Banks keep lending standards tight for small firms

Since the recession, small businesses trying to get bank loans have faced tougher credit standards — and little has changed.

In the Federal Reserve’s most recent survey of bank loan officers, released Monday, 95% said credit standards remained basically unchanged during the second quarter.

Less than 5% reported easing standards. Although that number is higher than in the previous two quarters, it still pales in comparison to the share of banks that reported tightening standards during the recession.

However, the survey of 61 large domestic banks doesn’t address a greater economic indicator: demand for small business loans.

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Prepare your Business to Legally Raise Money with Equity Crowdfunding

1800Accountant is bringing business tax expertise to, which is a one-stop business resource to assist entrepreneurs and small business owners prepare for successful Crowdfunding in January of 2013.

The times are changing and raising capital through Crowdfunding represents a new frontier in the way that start-ups will launch and grow moving forward.  The small business professionals at 1800Accountant understand that with new, more restrictive, Crowdfunding legislation on the horizon, it’s more important than ever to have resources to help your business navigate the Crowdfunding waters. With a team of dedicated Crowdfunding-savvy accountants on staff, 1800Accountant is ready to help small business take the plunge into Crowdfunding.

With the newly established partnership between 1800Accountant, FundingRoadMap, and Laughlin Associates, small business owners have access to the auditing and financial documentation they need to be able to qualify for the quickly approaching legislation for Crowdfunding.  The three partners are prepared to assist one million entrepreneurs jump through the new Crowdfunding hurdles prior to the new legislation in January of 2013. Making sure that a sufficient amount of entrepreneurs are prepared for Crowdfunding before this due date will provide innovative investors with a variety of vetted and qualified opportunities.

As Equity Crowdfunding is in its infancy, turning 1 million small businesses into SEC compliant Crownfund investments is the objective of 1800Accountant and Crowdfundingroadmap for the end of this year.  Additionally, changes in the requirements for Equity Crowdfunding occur daily, leading to uncertainty for some small business owners.  1800Accountant offers the financial and business planning guidance that every small business owner needs.

About 1800Accountant:
1800Accountant provides a full suite of products and services aimed at helping business owners and entrepreneurs get a leg up on the competition. The company has helped tens of thousands of small business owners across the country increase profits, minimize risk and protect their business. The company is excited to partner with FundingRoadmap and to help businesses seeking the power of CrowdFund Investing meet and exceed the financial statement and other disclosure requirements so they can achieve all goals. With a dedicated team of Crowd Funding tax experts, catering to clients in all 50 states; our clients have experts at their disposal when needed to keep the business moving forward in the right direction for long term success.

About Funding Roadmap:
Funding Roadmap provides easy and secures multiple choice question prompts that effortlessly walk you through every detail of a plan for your business and the due diligence reporting process applicable for Equity CrowdFunding on the cloud. Includes a video elevator pitch feature and secure document repository, so the business can present both a comprehensive profile business as well as a personal vision of the future. Share the presentation 24 / 7 in-the-clouds to potential, investors, lenders and partners, and the presentation can even be used to apply for a FEMA/ SBA disaster loan. Keep it current for the everyday guidance of the business and the yearly reporting requirements of the SEC for Equity Crowdfunding and it will save your business months of time, money, and frustration while increasing your chances of getting funded faster.

About Laughlin Associates:
Laughlin Associates specializes in working with start-ups and has assisted over 80,000 companies over its 40 year history. The company works hand and hand with clients to establish a corporate structure and make sure the company is set up properly from the start for maximum growth, asset protection and long-term profitability. Laughlin helps register the Corporation quickly, easily and affordable. Form your corporation today and start raising the money needed to launch your business.

Small Business Tax Advice : 5 Common Mistakes

The U.S. tax code is so complicated that its no surprise many small businesses and individuals make mistakes in their bookkeeping and filing.

A little small business tax advice – dont count on any mercy from the IRS.

Take it from a tax professional. Here are the more common mistakes, and what you need to do to avoid them.

1. Not saving receipts of less than $75

People sometimes get excited when they hear that the IRS doesnt require receipts for meal and entertainment expenses of less than $75. Dont fall into this trap.

You may not need the receipt, but you still need to have some sort of record documenting where you went, when you went there, who you were with, the business purpose of the meal or entertainment and the business relationship between you and the people you were with.

When you look at the list of requirements, what could be better for documentation than a credit-card charge receipt? In most cases, the charge slip will already have printed on it the name and address of the restaurant and the date and time you were there. All you have to do is write on the slip who you were with and what the business relationship and purpose was of the event. While a receipt may not be required, for many people hanging onto the receipt is going to be easier than keeping an entirely separate log of the expense information.

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