Flemming Business Services

<body> <a href="http://www.flemmingbusinessservices.com">Flemming Business Services</a><ul><li><a href=http://quikonnex.com/channel/link.php?id=13593>Inventory</a><br><p>I want to open an online shop for dogs. Right now I am having a hard time determing how much start up stock to buy! I am only selling collars and leads. Any advice would be appreciated!!</p><a href="http://quikonnex.com/channel/link.php?id=13593">[READ MORE]</a> <a href="http://quikonnex.com/channel/item/13593"> [1 COMMENT]</a><br><br></li><li><a href=http://quikonnex.com/channel/link.php?id=13592>2nd Quarter Estimated Taxes</a><br><p>Your estimated taxes are due. Your second quarter estimated taxes must be posted marked by midnight on June 15th. That's Thursday.</p><a href="http://quikonnex.com/channel/item/13592"> [COMMENT]</a><br><br></li><li><a href=http://quikonnex.com/channel/link.php?id=13210>Are You Losing Potential Clients?</a><br><p>I recently posted a response to one of the many networking message boards I belong to concerning my lack of a written marketing plan. I have a loose plan in my head but I haven't put one on paper in about a year. This is a project that has been on my "to do" list for some time but I have a tendency to put my client's needs above my own.</p><p>A fellow networker sent me a sales pitch by private message. I couldn't believe what I was reading. Here is a direct quote "I do not know what you are selling or providing . . ." Now why would I do business with this person?</p><a href="http://quikonnex.com/channel/link.php?id=13210">[READ MORE]</a> <a href="http://quikonnex.com/channel/item/13210"> [COMMENT]</a><br><br></li><li><a href=http://quikonnex.com/channel/link.php?id=13055>Starting a Business FAQ</a><br><p>There are so many questions when opening a business. It can get overwhelming very quickly. Here are a few frequently asked questions.</p><a href="http://quikonnex.com/channel/link.php?id=13055">[READ MORE]</a> <a href="http://quikonnex.com/channel/item/13055"> [COMMENT]</a><br><br></li><li><a href=http://quikonnex.com/channel/link.php?id=12460>Start, Stop, Continue</a><br><p class="MsoNormal" style="margin: 0in 0in 0pt"><font face="Times New Roman">How is your customer service?<span style="mso-spacerun: yes"> </span>Who decides how you are doing with your customer service?<span style="mso-spacerun: yes"> </span>Do you decide?<span style="mso-spacerun: yes"> </span>Do your clients decide?</font></p><p class="MsoNormal" style="margin: 0in 0in 0pt"><font face="Times New Roman"> <p /></font></p><p class="MsoNormal" style="margin: 0in 0in 0pt"><font face="Times New Roman">Most often small businesses rely on the bottom line to tell them how their customer service rates.<span style="mso-spacerun: yes"> </span>If you are receiving many repeat clients and/or referrals, chances are you believe your customer service is top-notch.<span style="mso-spacerun: yes"> </span>Is that really the case?</font></p><p /><a href="http://quikonnex.com/channel/link.php?id=12460">[READ MORE]</a> <a href="http://quikonnex.com/channel/item/12460"> [COMMENT]</a><br><br></li><li><a href=http://quikonnex.com/channel/link.php?id=12030>First Quarter Earnings</a><br><p>I was just reading a few articles listed in my daily Google Alert for Small Business. I noticed several reports from corporations about their first quarter earnings. Hmmm. . . How many of other small business owners take a look at their first quarter earnings? Do You?</p><p>First quarter reports tend to look only at numbers. How much revenue increased or decreased. How much expenses went up or down. And on and on.</p><p>It is good to know how much revenue you are generating in comparison with the expenses your are incurring. That translates to - Are you making any money? It is also good to know if all your products and services are profitable.</p><p>I think a first quarter report is more than just numbers. I think it's important to evaluate customers and clients. Did you lose some repeat clients? If so, why? You don't want to lose clients so it's important to know why someone leaves so you can keep it from happening again. Once in a while it is good to lose a client especially if they are high maintenance and your fee doesn't cover all the extras.</p><p>Did you land some new clients? If so, how? You will want to be able to repeat the process to increase your roster (i.e. your revenue).</p><p>My first quarter was interesting. I lost one long time client. He decided it was in his (and his family's) best interest to return to the work force rather than continue with a struggling business. Some choices are out of my hands. Four new clients joined my roster. I am happy to be helping individuals and their companies in New Jersey, Washington, California and New York.</p><p>How was your first quarter?</p><a href="http://quikonnex.com/channel/item/12030"> [COMMENT]</a><br><br></li><li><a href=http://quikonnex.com/channel/link.php?id=11984>11.15 cents more per dollar</a><br><p>Did you know that when you hire an employee you will be paying 11.15 cents in taxes for every dollar you pay that employee? That doesn't include worker's compensation (on the job injury insurance) or benefits (medical, dental, vacation, sick leave).</p><p>Let's take a closer look at that.</p><p>7.65 cents go to Medicare and Social Security. This is the company paid portion. The employee also kicks in 7.65 cents (withheld from their paycheck).</p><p>3.50 cents goes to Unemployment taxes. 0.80 cents of that goes to the feds. 2.70 cents goes to the state. The good news is that on the first $7,000 is taxed on the federal level (check with your state to find out the state level). Anything an employee makes over those limits are not taxed for unemployment purposes. The bad news is the $3.50 may increase if your company has several unemployment claims made against it.</p><p>Worker's compensation will add to the 11.15 cents spent per dollar. The rate you pay Labor and Industries for worker's comp depends upon your rating and injury record for the state. Constructions firms have some of the highest rates while service companies have the lowest.</p><p>Keep this in mind when budgeting and determining what you can afford to pay an employee.</p><p> </p><a href="http://quikonnex.com/channel/item/11984"> [COMMENT]</a><br><br></li><li><a href=http://quikonnex.com/channel/link.php?id=11641>Payroll for an Officer</a><br><p>Question:</p><font size="2"><p>A question I had is with the C-corp. I am receiving funds from another company every month. I set up this C-corp because I am starting a affilate business and companies abroad send me income as affilates. The money from the account will then be sent to another company abroad. So basically I am using the C-corp as a bank US based account. Now my question is most of the money will be sent abroad from the bank account. I know I have to have some kind of payroll system for myself. Is it possible to do this? Do I have to set up a salary for myself and if so what is the lowest limit? </p><p>I wanted this to be a part time situation as I most likely wouldnt make enough to soley survive off of this C-corp tright now. How would I calculate profit if I am always sending money abroad. Would I classify it as expenditures or services?</p></font><p /><p>Answer:</p><div><span class="612223215-01042005"><font face="verdana,arial,helvetica,sans-serif" color="#0000ff"><p><font size="2">This is a sticky situation. If you are sending money offshore just to get it out of your accounts, you will be evading taxes and, if ever audited, you will be in serious trouble. However, if you are sending it to the offshore company to compensate it for managing your company or providing services as a subcontractor you will be fine. To do so you need to receive invoices from that company and pay them per their terms. The expense would then be classified as "Subcontractors" on your books.</font></p><p><font size="2">The IRS only states that your salary be reasonable. How do they determine that? A salary survey for the position you hold within the company and the duties you perform. Normally your salary will be lower in the fist few years as you get the company going and increase over time. If you are a CEO and doing all the duties a CEO normally performs (for a small business that is everything) being paid $8.00 an hour or $500 a month isn't going to fly (unless that is all the company has).</font></p></font></span></div><p><font <a href="http://quikonnex.com/channel/item/11641"> [COMMENT]</a><br><br></li><li><a href=http://quikonnex.com/channel/link.php?id=11640>C-Corp to S-Corp</a><br><p>Question:</p><p>I currently started doing the paperwork for an S-corp. After doing the paperwork and submitting somthing happened between me sending off my paperwork to the IRS and them receiving it. <br /><br />The IRS currently has me as C-corp. At this time I am not sure what to do as I really was planning to have an S-corp. I was reading the responses through out this thread. <br /><br />Basically I just started this business so I am not sure what to do from this point. It is pass the time to change it over to an S-corp. As far as taxes I did a 1140-S instead of a 1140. So I guess the IRS has this but not my 2553 form which elects me to be a S-corp. <br /><br />I have done some research and the C-corp seems to be more expensive to maintain as I am a one person operation which is why I opted for the S-corp. <br /><br />Would anyone have any advice to give on my situation? What can I do? I know that this business wont make alot of income because it is just starting out. Once again any advice would be greatly appriciated.</p><p /><p>Answer:</p><div><span class="612223215-01042005"><font face="verdana,arial,helvetica,sans-serif" color="#003300">Unfortunately, you will be a C-Corp for 2005. However, you can complete your 2553 anytime this year and file it so that you are an S-Corp starting January 1, 2006.</font></span></div><div><span class="612223215-01042005"><font color="#003300"></font></span></div><div><font color="#003300"><span class="612223215-01042005"></span><font face="verdana,arial,helvetica,sans-serif" /></font></div><div><span class="612223215-01042005"><font face="verdana,arial,helvetica,sans-serif" color="#003300" /></span></div><div><span class="612223215-01042005"><font face="verdana,arial,helvetica,sans-serif" color="#003300">If the IRS receives a 1120S and expects an 1120 they will send you a letter requesting that you complete the correct form and mail it asap.</font></span></div><div><span class="612223215-01042005"></span></div><div><span class="612223215-01042005"><font color="#003300"></font></span></div><div><font color="#003300"><span class="612223215-01042005"></span><font face="verdana,arial,helvetica,sans-serif" /></font></div><div><span class="612223215-01042005"><font face="verdana,arial,helvetica,sans-serif" color="#003300">The major difference between the C-Corp and the S-Corp is the taxation of profits. All profits from a S-Corp flow through to the owners and shareholders at the end of the year. Profits for a C-Corp stay in the company unless dividends are issued. The profits are taxed by most States and the IRS. The dividends go on your personal income tax return and taxed again.</font></span></div><div><span class="612223215-01042005"></span></div><div><font color="#003300"><span class="612223215-01042005"></span><font face="verdana,arial,helvetica,sans-serif" /></font></div><div><span class="612223215-01042005"><font face="verdana,arial,helvetica,sans-serif" color="#003300"></font></span></div><div><span class="612223215-01042005"><font face="verdana,arial,helvetica,sans-serif" color="#003300">The paperwork to maintain each is the same. You must issue stock (C-Corp can have multiple classes, an S-Corp only one) and pay owners/managers as employees (i.e. payroll taxes, paychecks, etc.).</font></span></div><div><font color="#003300"><span class="612223215-01042005"></span><font face="verdana,arial,helvetica,sans-serif" /></font></div><div><span class="612223215-01042005"><font face="verdana,arial,helvetica,sans-serif" color="#003300"></font></span></div><div><span class="612223215-01042005"><font face="verdana,arial,helvetica,sans-serif" color="#003300" /></span></div><div><span class="612223215-01042005"><font face="verdana,arial,helvetica,sans-serif" color="#003300">As you noted, you are just starting and there may not be much profit. In a C-Corp that will work to your advantage due to the taxation of profits. Stay as a C-corp for this year and elect to be an S-Corp for next year. The alternative is to dissolve the company altogether and start over (i.e. new name, new EIN, new corporation, more fees).</font></span></div><a href="http://quikonnex.com/channel/item/11640"> [COMMENT]</a><br><br></li><li><a href=http://quikonnex.com/channel/link.php?id=11539>To Hire or Not</a><br><p>Question:</p><p>I am currently considering hiring an assistant. Since I work out of my home, this assistant would be helping me pick up the slack around my house, with my personal and business errands as well as helping me with some of the busy work of my business that I don't seem to have the time for.<br /><br />What I am wondering is if anyone else here has hired an assistant, and whether they actually helped simplify your life, or whether having them around to supervise all the time made it more work for you.<br /></p><p>Answer: </p><p>I have had both employees and subcontractors. I hired a neighbor to do my errands. She was reliable and a pleasure to work with. I hired her as a subcontractor which meant she did the errands on her schedule (other than picking up the items when I called) and paid her own taxes. There isn't as much supervision with a subcontractor (too much and the IRS calls them an employee).<br /><br />I have had two employees over the years. Neither of them were wildly successful. They both performed the basic functions of the position but didn't go above and beyond (i.e. didn't show much initiative). After they left I found errors in their work that were unacceptable (i.e. I audited the books for the clients there were responsible for). I obviously didn't keep a close enough eye on their work. I set their hours, trained them, gave them projects to work on and had them in my home office. Therefore, I was responsible for payroll taxes.<br /><br />I have also hired from a temp agency. She was my most successful hiring. She was my employee but I paid the temp agency and they paid all the taxes. If I had enough work I would hire her back in a heartbeat. <br /><br />There is always a risk with hiring someone to help. Whether it's a subcontractor, a temp or an employee interview him/her to find out if you can work together. Do you like their work ethic? Can you get along with their personality? <br /><br />Will you be saving money if you hire someone? For example your errands take 3 hours a week. If you charge $20 an hour to do what you do that is $60 a week you could be earning instead of running around. Now, if you hire someone at $10 an hour you would be paying $30 (if she/he is a subcontractor). $60 vs $30 <br /><br />In my case, I paid my subcontractor $20 each time I had her run errands. Yep, a flat fee. Sometimes it was a trip to the bank. Other times I had her drop off / pick up materials from the printers, run to the bank and drop something off at school. <br /><br />You may find that just having someone run your errands frees up enough time for you to do some of the work in your business you have been unable to get to.<br /><br />You may find that just having someone run your errands frees up enough time for you to do some of the work in your business you have been unable to get to.<br /></p><a href="http://quikonnex.com/channel/item/11539"> [5 COMMENTS]</a><br><br></li></ul> </body>