by cdaaccounting | Jan 16, 2022 | Business Deductions
A tax year, “taxable” year is the annual accounting period that your CDA Idaho business uses for determining and reporting tax liability.
The two types are the Calendar Year and the Fiscal Year:
- A calendar year for tax purposes is: January 1 through December 31.
- A fiscal year is a tax year that ends at the end of any month except December.1
- Sole Proprietorship, always uses the calendar year.
Tax due dates:
A Business Entity other than a sole proprietorship may use a fiscal year if it can establish a business purpose. This could be due to its natural business cycle other than a calendar year.
by cdaaccounting | Jan 15, 2022 | Business Deductions
Which CDA Business needs a sales tax permit in Idaho?
According to the Idaho State law Idaho requires retailers who are doing business in Idaho, to get a seller’s permit and collect sales tax on the sale of goods.
You’re considered to be doing business in Idaho if your business a physical presence in the state. This presence could be permanent or temporary.
This includes:
- Having an office located in Idaho
- Home office
- warehouse
- sales or sample room
- storage place
Maintaining a stock of goods
- Renting or leasing property to someone who uses the property in Idaho
- Servicing tangible personal property in Idaho
- Having a salesman, agent, or representative who comes to Idaho to sell, deliver, install, or take orders.
by cdaaccounting | Jan 13, 2022 | Business Deductions
Often the most productive and beneficial marketing techniques are the ones that are obvious, yet easily overlooked and therefore never practiced. Asking your current customers for referrals may just top the list of overlooked and under-practiced great marketing tricks. Many sales professionals have built their entire sales careers strictly on referral business, but the vast majority of retailers never ask their customers for referrals. It’s true. As an Idaho retailer, when was the last time you asked a customer for a referral? Or, as a consumer, when was the last time a retailer asked you for a referral? My guess is the answer in both cases is likely never, simply because the majority of retailers focus on advertising or special promotions to prospect for new Idaho business instead of mining their existing customer base for referrals as a method of gaining new customers and sales as a result. Asking customers for referrals will work for every retailer, regardless of the types of products that are being sold, and best for a fraction of the cost associated with attracting new customers using traditional advertising or special promotional methods.
Incentivize
If you really want to maximize your CDA Business financial results, be sure to offer incentives to customers who refer new Idaho business to you. These incentives can be in the form of product discounts, free product upgrades, gift certificates, or even a nice dinner out at a local restaurant. You decide, but nothing says “thank you” better than a handwritten note with a special gift as a token of appreciation. Here are a few ways to ask your existing customers to refer their friends, family members, and co-workers to your store.
- Get in the habit of telling all customers at the till and before they leave, “Thank you for shopping and please tell your friends about our store and products. We appreciate all new business.”
- Design and print a basic coupon that entitles the holder to a 10 percent discount on in-stock items. Give all your customers a few at the time of purchase and kindly ask that they share the coupons with friends.
- Hold an “out-to-win-your-business sale” and tell all your customers that if they bring a new customer into the store for the event both of them will get a special discount or gift.
- Register and give them a special gift for doing so. Contact
Sample Referral Form your new Idaho business prospects by way of telephone or a din mail campaign and let them know that there is a special gift or discount waiting from them when theft shop at your store.
by cdaaccounting | Jan 12, 2022 | Business Deductions
When you are a business in Coeur d’Alene Idaho you may need to understand what a Trail Balance is. A trial balance is a list of all accounts in the general ledger that have a balance other than zero. This is prepared right before the financial statements to make sure that the accounts are in balance and that all journal entries have been prepared correctly and accurately according to the reality of your Idaho business.
If the trial balance does not balance (debits do not equal credits), it indicates that there has been an error made in either the recording of the transaction, in the general journal, or in the posting of those transactions in the general ledger.
by cdaaccounting | Jan 10, 2022 | Business Deductions
Assets that are being depreciated by your CDA Idaho business are written off over a period of years, known as the “write off period” (also known “recovery period”).
Here are the write off periods for assets most used by Idaho businesses and farmers:
3 Years: Idaho web site design. Some software.
Semitrucks (not trailers). Racehorses over two years old. All horses over twelve years old. Hogs.
5 Years: office equipment and computers.
Some electronic equipment. Most equipment used for research and experimentation. Carpeting. Movable partitions. Appliance and furniture in residential rental property. Cars, trucks (other than semi-trucks), other alternative energy property. Movable gasoline storage tanks. Farm machinery and equipment. Cattle, sheep, and goats.
7 Years: machinery.
Equipment. Tools. Furniture. Store fixtures. Small signs. Railroad track. Horses other than those listed und “3 years.”
15 Years: large Idaho outdoor signs.
Gas stations, including their mini marts (with some exceptions). Intangible property such as goodwill, trademark, trade names, franchise, customer lists, and covenants not to compete. Domain names purchased from a reseller. Patents and copyrights if acquired as part of a business you purchase (see other below). Leasehold improvements. Restraint and retail renovations.
20 Years: some farm buildings.
27 ½ years: residential rental buildings.
39 years: all buildings other than residential rental property, farm buildings, restraint and retail renovations, and some gas government.
Other: patents and copyrights are depreciated over the life granted by the government.