DIGITAL STARTUP SOCIETY BLOG

For some people, when it comes to hiring someone to help with business finances, a bookkeeper will be enough, but for others, they may need a CPA - or certified public accountant. And, it might even be cheaper to hire both. It really depends on what type of business you have.  A CPA can legally represent you in tax court and can fill out and file your taxes for you after your signature. A bookkeeper can set up the accounts and do all day-to-day, monthly, quarterly, and yearly entries and do closing entries on the software. Then, they will give...

Whether you choose to take your online gig legit or not, please understand that there are already laws in place that require you to record all income you make - whether it’s from a job, from lawn mowing, babysitting, a hobby, or working online or offline in any capacity. If you earn a dollar, you’re supposed to report it. Since you are required to record all income (revenue), you are also allowed to record all “ordinary and necessary” expenses, along with the proof you spent that money, if you consider yourself a business. Since you cannot deduct expenses for a...

When you are in business, you automatically open yourself up to lawsuits. If your business is in a lawsuit with an individual, did you know that the individual often gets the benefit of the doubt as to damages done by a business? It’s true, but you can protect yourself if you engage the advice of a professional attorney when necessary. There are three types of lawyers you may need for your online business. You don’t need to pay them every single month to have them on your team, but you do need to identify them, possibly pay a retainer, and...

  When you started your side gig, you may have dreamed of turning into a real business all along. But for some people, they did not dream of business ownership. They just wanted to earn a little extra money, or perhaps they wanted to help pay for their hobby by selling some of what they make, but they weren’t really interested in starting a full-fledged legit business.  The problem is, if your hobby has turned into a business (you’re making profits), you may be required by law to get a business license or permits. If that is true, you could...

When you are ready to find a lawyer, it is essential that you find one who is familiar with the online business world. They also need to be comfortable with the type of business entity you choose.  Get Recommendations from Colleagues  The first place to go to find out who is best in your area is to ask local colleagues about it. If you have not yet met any local business owners, it’s a good idea to start going to local business meetings. Your chamber of commerce might even have subgroups for small home or internet businesses, or there may...