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2013 Standard Mileage Rates Up 1 Cent per Mile for Business

WASHINGTON — The Internal Revenue Service today issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

• 56.5 cents per mile for business miles driven
• 24 cents per mile driven for medical or moving purposes
• 14 cents per mile driven in service of charitable organizations

The rate for business miles driven during 2013 increases 1 cent from the 2012 rate.  The medical and moving rate is also up 1 cent per mile from the 2012 rate.
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle.  In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.
These and other requirements for a taxpayer to use a standard mileage rate to calculate the amount of a deductible business, moving, medical, or charitable expense are in Rev. Proc. 2010-51.  Notice 2012-72 contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.

IRS Warns Tax Preparers about EITC

Preparers Suspected of Filing Inaccurate EITC Claims to Receive Warning Letters During October and November of 2012, we are sending out letters to preparers suspected of filing inaccurate EITC claims. There are two sets of letters. One group of letters is titled, You may have violated tax law by submitting inaccurate returns. We are sending out these letters to preparers who filed returns with questionable claims for EITC. The letters pinpoint the primary issues identified on the returns, talk about the consequences of filing inaccurate claims for EITC, and lets the preparer know we will continue to monitor the types of claims for EITC they file. For more information and examples of the letters, see our section, Reaching out to Preparers. Also, we are sending Letter 4833 as part of Real Time EITC Preparer Pilot program. Read more about the Real Time EITC Preparer Pilot here.

IRS Gives Additional Time to Taxpayers and Prepares

IRS Gives Additional Time to Taxpayers and Preparers Affected by Hurricane Sandy; File and Pay by Nov. 7

WASHINGTON — The Internal Revenue Service today announced it is granting taxpayers and tax preparers affected by Hurricane Sandy until Nov. 7 to file returns and accompanying payments normally due today. 
The relief applies to taxpayers and tax preparers in an area affected by Hurricane Sandy or otherwise impacted by the storm that hit the Mid-Atlantic and Northeastern United States this week.
This relief primarily applies to businesses whose payroll and excise tax returns and payments are normally due today. No action is required by the taxpayer; this relief is automatic. Regular federal tax deposits are due according to current rules. However, the IRS notes that if taxpayers or tax practitioners receive a penalty notice for this period, they can contact the IRS at the number on the notice to request penalty abatement due to reasonable cause on account of the storm.
IRS expects to grant additional filing and payment relief as qualifying disaster declarations are issued by the Federal Emergency Management Agency (FEMA). Details will be posted on the Tax Relief in Disaster Situations page on IRS.gov.

Business Credit Foundation

Watch "START YOUR OWN BUSINESS FOR SUCCESS" on YouTube

Business Credit Success

Building business credit is a process. Entrepreneurs and small business owners need to understand the importance of having a solid business credit file. A strong business credit profile can get your business approved for unsecured lines of credit which can be used to for business operation like meeting payroll, to purchase equipment and for expansion. But before you can apply for business lines of credit you must have a solid foundation to start with.

1. Doing business with the right vendors. Make sure that your trade payments from vendors are being reported to the business credit bureaus. Dun and Bradstreet, Experian Business and Equifax Business. Making on time payment recurring payments will give your company a solid business credit rating. 80 paydex

2. Business bank account. You must have a business bank account. A Savings and checking account are a essential to building a solid business credit foundation. Banks want to see consistent activities flowing from your bank accounts. This kind of activity shows that the business is active and making money.

3. Public filings and up to dated business financial statements are very important. These documents help to get a clear rating with Dun and Bradstreet which increases your chances of getting approved for business lines of credit. I cannot over emphasize this enough. This is a critical step in the process of building business credit. The very few who understand this step are successful.

4. Filing your back taxes. Back tax filing shows age and credit bureaus are able very your business a 3rd party source. This process helps to legitimize your business standing. Many Sole Proprietors who have been in business for years never file taxes. You can always go back and file those taxes which also help with building business credit.

Completing these steps will help set the right foundation for your business success. In order for you to have any success with building business credit these steps must be completed first before you business can qualify for unsecured lines of credit. The steps are simple but the process requires patients and persistence.

Sincerly,
alplouis@gmail.com
http://www.twitter.com/alplouisea
http://www.businesscreditamerica.com

Sole Propreitors & Business Structure

Many self employed individuals believe that operating a business as sole proprietor is good for business. What they don't realize is that by operating a business as a sole proprietor they are liable for any and everything that the business is in debt for or if sued they are held personally liable as well. Having the right business structure is vital to any small business foundation for success. I would bet you to  name one Fortune 500 company that operates as a sole proprietor. I guarantee you that you could not find one. That's because it doesn't make sense to do so. Business liability are for for the business not for the individual owner or operator of the business. There are many advantages of registering your business to operate under the right business formation or entity.

One advantage is having protecting from creditors who want to sue the business for what ever reason. By having a corporate structure you can shield yourself from any lawsuits. A limited liability company or LLC is a entity that successful small business like to use for liability protection. Depending on state law, the LLC will shield the managing member (s) from being personally liable from creditors.

Second advantage is being structured to operate as an c-corporation. A C corporation is regarded as a separate entity from it's owner. This is important because as a C-Corp for tax purposes you are allowed special tax deductions for tax purposes. You also have the limited liability protection under the c corp as well. Lots of tax savings and the ability to raise capital is enormous.

Finally, Building a solid business foundation also involves having a solid business credit profile. Seeking capital from a lender or investors will require you to be incorporated and registered under the right entity. Registering your business for asset protection purposes is smart for business. As stated previously you want to separate your personal assets from your business assets. Having the right business structure is beneficial for tax purposes too. This allows you to save on taxes which keeps most of your profits to re invest back into the business. Seek professional assistance to get set up with the right business structure for your business to succeed.

Al,
Al is a Enrolled Agent licensed to represent Taxpayers before all administrative levels of the IRS. Al is also a Business credit consultant helping Entrepreneurs and small business owners start and build business credit for their businesses. If you want to get more information about small business credit, asset protection and corporate taxes, you can contact Al at alplouis@gmail.com or follow him on twitter.com/alplouisea

http://www.businesscreditamerica.com/

1-888-821-6408 ext 2

Business Start Up

Business Credit Success

Building Business Credit

There are no short cuts to building a solid business credit file.  Having a solid business credit profile is vital to any Entrepreneur or Small Business owner’s success. Business credit is the life line of small businesses. At Business Credit America, Inc. we help Entrepreneurs incorporate their business, register their business and also assist them with getting their businesses approved for business lines of credit. We have the experts and consultants in place to help you achieve the success you desire to build a solid small business foundation.

Visit Business Credit America today to get started on your journey to building a successful business. Or you can call our office at 1-888-821-6408 ext 2.

We also have a free business credit forum to help entrepreneurs and small business owners learn the basics and advanced techniques about build business credit. We have a life time membership currently being offered at a discount. Click this link to purchase http://www.tradebit.com/filedetail.php/126427810

Business Start Up Services

Business Start Up Services

Make Money Business Credit

Business Credit Money

Who needs Business Credit?

If you are a small business owner, or a self employed entrepreneur starting a new business then you need business credit. Business credit is the life line of small businesses. Business lines of credit can be used to pay employees, start a new business, capital expenditures, and commercial real estate. Most business owner don't realize the importance of having lines of credit for business expenses. Business lines of credit provides funds for emergencies and expansion. But before you can get approved for business credit your business credit profile needs to be solid. Having the the right set up from the start will get your business funding in no time. There are a number of steps that need to be taken early on in the process of building business credit in order for your business to get approved for the line of credit that you need.   

1. Business registration with state and federal governments.
2. Business incorporation kit with minutes and stocks certificates filled out properly.
3. Corporate tax returns filed
4. Preparation of projected financials
5. Business to Business public filings
6. Website presence for online visibility through all major search engines. 
7. Business credit bureau registrations
8. A Business Plan providing a plan for your business.

These are some of the main steps that need to be taken ahead of time before your company can even qualify for large lines of credit from banks. As we head into election season the lending guidelines will tighten up until after the elections in January 2013. Why not start preparing your business to be lend able by taken the steps listed above.

Business Credit America is the #1 source for business credit services online. We have expert business credit consultant to assist you with your business credit needs. Visit us today for a list of services offered, products and to join our FREE business credit forums.

We are the source for business credit education. Don't hesitate. Act now and get your business on track to getting approved for thousands of dollars in business lines of credit.

Al,
alplouis@gmail.com
www.twitter.com/alplouisea
1-888-821-6408 ext 2
www.businesscreditamerica.com

Start up Businesses

Do you have a low cost creative business idea? What's holding you back form starting the business? Don't let the lack of start up funding hold you back. At Business Credit America we offer a wide range of business services to assist entrepreneurs. 

Services. 

• INCORPORATION OF THE BUSINESS (LLC OR C-CORPORATION
• EIN NUMBER (TAX ID)(CUSTOMER MUST GET THE EIN#)
• DUN AND BRADSTREET NUMBER(CUSTOMER MUST GET THE DUNS#)
• Corporate Kit with Stock Certificates
• PROJECTED FINANCIALS
• GOVERNMENT REGISTRATION- ORCA, CCR, SBA, AND MBA
• CORPORATE REGISTRATION- INDEXING, BACK LINKING, CATALOGING IN 60 PLUS DIRECTORIES
• STATIC WEB PAGE- HOME PAGE, ABOUT PAGE, CONTACT PAGE
• CORPORATE INCOME TAX FILING. FEDERAL & STATE 
• UCC-1 PUBLIC FILING
• PERSONAL CREDIT CONSULTATION
• CUSTOM BUSINESS LOGO

With our services you will have a solid business credit profile to obtain thousands of dollars in business credit funding. You can get up to $50k  in start up funding in 90 days or less. Guaranteed funding. Give us a call at 1-888-821-6408 ext 2. or visit us at  http://www.businesscreditamerica.com/index.html

Al,

alplouis@gmail.com

www.twitter.com/alplouisea

 

Why Incorporate your Business?

There are many reasons why you should incorporate your business. Many self employed workers or sole proprietors are working for themselves and have no protection against liability or high income tax rates. These are the two main reasons why I recommend that a business owner get incorporated.

Liability.

Registering your company with the state you chose to do business in is important. By being incorporated under the right entity,  this protects you the small business owner from personally being liable for the company's liabilities should someone try to sue the company. Local, state and federal courts are filled with law suits against businesses. Incorporating your business also provides for asset protection. You can purchase vehicles, real estate and other assets for example under the company and not be personally liable due to some unforeseen circumstances.

Income Tax

Today the top marginal tax rate is 35% for individuals. As a self employed individual or a sol proprietor you would be subject to paying this high tax rate on all income earned from your business operations. By incorporating your business under the right entity you can save hundreds if not thousands of dollars in taxes. As a business owner filing a corporate tax return, there are so many tax loop holes like deductions and credits that you qualify for which would decrease your tax liability considerably. The Internal Revenue Code is littered with tax deductions for businesses. And did you know that most business owners who operate under a small business entity pay less in taxes than a regular individual taxpayer? That's because they understand the power of asset protection and taxation.

There are many other reasons to incorporate your business but I have discussed a couple that I feel is the most important. 

We at Business Credit America pride ourselves in helping small business owners set up their businesses the right way. We have services to assist you in from incorporation to online registration. Visit  us today to begin your journey to having full protection under a corporate armor (business incorporation).  

Call to speak with one of our business credit specialist. 1-888-821-6408 ext 2 or visit us at http://www.businesscreditamerica.com/  to get a listing of products and services.

Al,
Business Credit Consultant
alplouis@gmail.com
twitter.com/alplouisea

The 5 C's of Business Credit

It's the most common question business owners ask their banker:

"What are you looking for from me and my business if I need to borrow?"
While each lending situation a bank reviews is unique, most banks utilize some variation of  "The Five C's of Credit" when making credit decisions - Character, Capacity, Capital, Conditions, and Collateral.

 Character

Banks want to put their money with clients who have the best credentials and references. The way you treat your employees and customers, the way you take responsibility, your timeliness in fulfilling obligations - that's character.

Capacity

What is your company's borrowing history and track record of repayment. How much debt can your company handle? Will you be able to honor the obligation and repay the debt? There are numerous financial benchmarks such as debt and liquidity ratios that banks use before advancing funds.

Capital

How well capitalized is your company? How much money have you invested in the business? Banks want to see that you have a financial commitment; that you have put yourself at risk in the company.

Conditions

What are the current economic conditions and how does your company fit in? If your business is sensitive to economic downturns, the bank wants to know that you are good at managing productivity and expenses.

Collateral

While cash flow will nearly always be the primary source of repayment of a loan, bankers look at what they call a secondary source of repayment. Collateral represents assets that the company pledges as an alternate repayment source for the loan. Hard assets. Most collateral is in the form of real estate and office or manufacturing equipment. Your accounts receivable and inventory can also be pledged as collateral. Unless you're a business with a proven payments track record, you will almost always be required to pledge collateral.- PNC

Our team of business credit experts can assist you the small business owner with meeting these requirement to obtain funding for your operations. Give us a call at 1-888-821-6408 ext 2 and one of our business credit experts will assist you.

Al,
alplouis@gmail.com
twitter.com/alplouisea

Business Credit and Asset Protection

I find it to be very interesting that a lot of small business owners have no idea what their business credit files look like. Many don't even know what's reporting on their business credit files. And most don't even have a business credit established.

At Business Credit America we realize that there need to assist small business owners, Entrepreneurs and self employed individuals with building business credit. We also provide a lot of free DIY information for those individuals who prefer perform the services themselves. We have a team of business credit experts who are the best in the business.

Services currently offered are.

• INCORPORATION OF THE BUSINESS (LLC OR C-CORPORATION
• EIN NUMBER (TAX ID)(CUSTOMER MUST GET THE EIN#)
• DUN AND BRADSTREET NUMBER(CUSTOMER MUST GET THE DUNS#)
• Corporate Kit with Stock Certificates
• PROJECTED FINANCIALS
• GOVERNMENT REGISTRATION- ORCA, CCR, SBA, AND MBA
• CORPORATE REGISTRATION- INDEXING, BACK LINKING, CATALOGING IN 60 PLUS DIRECTORIES
• PUBLIC FILINGS (UCC)
•  STATIC WEB PAGE- HOME PAGE, ABOUT PAGE, CONTACT PAGE, PLUS FREE HOSTING AND DOMAIN NAME FOR ONE
• CUSTOM LOGO 

Be sure visit our site at businesscreditamerica.com for pricing and additional services. We offer life time membership to Business Credit America. . Give us a call at

1-888-821-6408X2

We look forward to assisting you.

 Al, 

 

Get approved for Business Credit

I read a post in a small business forum the other day and the member could understand why he was getting denied for business credit. He said that he had been in business for a a year and that he had an 80 paydex score. He applied to Office Depot, Staples, Lowes and they all denied his request for business credit.

This is a typical case where a small business owner who's building business credit does not have the knowledge or education on the steps to build business credit. Before you can began to build business credit you need to have a complete business credit file. I will list the steps below.

1. Your business need to be listing in all the major online search engine sites like Google, Yahoo, and Bing. These are the major site that most creditors lenders will use to verify your business information. 411 listing is also important. Creditors will do a 411 check to verify your phone number in the directory to get information about your company. Get listed!

2. Have you checked your business credit file with the D&B, Experian and Equifax. The 3 major business credit bureaus. Sometimes the information that they have on about your company is inaccurate and that will cause your application for credit to get denied. Phone numbers, age of company, address and SIC code information maybe be reporting inaccurate. Get a copy of your business credit file, review it and make the necessary corrections as you see fit.

3. Have you submitted your financials to D&B? This is a major step in the process of building your business credit file. This process must be done before applying for business credit. This step will give you a favorable credit rating with d&b.

4. Are you familiar with public filings and how they can be used to strategically add trade lines to your business credit file?  A UCC-1 filing can greatly enhance your business credit score and rating.Not many small business owners know what a UCC is or how it works. Filing one and completing the process is a must for those seeking business credit.

These are just some of the steps that need to be completed before you can began to apply for business credit. As lending standards tighten up you need to make sure that your business credit file is fool proof. Gboogie America is the leader in business credit education. Now where on the internet will you find our proven methods for building business credit and how to obtain unlimited amounts on business credit.

Click the link below to get your copy of the ultimate business credit e-book. Or if you prefer to one of our business credit experts work on your file, click on the Business Credit America link for additional information.  

Al,
Business Credit Consultant
twitter.com/alplouisea
alplouis@gmail.com

http://www.tradebit.com/filedetail.php/126427810

http://www.businesscreditamerica.com/

Dun and Bradstreet Business Credit File

 Did you know that  a Financial Statement can be used to strategically build business credit. Business owners who are building business credit aren't aware of the important step early on in the process. In fact, submitting your financial statement to Dun & Bradstreet should be at the top of the list in terms of building business credit.





Many start out building business credit with out submitting financials to d&b, this in effect causes their company to get denied for credit. As a result, they're ask to pre pay orders before they can be approved for a net 30 account. Dun and Bradstreet uses the business financials along with other factors to give the company a rating. If you are looking to quickly build business credit then it would be advisable to submit those financials as soon as possible. Not submitting financials to d&b would delay the process of building business credit. You need to have a clear and complete business credit  file with Dun and Brad street to effectively get the desired results when building business credit.

Lenders and creditors alike will always check with Dun and Brad street to review your business credit file to gauge your company's financial experiences. Consult with your accountant to have financials prepared and  submitted to d&b.

 You can get more information about building business credit by clicking the link below. The business credit e-book will teach you how to build a fool proof business credit file.
http://www.tradebit.com/filedetail.php/126427810

Al,
Business Credit Consultant/ Enrolled Agent
alplouis@gmail.com
 https://twitter.com/alplouisea
http://www.alplouisea.blogspot.com

Your Business Credit Score

Why and How to Beef Up Your Business Credit Score | SBA.gov

Is Your Small Business Lendable?

There are a number of reasons why small business owners get denied for business credit. Most small business owners don't realize that there are prerequisite to build a solid business credit file. The small business credit bureaus, (Equifax, Experian, and Dun &Bradstreet) all keep a detail description and payment history on small businesses.

 



To make your small business lend able would require some  steps to insure that your business credit file is complete.

First, you want to make sure that all your company's information that is listed with the credit bureaus are accurate and up to date. Phone numbers, addresses and financials must be on point. Creditors and vendors a like will want to verify this information to make a decision on a credit approval.

Second, Make sure you have a online presence. Your company should be listed in most search engine directories.  Google maps, Yahoo local, Bing and 411 are the main search engine directories where you want your company to be listed. Underwriters will verify your company's information in these directories while making a decision on your application. Not being listed can have a negative impact on the process of a credit application. A company website is a plus even if it's one page.

Third, Corporate compliance is a huge factor. Make sure that your company is in active status with the secretary of state for which your corporation is registered. A lot of small business forget to pay their annual dues to the state secretary. Having an inactive corporation shows that the company is not keeping up with compliance. This could result in a automatic denial.

Lastly,   Payment history. Make sure your suppliers are reporting your payment to the business credit bureaus. Dun & Bradstreet has a credit builder program that allows you to submit payments experiences from your vendors. Equifax and Experian  do not have such a program. You want to do business with vendors that report your payment experiences to the business credit bureaus. Over time this will help increase your company's business credit profile. Lenders like to see good payment history.
 

Building business credit is all about your profile. Your company has to be lend able in order to qualify for business lines of credit. The steps listed are just a few that I believe are important for getting your company approved for business credit. 

Al is a Enrolled Agent , Business Credit Consultant, Entreprenuer and Small Business Owner. To get more information about building business credit, click the link below to get a copy of the ultimate business credit e-book. You can reach Al at alplouis@gmail.com, or twitter.com/alplouisea.

http://www.tradebit.com/filedetail.php/126427810

Make Money with Business Credit

Business Credit Money

New Business Visa Charge Card

U.S. Bank Launches New Business Visa Charge Card Giving Small Businesses More Flexibility and Control - pymnts.com

Start Build Business Credit

Business Credit Wealth

Make Money Business Credit

Get approved for business credit

Business Credit Compliance

The number 1 issue facing businesses today is compliance. This could be state or Federal compliance. I will list just a few that I feel are most important in terms of building business credit. 

1. Business license.

Every business should have or register for a license. This could be a state, county or a local city license or certification. Lenders/creditors will usually verify public record to see if your business is in compliance before making a credit decision. I have seen many business get denied for this simple process. Make sure that you have a business license or certification.

2. Taxes.

Federal taxes are always necessary for 3rd party verification purposes. Also, every small business that is operating should be making money either a profit or loss. State taxes if required and Federal taxes need to be filed every year that the business is in existence. When applying for loan or business lines of credit with your bank, the banker may ask to see tax returns to verify income and expenses. You want to always be in compliance with your tax filing obligations.

3. Corporate documentations.  

Many small business that are operating today do not have their corporate documents in order or even prepared properly. Operating agreements, minutes and stock certificates need to be filled out and signed by officers, managers and personnel to make these documents official. Again, when applying for loans or business lines of credit, your business banker will ask to see these documents to verify certain information about the business that would be helpful in getting your file approved. These documents need to updated regularly and signed by all parties. Filing annual dues are important. Your business need to be in active status at all time. An in active corp is a bad sign that maybe out of business. Keep all corporate documents current and up to date.

These are just a few compliance issues that I thought were most important to small business. Building business credit is not a science. I consider it to be an art.
Visit the link below to get more information about building a fool proof business credit file.

Al,

http://www.tradebit.com/filedetail.php/126427810  

Net 30 Business Credit Vendor

Business Credit Money

Vendor Credit reports to Equifax and Dun and Bradstreet

Building Wealth with Business Credit

Business Credit & Small Business Lending

"Small Business Lending Falls" is the headline for a article that I read earlier today. The article says that small businesses are unwilling take out loans to expand or invest in their business because of uncertainty in the economy.

Despite what I read I do believe that business credit is alive and well today. Many small business owners simply do not know how to build business credit for their business. With the current economy banks are reluctant to give out loans. They feel like there is too much risk out there to loan money in this current environment. The solution to this for small business owners is business credit cards.


Business credit cards are the most used financing vehicle for small business lending. Small business loans require too much paper work and to get a approved for a small business credit card only requires a solid business credit file and sometimes an average personal credit score from the small business owner.

Setting up your small business properly from start will allow you to get approved for the right business credit cards to finance or even expand your existing business. There are plenty of business credit cards to choose from that come with great perks. The Citi AA World Master card for example has great rewards for business owners that travel a lot. Chase and American Express also offer business credit cards with awesome perks.

Even during these turbulent economic times small business lending is still strong. Your business credit file must be complete with all the necessary information to get approved for a small business credit card. Don't let the negative information in the media discourage you from starting your own business. Learn proven methods to get your business qualified for unlimited lines of business credit.

The business credit e-book is your source for building a solid business credit profile. Click the link below to get your copy of the business credit e-book and start investing in your business today.


Al,
Tax & Business Credit Consultant

http://www.tradebit.com/filedetail.php/126427810  

Business Credit Money

Start Your Own Business Today

Net 30 Vendors for Building Business Credit

Applying for business credit with net 30 vendors is a good way to establish business credit for small business. A net 30 vendor is basically a vendor or supplier that you purchase from and then you are invoiced for 30 days. Meaning, you have 30 days from the date of invoice to pay the balance in full. Many net 30 vendors report your payment to the business credit bureaus. This is very important because it shows payment history and credit worthiness.

There are net 30 vendors for every type of industry. Healthcare, Technology, Education, Management, Transportation and import/export just to name a few. When building business credit for your company, it is very important that business owners register and order from vendors that are related to their industry. This business will be able to actually use the products it buys for business use and not just to build business credit.

These net 30 vendors are great for small businesses looking to establish business credit for their companies.

Az Snacks

Trades Smart Products

Strategic Network Solutions

VIP Electronics Center

Share Da Luv

Business Credit America

These are just a few companies that will approve small businesses for a net 30 credit account.  Having a variety of net 30 accounts is key to building business credit for your business.

Alplouis,
Tax and Business Credit Consultant

Business Credit File

The Paydex Score and your Business Credit

A little truth about Dun and Bradstreet's paydex score and business credit.

This from Wikipedia: 

Paydex is a term used in business, for a numerical score granted by Dun and Bradstreet to Business as a credit score for the promptness of their payments to creditors. The Paydex score is used for commercial organizations in a manner similar to the way the FICO score is used for individuals.^[1]
While individual credit score take a number of factors into consideration, Paydex is calculated based one single factor - whether a business makes prompt payments to its suppliers and creditors within the agreed upon terms of payment.
The Paydex Score ranges from 0 to 100 (best). A Paydex of 80 or higher is considered healthy for a company - that is a company is paying its suppliers and vendors on time, before they are due, or past due. Today most lenders and suppliers are looking for a score of 75 and higher.

This definition by wikipedia is true that a business with a 80 paydex score pays it's bills on time. However, when building business credit, your paydex means nothing if your business credit file isn't solid. A business credit file complete with updated company information and sometimes maybe even the company's financials would be considered by most lenders to be solid. Most people will assume that because they have a 80 paydex score they can go out and apply for business credit and get approved. That's a false assumption. A company can have a strong 80 paydex or a weak 80 paydex score.

For example, let's compare two companies with 80 paydex scores.

Company A has 4 trade experiences where they made on time payments. Each payment was for $50. So this company has 4 trades experiences at $50. This would obviously get them a 80 paydex. Not bad.

Company B has 15 trade experiences with a high trade payment of $15k. All payments were made on time. The average trade experience was for $500. This would be considered a solid business credit file.

Now, if both companies were applying for business credit based on their Dun and Bradstreet credit file, which company would get more favorable terms? Like high credit limits and NO Personal guarantee. It would obviously be company B because their business credit file shows activity and good payment history. Company A's business credit file would be considered weak in terms of the number of trade payments and the low payment history.

It is very important that small business owners understand the factors that make up a solid business credit file. Lenders, suppliers will look at other factors with in the paydex score because they know all paydex scores aren't created equal.

Visit the link below to get your copy of the business credit e-book. This is the ultimate guide for building business credit. Learn how to build a solid business credit file like Company B, and learn how company A can build solid business credit file in less than 90 days with the business credit e-book.

http://www.tradebit.com/filedetail.php/126427810  

Al,
Business Credit Consultant
alplouis@gmail.com
Twitter.com/alplouisea

Business Credit Cards

The small business sector is doing  just fine in terms of credit card financing. There was a study done by Key bridge research and they concluded that the number #1 source for small business finance is credit card borrowing. Business credit is a vital for any small business to survive and very important to the U.S. economy for job growth. Below are some key points from the research report. I've highlighted some key points that I thought were most important.

- According to a 2010 National Federation of Independent Businesses survey, for example, only one third of small business credit line applicants receive an offer with what they consider to be satisfactory terms and conditions, and only 39% of bank loan requests from small firms are granted. On the other hand, three quarters of all small businesses are successful in obtaining business credit card credit.

 - Also, a 2009 National Small Business Association survey revealed that 59% of small businesses use credit cards to meet their capital needs, and more than one-third of small businesses obtain 25% or more of their overall debt financing from credit cards.

- There is strong statistical evidence that small business credit card lending facilitates growth in employment and revenue at small firms. Each one percent (or $31 per month, in 2003 dollars) increase in business credit card credit used by small firms is associated with a 0.051% increase in firm employment and a 0.144% ($2,020 on average) increase in firm revenue. These findings suggest that the average small firm creates one net new job for each $5,613 increase in credit card use per month

.- Based on these findings, it is estimated that the expansion of credit card lending to small businesses from 2003 to 2008 contributed to the creation of 1.6 million U.S. jobs, including a direct contribution to the creation of 592,000 small business jobs, and an indirect or induced contribution to the creation of an additional 1.0 million jobs throughout the U.S. economy.

- It is also estimated that the increase in credit card lending to small businesses from 2003 to 2008 resulted in a cumulative increase in the value added of the U.S. economy of $142 billion. On an annual basis small business use of business credit cards therefore contributed roughly one quarter percentage point of total U.S. value added or GDP.

- There is also a positive and statistically significant relationship between ―start-up‖ small businesses use of business credit cards and firm revenue growth. Each one percent increase in credit card credit use by start-up businesses is associated with a 0.116% increase in firm revenue. This means that, on average, an extra $1,000 of credit card use would be associated with about a $5,500 increase in firm revenue.

As you can see from this study, small business credit card lending is great for the U.S. economy. Small business owners who are able to build a solid business credit file will be able to obtain financing via business credit cards.

Al,
Business Credit Consultant
https://twitter.com/ALPLOUISEA
alplouis@gmail.com 

Click on the link below to get your copy of the business credit e-book.
http://www.tradebit.com/filedetail.php/126427810

Video link
http://www.youtube.com/user/alplouis?feature=results_main

Business Credit and Personal Liability

Some of you might have heard that you can obtain business credit with out a personal guarantee. Yes. This is very true to this day. Many small business owners aren't aware that they can obtain credit for their business with out personally being liable if  the business is unable to pay back it's debt. Business credit is for business expenditures not for personal expenses.I have seen many small business owners using their personal credit to fund their business operation which leaves them personally liable for paying back the debt should the business fail.

I have read through different business blogs online and many small business owners can't understand why they're being asked to PG for credit. This is simply due to the fact that their small business credit credit file is either incomplete or it doesn't exist. Therefore the lender ask for a personal guarantee or the owner and business become jointly liable for repaying back the debt.

For a small business to obtain business credit with out a personal guarantee the business needs to have establish credit. A business must be active for at least 2 years and have payments experiences vendors or creditors that have reported the payments to the 3 major credit bureaus. Dun and Bradstreet, Experian small business and Equifax small business. This information will be verifiable when a lender does a business credit check on the business. Learning how to build a strong business credit file is the start of the process towards obtaining business credit with no personal guarantee. Obtaining business credit with no PG is done every day by smart business people who understand the importance of building business credit for their small business.

Just imagine that you are able to obtain $100k in business credit for your small business and you're not personally liable to repay any of it back. The business is then able to invest in what ever investments that would bring in money.

The business credit e-book is just the resource you need to get started on building business credit for your small business. Learn proven techniques that you can use to obtain thousands of dollars in business credit for your business. Visit the link below and pick up your discounted copy of the business credit e-book.

http://www.tradebit.com/filedetail.php/126427810

 Al,
 Business Credit Consultant
alplouis@gmail.com
https://twitter.com/alplouisea

Your Business Credit information

There are a lot of small business owners that don't understand the importance of having accurate information reporting on their business credit files. Having the wrong information reporting can cause your credit application to get denied by the business credit bureaus. The business credit e-book teaches you how to build a solid business credit file. Here are a few things that you will learn from the business credit e-book.


1. The correct business name
Not having the correct spelling of your business credit information listed on your Business credit file can cause you to have a duplicate file. This is simply when the credit bureau have 2 different files for the business. If a lender tried to view your business credit file it would have difficult time trying to distinguish which file is the more accurate one.This sort of confusion would result in a denied application or they may request more information before moving forward with your application.

2.Telephone number
The business telephone number must be accurate and listed. Lenders will use the 411 directory to verify certain business information based off of the number listed on the business credit file. Make sure that the right number is listed and is a working number. Some lenders will call the number listed to verify the business information. A non-working number or incorrect number could hurt your chances of getting approved for business credit.

3.Business location address.
Businesses have multiple business locations or satellite offices. It is very important that the principal address of the business is listed and it must be verifiable. You may have moved from one location to the next and failed to notify or update the business information with the credit bureaus. This could have a negative impact when you apply for business credit. You want to make sure the current address is on the business credit file.

These are just a few details that a small business owner needs to understand when building business credit. Your business credit file must be fool proof. That means, your file must look complete with all the necessary business credit information that any lender would look for in a company. The business credit e-book will show you how to build a fool proof business credit file so that you can obtain the financing you need to invest in your business.

Pick up your copy of the business credit e-book today by visiting
http://www.tradebit.com/filedetail.php/126427810 

Al,
Business Credit Consultant
 https://twitter.com/alplouisea
alplouis@gmail.com

http://www.tradebit.com/filedetail.php/126427810

Buisiness Credit and Shelf corps

Build business credit using a shelf corporation can be a very effective strategy if done properly. There are steps that should be taken before you can begin to apply for business credit using a shelf corp. I have read many article online and watched videos on how to obtain and use a  shelf corporation for business credit purposes. 95% of the information is either out dated or useless in today's lending environment.

Shelf corps are corporations that have multiple years of being active. Investors seeking loans, credit or services usually chose to go the shelf corp route because they can show that  they have a company that has been active for multiple years. Lenders prefer  to see companies that have been in business for a minimum of 2  years. Newer businesses (less than 2 years) are considered riskier as they need time to build and become profitable. Of course all your corporate documentation must be in order for this process to work out.

Using a shelf corp to build business credit is a tool that has been around for decades. I would caution any one who seeks to obtain a shelf corp that they do a thorough back ground check on the corporation. I have heard many horror stories about investors getting scammed by some shelf corp vendor promising a shelf corp with credit and then the  investor finds out that the shelf corp has no credit. Now there are number of reputable online companies that sell self corps at reasonable prices but you have to know what to look for.

My suggestion to anyone looking at  a shelf corp for the purpose of  build business credit is to proceed with caution. The business credit e-book provides you with step by step information on how to build a fool proof business credit file. . It requires patience and persistence above all. Knowing how to properly build business credit and using the funds for business would create wealth for the business. How? Well, if you're running a small business and you have capital to reinvest and expand your operations than that would translate into more revenue and sales. And if you manage the business finances properly with the help of a professional accountant, then your bottom line should always be profits. This would also increase the value of the business and increase the wealth of the owner because the business is essentially an asset for the business owner.

Build your own company's business credit versus buying into a shelf which may or may not guarantee you any success. Building business credit if done properly can add great wealth to your business. Pick up a copy of the business credit e-book to begin your journey to financial freedom. Visit the link below to pick up your discounted copy. Act now. Only a limited time offer.

http://www.tradebit.com/filedetail.php/126427810

Al,
Business Credit Consultant
alplouis@gmail.com
Twitter.com/alplouisea

Business Credit Bureaus

When it comes to personal credit there are 3 main credit bureaus that keep track of your personal data and evaluate your personal credit reports as they receive information about your payment experiences from retailers, financial institutions and public records. Most if not all of the information is reported to the bureaus using your social security number. Equifax, Trans Union and Experian are the three main personal credit reporting agencies.

For a small business, there are more credit reporting agencies than there are for personal credit. Here is a list of small business credit bureaus.

Equifax Small Business Enterprise

Experian Small Business

TransUnion Small Business

Credit.net

Dun & Bradstreet

Accruint Business

Client Checker

These are the main small business credit reporting agencies that are most important for small business credit. Unlike the personal credit agencies these bureaus get their data from small businesses, vendors, suppliers and certain public records databases. It is very important that your small business information is listed accurately with these agencies. An incorrect address, phone or total years in business could have a negative impact on the company in terms of applying for credit. Lenders and vendors will verify your business information with these credit agencies and if the data you provide on the application does not match the data that the agency has reporting your profile then that could result in your application for credit being denied. It happens all the time. Make sure that you check your business credit file at least once a month. Most vendors report your trade experiences once a month. 

To find more about the business credit bureaus and how you can build a solid business credit file, visit the link below to purchase your copy of the business credit e-book.

http://www.tradebit.com/filedetail.php/126427810


Al,
alplouis@gmail.com
Twitter.com/alplouisea
www.Gboogie.net

Business Credit Building

Hello world. I'm sitting here reading through a  forum post and one of the members can't understand why he can't get approved for a particular vendor credit account. He writes that he applied multiple times in the past and so far he's been declined both times. I asked him if he knew what his business credit file looked like and he said that he had no idea if he even had a business credit file. This is a perfect example of why most small business owners are declined for credit everyday. They simply do not understand the basics of how to build their business credit files so that they can obtain the financing for their businesses.

The Scammers Handbook  http://www.tradebit.com/filedetail.php/126427810 will teach you all the steps needed to build a solid business credit file that is fool proof and that is ready for lender review. During these tough economic times it is very important the you understand what a the lender is looking for and how to build a solid business credit file. Having a basic understanding of how the business credit agencies (Dun and Bradstreet, Experian small business, Equifax Small business and TransUnion) rate your business  for credit purposes is a vital part to building a solid business credit file.

Once again the Scammers Handbook is a must read and it will forever change your life. Having access to credit is a life line of small businesses. Don't wait, get a copy now and enjoy all the great information that this e-book has.Visit the link below to get your copy of the Scammers Handbook.

http://www.tradebit.com/filedetail.php/126427810



Feel free to contact me with any questions or comments


Al,
alplouis@gmail.com
@alplouisea
www.gboogie.com

Business Credit Basics

The number #1 set back that most start ups and small businesses face today is not having the capital to start and run their businesses. You might be very surprise to learn that most of these small business owners don't know anything about business credit nor do they know how to obtain business credit. I believe that this is the single most important issue that most start ups face today. Imagine that you're a small business owner having access to $50k - $100k in business lines of credit for example. This would allow you to be able to meet payroll, purchase supplies, pay day to day expenses and even invest in machinery or equipment that will add to the bottom. All of this can be accomplish if the right steps to building a solid business credit file are taken early on in the process of starting a business. I will list the main steps that a small business owner needs before he/she can begin to build a solid business credit file that will allow them to acquire the capital they need to fund their business operations.

Step 1- Incorporate. This will be done through your Secretary of the State where the business is located. From my experience, a C-Corp is more favorable in terms of lending than a LLC. Consult with your Accountant/CPA for specifics about which type of corporate entity would be best for you. The articles of incorporation are a must have.

Step 2- Federal Tax ID Number .The business must have a Employer Identification number (EIN). This is for identifying purposes. Taxes.

Step 3- Business bank account in the business name and not in the name of the owner/manager/partner. Business assets must be separate from your personal assets. This step can only be performed only after the EIN has been applied for and received from the IRS.

Step 4 - Get a business landline in the business name and it should be listed with the major search directories for identifying purposes.

Step 5 - Online presence. Most if not all small business have a website. Even if it's a 1 page website that tells what your company does. Having a web presence is a must.

Step 6 - Business License. This is very important as every business should have a license to operate in the city, county or which ever municipality that they are in.

Step 7 - Government registration. This step is very necessary for those looking to solicit Government contracts.  This step also requires having the right SIC code for your specific industry.


Lastly, a small business needs to have stationary materials for marketing and advertising. Company logo, business cards and basic letter head templates are necessary for a small business.

Purchase the e-book that will show you how to incorporate these basic steps and also show you how you can obtain cash lines of credit for your business or any investment today. Click on the link below to purchase your copy now.
Your comments are welcomed and I will will respond to your questions.

Al,
Business Credit Consultant
alplouis@gmail.com
@alplouisea

http://www.tradebit.com/filedetail.php/126427810