Skip to main content

Posts

Showing posts from May, 2021

Buy Now and Pay Later with 0% APR Credit Cards

  Use 0% APR Credit Cards to Make Purchases Now and Pay Later If you are need extra cash to make a big purchase, you may use a 0% APR credit card to buy now and pay later.  Credit cards with 0% intro APR  allow you to charge a purchase to your credit card now and pay off the credit-card balance over time without incurring interest or fees, as long as you make the  minimum payments  every month. At this time, many credit cards offer 0% introductory APR on purchases for 12 months or more. If you are short of cash for an expensive purchase, you can open a new credit card with 0% intro APR to enjoy the buying power now. After that, you can just make the minimum payment each billing cycle to avoid finance charges and pay off all the remaining balance at the end of your 0% introductory period. In this way, a 0% APR credit card not only helps you afford the purchase, but also helps you save money by paying no interest for a long time. Best 0% APR Credit Cards on Purchases Choose from one of t

Apply for licenses and permits

Federal licenses and permits You'll need to get a federal license or permit if your business activities are regulated by a federal agency. Check to see if any of your business activities are listed here, and then check with the right federal agency to see how to apply. Requirements and fees depend on your business activity and the agency issuing the license or permit. It's best to check with the issuing agency for details on the business license cost. Business activity Description Issuing agency Agriculture If you import or transport animals, animal products, biologics, biotechnology or plants across state line. U.S. Department of Agriculture Alcoholic beverages If you manufacture, wholesale, import, or sell alcoholic beverages at a retail location. Alcohol and Tobacco Tax and Trade Bureau Local Alcohol Beverage Control Board Aviation If your business involves operating aircraft, transporting goods or people via air, or aircraft maintenance. Federal Aviation Administration Fire

Open a business bank account

 Benefits of business bank accounts As soon as you start accepting or spending money as your business, you should open a business bank account. Common business accounts include a checking account, savings account, credit card account, and a merchant services account. Merchant services accounts allow you to accept credit and debit card transactions from your customers. You can open a business bank account once you've gotten your federal EIN .  Most business bank accounts offer perks that don't come with a standard personal bank account.  Protection. Business banking offers limited personal liability protection by keeping your business funds separate from your personal funds. Merchant services also offer purchase protection for your customers and ensures that their personal information is secure.  Professionalism. Customers will be able to pay you with credit cards and make checks out to your business instead of directly to you. Plus, you'll be able to authorize employees to

Get federal and state tax ID numbers

Get a federal tax ID number Your Employer Identification Number (EIN) is your federal tax ID. You need it to pay federal taxes, hire employees, open a bank account, and apply for business licenses and permits. It's free to apply for an EIN, and you should do it right after you register your business. Your business needs a federal tax ID number if it does any of the following: Pays employees Operates as a corporation of partnership Files tax returns for employment, excise, or alcohol, tobacco, and firearms Withholds taxes on income, other than wages, paid to a non-resident alien Uses a Keogh Plan (a tax-deferred pension plan) Works with  certain types of organizations Apply for an EIN with the IRS assistance tool . It will guide you through questions and ask for your name, social security number, address, and your "doing business as" (DBA) name. Your nine-digit federal tax ID becomes available immediately upon verification.  Change or replace your EIN If you already have a

Best Places to Open a Business Checking Account Online

Opening a business checking account online can be faster and simpler than visiting your local branch and submitting an application—plus, you can do it on your schedule. Here, we’ll break down some of the best places that allow you to open a business checking account online, so you can find the right solution for your business. Seven Best Options to Open a Business Checking Account Online Click on a bank name to jump down (or keep scrolling) and learn more about our top options for opening a business checking account online. BANK KEY FACTS 1.   LendingClub Best for: Fee-free ATM access, earning interest, digital tools. Online applications are processed in two to five business days. 2.   Brex Cash Best for: Alternative to traditional business bank account with tech-friendly features and perks. Brex generally reviews applications in five to seven business days. 3.   Novo Best for: Free, online business checking for startups and freelancers. Novo typically reviews applications in two to th

Choose a business structure

You'll need to choose a business structure before you register your business with the state. Most businesses will also need to get a tax ID number and file for the appropriate licenses and permits. Choose carefully. While you may convert to a different business structure in the future, there may be restrictions based on your location. This could also result in tax consequences and unintended dissolution, among other complications.  Consulting with business counselors, attorneys, and accountants can prove helpful. Review common business structures Sole proprietorship A sole proprietorship is easy to form and gives you complete control of your business. You're automatically considered to be a sole proprietorship if you do business activities but don't register as any other kind of business.  Sole proprietorships do not produce a separate business entity. This means your business assets and liabilities are not separate from your personal assets and liabilities. You can be held

Register your business

  Find out if you need to register your business Your location and business structure determine how you’ll need to register your business. Determine those factors first, and registration becomes very straightforward. For most small businesses, registering your business is as simple as registering your business name with state and local governments. In some cases, you don’t need to register at all. If you conduct business as yourself using your legal name, you won’t need to register anywhere. But remember, if you don’t register your business, you could miss out on personal liability protection, legal benefits, and tax benefits. Register with federal agencies Most businesses don't need to register with the federal government to become a legal entity, other than simply filing to get a federal tax ID . Small businesses sometimes register with the federal government for trademark protection or tax exempt status. If you want to trademark your business, brand or product name, file with th

How To Open a Bank Account in the US as a Non-Resident

  Are you hoping to open a US bank account as a non-resident? Banking in the US isn’t as easy as it used to be. The US passed the Patriot Act to prevent the use of the financial system for criminal activity. Although it has far-reaching effects, one of the biggest changes it brought was increased verification requirements. Now, you might be wondering,  “Can a non-citizen open a bank account in the US?” Yes, you can. The process might be a bit complicated for non-citizens, but it’s not impossible. Whether it’s for business, travel, or personal reasons, setting up a US bank account will be worth the trouble. Banking in the US has many advantages. For starters, you can avoid exorbitant bank and card fees when you’re spending money in the country. Even as a non-resident, you can get deposits worth up to $250,000 insured by the Federal Deposit Insurance Corporation (FDIC). Read on to learn how to open a US bank account. Opening Personal Bank Account Without Social Security Number or ITIN A