Get Business Tax Debt Help – Is There Tax Debt Relief for a Bankrupt Business Owner?

While the economy stays at a stand still and is causing businesses to slow down, especially small businesses, it would not be a surprise to see business owners wanting to negotiate with the IRS for back liabilities owed. Even selling the business at this time would probably not break even to settle it. That would be a good reason to get business tax debt help from a professional tax attorney.

When taxpayers find themselves in this situation, regardless of whether or not they own a small business, filing bankruptcy can be a reason to ask for some relief. Business owners would be required to produce the latest income and financial statements that prove their business is in turmoil. Meaning that at this time their ability to settle the debt is zero. The IRS would take this into consideration and may allow a debt relief.

The business owner may want to settle on a reduced amount which is known as an Offer in Compromise. This can help to decrease abatement of tax penalties, but the taxpayer would still be responsible to pay the full amount in scheduled payments. Another alternative would be to liquidate and totally wipe out any liabilities owed if the business warrants it.

If the taxpayer has owed back liabilities for three years, tax codes stipulate those debts must be paid in full. Any other tax debt owed thereafter would be subject to tax relief proceedings. That’s why it is important to get help from an IRS tax relief attorney.

However, filing bankruptcy to get a tax relief will not alleviate paying local taxes. This is because local tax debt cannot be used against declaration of bankruptcy. That must be settled in full before debts on federal business income tax can come to a settlement.

The IRS is famous for making business owners comply settlement with local tax codes before tax relief is granted. Simply put, do not count on bankruptcy alone as a means to get out of paying taxes. You must settle non-negotiable taxes first. Seek the advice of a tax relief attorney to get business tax debt help before filing bankruptcy to solve the problem.

Your tax debt attorney will help to provide the correct document showing proof of your incapacity to pay. They will present that proof during the proceedings. Even though the IRS really wants to collect on those liabilities, they wouldn’t turn their heads on allowing some kind of tax relief.

Top 3 Reasons To Get Business Mentoring

There are many reasons why business mentoring is valuable to almost any business. If your business is operating at a loss and can’t seem to make a profit, then you need business mentoring. If your business is making money but it hit a plateau and you can’t figure out for the life of you how to bring your profits up to the next level, then you need a mentor. Maybe you are just starting out and you don’t know what to do first and you feel lost, then a mentor will be perfect for you.

A mentor can show you the ropes and lead you down the road to success. They can show you how to build a business the correct way. One that runs smoothly and brings home a profit at the end of the day.

There are many other reasons why you should get a mentor but here are the top 3:

1. Hello! They Have Been There and Done That

Having someone to go to who has already built their own money-making business would be a major benefit to your business don’t you think? Of course it would. They have already gone through the hard times that brand new businesses normally go through. They have done the testing, taken the chances, made the mistakes, and already figured out what works and what doesn’t work.

Speaking of mistakes… since they have made them, they can warn you so you can save your business thousands of dollars!

With business mentoring, you will also be able to use their valuable expertise to bring your business to profits in a much shorter amount of time compared to if you tried to do it all on your own.

2. They Will Provide You With Proven Money-Making Strategies

Well at least they better! If your potential mentor can’t do that, then look for another one. By being able to follow a series of proven cash grabbing strategies and implementing them, you will be able to grow your business much faster. So it’s very important to find a mentor who is willing to share their systems and strategies with you so that you can benefit from them.

3. You Will Get a Different Set Of Eyes

By that I mean your mentor will provide a different perspective on your business. Usually what happens with most businesses is that they get so focused on the immediate tasks, that they totally forget about the longterm targets. But with a mentor to help you out, they will be seeing things from the outside and will be able to spot this problem and guide you back on the correct path.

So those are the 3 top reasons for getting business mentoring. But remember, a business mentor will only help you as long as you take action. They can teach you everything that they know but all that knowledge will be useless unless you do something with it!

How To Easily Get Business Credit

Let’s face it, today’s finance environment has certainly had its better days. The Obama administration has seemingly failed to deliver and the banks are very concerned about another massive breakdown in the financial system. Building business credit has become more important than ever because banks are becoming far more particular about whom they should lend their money too, and how to best allocate the limited funds they have now. 

This article will discuss ideas on how to easily get business credit, in today’s economy. 

Those entrepreneurs who take the effort to build business credit have a tremendous advantage over those who are using former traditional methods for finance.  Simply having credit in place when the next finance boom is at its peak is a great opportunity for entrepreneurs with business entities and established business credit.

By taking the steps necessary and giving the banks what it is they want, you can drastically increase your chances for approval. In fact, many find that by preparing a business line of credit package in advance, they are able to get financing much easier than ever before. There is money available, and these funds are being accessed by those who are prepared with a well thought out business plan, Paydex score, and of course a strong personal credit score is always useful. 

How to easily get business credit with out using your personal credit scores

Once your business credit file is fully compliant, and items such as a 411 listing, having a  real business address, and corporate documentation are in order, it is a simple process to apply for the vendor credit and get approved based on EIN only. 

Research “EIN 20 item check list” to learn about compliance. 

Applying for vendor credit such as, office depot, office Max, DHL, will quickly put your business entity on the map with Dun & Bradstreet. The key is to understand what it takes to get an 80 Paydex score.

Once you have your 80 Paydex score in place and reporting positively, you can then graduate to applying for revolving credit. Most people make the mistake at this stage because they apply for revolving credit that they likely will not be approved having a denial on their business profile. A denial at this stage in the game is a disaster for a business entity credit score.

Build your personal Credit to Speed The Process

Let face, its sometimes is faster to repair personal credit and co-sign for business loans, rather the wait for business credit to catch up. 

Why build your personal credit when applying for business credit? In the early stages of building a business entities credibility, anything within the first two years, it can be in credibly beneficial to have a personal fico score that can cosign in behalf of the business entity that is applying for business loans. Regardless of your applying for business credit cards, vendor trade lines, or strictly E. I N. financing, having the of building to cosign read gardens of your credit score can in most cases be the difference in getting the amount that you need, in the speed that you need it. Check your Credit

Many lenders have dropped their fico requirement due to the economic challenges, especially if a well written business plan and Paydex score is available. The best strategy is to produce as many compensating factors as possible when applying for small business loans. Credit repair services can easily raise a fico score 50 to 75 points or even higher. Quite often we see people with a fico score of 570 who have assumed that there credit is far from being an asset to the profile. Many times a personal credit repair service can in most cases within a matter of 30 to 60 days, increase the personal credit score a hundred points and considerably increase line of credit limits and borrowing power for the particular business.

Top 5 Mistakes People Make When Getting Business Insurance

This might come as a surprise to some, but getting the right insurance for your business might be one of the most important decisions you’ll make as a business owner. The consequences of inadequate coverage, or no coverage, could be devastating. There is a whole world of things that can happen to you and your business. Not protecting yourself and your business with the right insurance could cost you in so many ways.

That’s why engaging in a process of obtaining business insurance right for you and your company is so important. Do you know what general commercial liability insurance is? Well, if you don’t, then it’s just another reason why doing it right is so important. Not doing it right might cost you when you need help the most — during crisis. It’s why people get insurance. It’s why smart business people get smart business insurance.

Doing it right essentially means avoiding some common mistakes made when trying to get the best insurance policy for your business. Knowing what some of these mistakes are, and avoiding them in the future, will help you in your quest to simply make the right business decision when it comes to insurance.

Top 5 Mistakes When Getting Business Insurance:

1. Discounting the importance of business insurance

Business people of all types, whether it be CEO’s of large business conglomerates, or even someone just working out of their home office, have their own set of reasons for getting insurance specifically for their business. But not all business people necessarily think this way. Some think it might be too costly. Some think it might not be necessary . Some may even think that they’re covered by other insurance policies that they have for their property or for themselves.

Not having the insurance specifically tailored for your business often comes as a result of simply not thinking that it’s necessary. But it is. Take general commercial liability insurance, for example. This kind of insurance protects businesses from the costs of lawsuits resulting from basic damages done to people or property that have even the slightest contact with what you do. Not having this coverage when someone decides to throw a lawsuit at you, even if frivolous, could cost you in terms of money and reputation.

2. Not knowing the basic issues

It’s nice to think that insurance is just insurance, but it isn’t. Would you get car insurance for you house? Would you get life insurance for your healthcare? Of course you wouldn’t.

Yes, some of the issues involved in business insurance are similar to other forms of insurance. A good policy will, for example, protect your assets in case they get stolen. It will also protect you if bad weather destroys your business property. These are straightforward insurance issues for your business. But don’t be fooled into believing that they’re the only insurance issues for your business.

For example, take general commercial liability insurance. Some business owners might not even know what liability insurance actually is. It’s the insurance that protects you from the financial costs resulting from a lawsuit from somebody who claims they or their property has been hurt or injured as a result of the way your business conducted itself. General commercial liability insurance is the kind of insurance those companies engaging in commercial activities get to protect themselves because people hurt themselves on their premises or one of their products did damage to someone’s property. Being knowledgeable about these kinds of things will most certainly help you get the right insurance.

3. Not getting insurance early enough

There are two things that can happen to you if you don’t get insurance for your business early enough. The obvious one is that you’ll need it before you get it, and you’ll be stuck with paying for the damages from a storm or a lawsuit yourself. The other thing that can happen is that you will not have a budget for your start-up for the proper insurance, so you’ll get stuck with inadequate coverage. That’s the last thing you want to happen. Therefore, to avoid it, thinking about insurance as early as possible, even at the business plan stage, will help you create the budget you need to get you adequately covered for all future circumstances.

4. Getting the wrong kind of insurance provider

Perhaps the most tempting option for someone seeking business insurance is to get it through insurance companies they’re already doing business with. So, for example, you like how your house is covered, and who’s covering it, so you’ll seek to extend that coverage to your business, too.

The reason this is inadvisable, or should at least be looked at very carefully, is that your property insurance provider might simply not have the kind of experience with the kind of insurance you need for your business.

For example, if general commercial liability is what your particular business is in need of, even if a provider carries that kind of insurance, they may simply not have enough developed expertise to know what’s right for your particular needs. Ideally, only those companies and agents who have dealt with your kind of business before can help your kind of business get you adequately covered for your particular situation.

5. Getting the wrong kind of coverage

Following from the risk of getting the wrong insurance provider, a mistake to avoid is getting the wrong kind of coverage. Ultimately, you’re the person in charge of making the right business decisions for your company. You’re the best person suited to look out for your own interests. No one else is. That’s why it’s incumbent upon you to make sure you’ve got the right coverage for you and your situation.

As much of the above already suggests, delegating these decisions is important. Yet, in the end, it’s you who has to decide if you have the right kind of coverage for your business. After going through the entire process, collecting all the information, and talking to the right people, it’s you who makes the decision. Make sure it’s the right one for your business and where you want to take it.