Here are some tips to help you collect sales taxes for online and in-person sales for your home business. How Businesses Collect Sales Tax Sales taxes are required by most states for both in-person sales and sales over the internet. States require small businesses, including home-based businesses, to collect, report and pay sales if they have a tax nexus (a tax presence) in that state. Your home business can have a tax nexus if the business: Sells or ships products from your home to buyers in the state Has an office or place in your home where you conduct business Has employees who work in the state for your home business, including independent contractors, salespeople, representatives, or agents In addition to statewide sales taxes, many cities, counties, and other types of localities require sales taxes....

Some credit cards offer, at no additional charge, cellphone insurance that could drastically reduce the cost of a phone repair. In most cases, all you have to do is pay your bill with the card. We’ll take a deeper dive into credit card cellphone insurance and help you decide whether it’s worth it. What Is Credit Card Cellphone Insurance? Credit card cellphone insurance is a benefit provided by your credit card issuer or credit card network that could save you from paying hundreds of dollars out of pocket for damage or replacement....

Adding a pet to your homeowners insurance policy might seem like an easy step, but depending on your policy and insurance company, you might need to change your coverage. You could even be denied coverage based on your dog’s breed. Here’s how getting a dog affects your home insurance, and what you need to think about before bringing Fido home to the family. How Does Owning a Dog Affect Homeowners Insurance?...

This article looks at how working for yourself affects your Social Security benefits and how to factor this situation into your retirement planning. Who Is Self-Employed? The Internal Revenue Service (IRS) says someone is self-employed if they meet at least one of these criteria: Carrying on a trade or business as a sole proprietor (a solo business owner) or an independent contractor (rather than an employee) Member of a partnership that carries on a trade or business Otherwise in business for yourself (including a part-time business)...

There are many different ways to invest in ETFs, and many different methods when managing them. Some methods are good to use in stable economic times, and some can work in tumultuous times as well. It is important to know what methods you can use, so no matter the market circumstances, you are able to mitigate risks and continue earning. ETF Investing in Volatile Economic Times The world is in flux: There are concerns over the changing climate and weather patterns, viruses are trekking across the globe, and political relationships are constantly wavering....

In this guide, you’ll learn how businesses and organizations define part-time jobs, and how it could impact part-time employees. What Is a Part-Time Job? Generally, a part-time job is one that requires a person to work fewer hours per week than an employee who is considered full-time. According to the Fair Labor Standards Act, employers determine how their employees are classified. That said, there are a variety of ways employers (and the law) can do so....

But even if your deposit partially or entirely insured, is it a good idea to put thousands or millions into a CD? Will a bank allow you to do so? Before you dump your life’s savings into a CD, consider how much money you can put in a CD and develop a strategy to grow your funds. Maximum CD Deposit Amounts Each financial institution will have its own rules about maximum CD limits, account limits, and deposits....

Some commodity brokers are highly successful. Many fail in the first six months. You could be misled if you look at industry averages to come up with an accurate estimate of what most commodity brokers earn. Commissions Commission rates have decreased a great deal since the late 1990s with the advent of online trading. This has had an impact on the earnings for commodity brokers. But there are still many brokers who make a very good living....

The staff will then investigate to see if a violation of any multilateral agreements has taken place. The WTO staff first try to settle disputes through consultations. Since 1995, members had filed more than 500 disputes. Only about a third needed to be reviewed by a panel before being resolved. Most of them were settled “out of court” or are still in the consultation process. As a result, only 350 formal rulings needed to be issued....

Whether you’ve had great past experiences with managers or they were a collective nightmare, answering this question can admittedly be a little like walking a tightrope. It can help to have a firm plan going in for what you’ll want to say—and not say. How to Answer Questions About Your Ideal Boss How you answer this question will depend upon what sort of job you are applying for. If you are seeking a position where you will be expected to work on your own, then your ideal boss probably is someone who doesn’t try to micro-manage....

Take the time to compile your application materials, carefully proofread and edit them, test-send them to yourself to be sure everything is in working order before you email the documents to the employer, and keep a copy for your records so you can follow up on your application. Here’s advice on how to apply for a job via email, including every step in the process of getting your resume and cover letter ready to send your message....

It may come down to our cultural discomfort around discussing money. In a PayScale survey, 28% of respondents who said they had never negotiated salary said they were uncomfortable asking for more. Nearly a fifth of respondents said they didn’t want to be perceived as pushy. But asking for what you deserve doesn’t have to come off as aggressive. There is a right way to negotiate salary. Here’s how to ask for more money....

It takes just five steps to complete this essential task and rest easier about your finances. Learn why it’s important and how to get it done. What Is Balancing a Checking Account? Balancing a checking account means comparing the money coming into the account to the money going out of the account. This shows you how much money you have for spending. It’s also an opportunity to match your records with the bank’s records and catch mistakes that can lead to bank charges or identity theft Balancing a checking account helps you:...

Markup represents your company’s gross profit margin, so it’s critical to understand and consider all the costs, material, labor, and overhead, both direct and indirect, that go into its calculation. It’s used by manufacturers, wholesalers, and retailers alike. The markup must be sufficient to keep your business profitable, but realistic enough to open the door to increased sales and market share expansion. Establishing Markup Establishing markup is one of the most important parts of pricing strategy particularly when you’re starting a new business....

The following provides a step-by-step guide on how to calculate FICA taxes. How FICA Taxes Are Calculated To calculate the impact FICA taxes have on your paycheck, you will need to know: The amount of gross pay for the pay period The total year-to-date gross pay The Social Security and Medicare withholding rates for that year Any amounts deducted from your pay for pre-tax retirement plans Social Security Income Cap This is the maximum amount of your wages or salary that’ll be subject to Social Security withholding for that year....

Cash flows (deposits and withdrawals), as well as uneven timing (rarely do you invest on the first day of the year and withdraw your investment on the last day of the year), make calculating returns more complicated. Let’s take a look at an example calculating returns using simple interest, and then we’ll look at how uneven cash flows and timing make the calculation more complex. Simple Interest Example If you put $1,000 in the bank, the bank pays you interest, and one year later you have $1,042....

Why Your Balance Is Important to Know Maintaining a good credit card balance is important for your credit score and your overall financial health. A high credit card balance can hurt your credit score, particularly when you’re using a large percentage of your credit limit. High balances also mean higher monthly minimum payments. You can tell whether credit card balances may be affecting your credit score by calculating your credit utilization ratio....

If you regret taking a job offer, there are ways to politely withdraw your acceptance. It’s better to decline as soon as possible after you decide that this isn’t the role you want for the next step of your career. There are strategies you can use to professionally decline a job offer, even if you have accepted it already. Here are reasons for declining a job you’ve already accepted, when and how to rescind a job offer acceptance, examples, and advice on what to say to the employer when you’ve changed your mind about a new job....

High-income individuals can be denied the option of contributing to these accounts because of Roth IRA income limits. However, they can still divert money into a Roth IRA indirectly by first making nondeductible IRA contributions to a traditional IRA with after-tax dollars. Deductible vs. Nondeductible IRA Contributions Nondeductible contributions to a traditional IRA are subject to the same contribution limits as those that can be tax deducted. You can contribute up to $6,000 tax-free in 2021 and 2022, or $7,000 if you’re age 50 or older....

For small businesses, a SWOT analysis can be used as: A quick way to examine a small business idea. A springboard for annual business planning. The basis of a marketing action plan. A starting point for business contingency planning. A tool for involving staff/employees in business planning, for example, solving particular problems or achieving certain business goals. A self-evaluation tool to gauge how you’re doing managing staff or running your business....