Records

Update the data if there are inaccuracies or the info is incomplete.

Start a New Business in Idaho –Fix Your Business Credit

So, what’s all this monitoring for? It’s to challenge any errors in your records. Errors in your credit report(s) can be fixed. But the CRAs usually want you to dispute in a particular way.

Disputes

Disputing credit report errors normally means you send a paper letter with duplicates of any proofs of payment with it. These are documents like receipts and cancelled checks. Never mail the originals. Always send copies and keep the originals.

Fixing credit report mistakes also means you specifically detail any charges you contest. Make your dispute letter as crystal clear as possible. Be specific about the problems with your report. Use certified mail so that you will have proof that you sent in your dispute.

Start a New Business in Idaho –A Word about Business Credit Building

Always use credit sensibly! Don’t borrow more than what you can pay off. Track balances and deadlines for repayments. Paying off punctually and in full will do more to raise business credit scores than just about anything else.

Building business credit pays off. Great business credit scores help a company get loans. Your loan provider knows the small business can pay its financial obligations. They understand the business is for real.

The company’s EIN connects to high scores and loan providers won’t feel the need to call for a personal guarantee.

Business credit is an asset which can help your company in years to come.

Learn more here and get started toward opening a new business in Idaho.

Want to start a new business someplace else in America? Then check out our handy guide to starting a business in any state in the country.

 

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