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Handling Business Taxes

Posted By : Gary Simon Date Created : September 19th, 2011 Date Updated : May 29th, 2018

Compete Course IINot all inflatable businesses may have the luxury of hiring an accountant to handle their business finances. This can be expensive, and unnecessary depending on the size of your business and the level of your sales. However, whether your inflatable business is large or small handling the taxes for your business can be a bit tricky, and a critical component to running the business.

The taxes that you are required to pay and forms you need to file for your inflatable business depend on the type of company you have set up, whether it is a sole proprietorship, partnership, limited liability corporation (LLC), etc. Taxes also vary from state to state, and it is necessary that you familiarize yourself with your state’s tax laws.

Inflatable businesses set up as LLCs and corporations have more taxes to be concerned with than soles proprietorships and partnership. In addition, LLCs and corporations are required to file corporate taxes, sales tax, payroll tax, state tax, and even the employees themselves will be taxed. In general, it is advisable to have a finance professional handle this aspect of your inflatable business in this situation.

In most cases you will need to file quarterly estimated tax payments, both for federal and state taxes (if applicable). If your inflatable business is operating as a sole proprietorship, partnership, or S corporation, and you are anticipating to owe more than $1,000 in taxes for the year, estimated tax payments are generally required. This is done by estimating your quarterly earnings just prior to the close of the quarter. An accountant can help you to understand approximately what your income / tax ratio should be. You can also refer to the IRS’ form 1040-ES for assistance in calculating your estimated taxes.

For more information on estimated taxes visit:

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Small-Business-and-Self-Employed-Tax-Center-1

Keep in mind that all business expenses are tax deductible. Everything from mileage to get you to and from a business engagement, to purchasing paper and ink for your company, can all be deducted from your taxes. It is critical that you keep solid documentation of these expenses so that you are protected should you ever be audited. Similar to your personal taxes, charitable donations given by your business are also tax deductible. Keep a record of this, and be sure to get a receipt.

The following is a great resource for understanding and adhering to tax guidelines for your business:

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Small-Business-and-Self-Employed-Tax-Center-1

If you do receive a sizable return at the end of the year you will need to go back and check your formula for calculating your taxes. Keep in mind that this is not in fact “bonus money” but is instead your hard-earned money over the course of the year that the government has been collecting interest on. Reversely, if you wind up owing a significant amount you need to double-check your numbers and correct this for the subsequent year. An accountant can easily help you to fine tune your formula for determining your estimated tax payments.

Navigating the tricky world of the taxes can be a challenge, and mistakes can be very costly to your business. Whenever in doubt seek out a finance professional to assist you, so that you can rest assured this is done right the first time.

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Making PR Work for You

Posted By : Gary Simon Date Created : September 6th, 2011 Date Updated : May 30th, 2018

Dexterity DashPeriodic press releases are a great, free way to get your business information in front of prospective customers. Having your company name consistently in front of your target audience is certainly a benefit to your inflatable business. One of the most important things is that press coverage is generally a free marketing tool, only requiring the time commitment from you to write and submit the press releases. This type of free publicity leaves your marketing budget completely untouched and available to be used elsewhere, allowing you to make the most of your marketing dollars.

There are plenty of topics that you can write about for your inflatable business. When you add a new inflatable product to your company, let everyone know about this new offering with a press release. If your inflatable products will be featured in an event that is open to the public, create a press release welcoming the public and describing the products you will have available. Any time you offer your services to a charity or other act of goodwill, take advantage of this by creating a press release. You may also want to create a press release at the beginning of various inflatable seasons, such as summer, graduation, and others, discussing the services that you offer for each particular event.

When writing a press release, it should be concise and to the point. For each submission focus on topic for your inflatable business and be sure to tout the services that you offer, without coming across as too sales-oriented. Your press release should be three to four paragraphs long. Remember to always include your business contact information including address, phone, website and email. You should also write a brief paragraph at the end of the press release, separated from the release itself, with your company information and background. This will establish the credibility of your company and make the recipient aware of the products and services that you offer.

To distribute your press release you will need to compile a list of local entertainment websites, magazines, blogs, newspapers and other third party sources. An online search should help you to acquire this list. Take some time in compiling this list and do the research to find the sources that will be most likely to publish your press release, and have it be seen by your potential customers. If possible try to find a specific contact to send the press release to, if there is not a person specified for press releases look for the editor or assistant editor as your contact point.

Send your press release as a Word file attached to an email with a brief introduction of yourself, your inflatable business and the accompanying press release. It is also helpful to include a small image in jpeg format. Press releases with images accompanying them are more appealing and more likely to be published.

Keep in mind that the press works a bit slower than some businesses. It may take two or three months for a press release to be published. Remain persistent and continue to send out periodic press releases every month or two to see results with new leads generated for your inflatable business.

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