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SBSS Score and Fundability: When Two Worlds Collide

You already know your credit scores, both personal and business, affect fundability. But did you know that there is one business credit score that uses not only both business and personal credit history, but other information as well. It gives lenders a much broader picture when it comes to fundability. You need to understand how your SBSS score can affect the fundability of your business.

How your SBSS Score Fits into Fundability

There are many factors to consider when it comes to small business financing. You need your credit in order, you have to have complete financial statements, and beyond that there are many other things that affect the fundability of your business.

The business credit score is what often causes issues. Sometimes the business credit score is bad, but just as often it is nonexistent. No credit score is pretty much the same as a bad credit score. That isn’t the end of the story for most borrowers however. This is why the FICO SBSS has become so popular.

Keep your business protected with our professional business credit monitoring.

SBSS Score: What Is It?

The FICO SBSS is the business version of your personal FICO credit score. It is becoming more common for lenders to use this score, rather than the Experian business credit score or even the D&B PAYDEX. It stands for FICO Liquid Credit Small Business Scoring Service.

Unlike your personal FICO, the SBSS reports on a scale of 0 to 300. The higher the score the better. But most lenders demand a score of at least 160.

SBSS Score: How Is It Calculated

The scoring model for this score is very different than other business credit scoring models. Honestly, it actually gives a better picture of overall fundability in some ways. This is because it uses your business and personal credit scores. Also, financial information like business assets and revenue come into play. The point of the SBSS sore is to give a picture of total fundability in one score.

Business owners cannot access this score themselves. The formula for calculations is proprietary and well-guarded by FICO. They do not make the information public. When you go to a lender, you go in blind about what your score may be. In contrast, with the other credit agencies you can actually get a copy of your credit report and know where you stand.

The reason this does not work the same way is surprising to many. The truth is, you could have a different score from lender to lender. This is because of how lenders request your score.

SBSS Score: How Lenders Get Your Score

The process starts when you turn in your application. It will include all the financial information the lender requires. Then the lender will process the information and send it to FICO with a request for your SBSS score. At this point, the lender can ask for certain factors in the score to carry more weight than others. For example, they can put more weight on your personal credit than your business credit. They could choose to weigh annual revenue as more important than payment history. It is their choice. This is why your FICO business score could vary between lenders.

SBSS Score: What Does FICO Do with the Request?

First, they get the request from the lender. They then search business credit information from business CRAs. These include D&B, Experian, and Equifax. If they cannot pull enough scoring information from one, they move onto the next. If there is not enough data from any of them, then it uses personal credit and business financials only.

With the lender’s weighting preferences, personal credit, business credit, and business financial data, they calculate the score. The information is specific to that lender.

Who Uses the SBSS Score?

These days, the SBSS score is becoming more and more popular among lenders that lend to businesses. It is more comprehensive and complete than the other scoring models. This is because it considers more than past payment information from the business.

Lenders know that there is more to fundability than credit score alone. With SBSS, FICO does the work of piecing together the whole picture for them. This isn’t always a bad thing, unless you are counting on your bad personal credit not being an issue when applying for a business loan. In fact, it can actually help you if you have no business credit. Other than the fact that the highest score possible with no business credit is 140. That is far below the 160 most lenders require.

For now, you need to know that many lenders use this score, and the number is growing. In addition, the Small Business Administration uses it as a pre-screener for its popular 7 (a) loans. The SBA does not itself lend money, but rather it backs certain loans through select lenders. It sets a minimum SBSS score of 140 to be eligible for a 7(a) loan.

That means if you want this type of loan, you must have a minimum SBSS of 140 before you are even eligible to apply. It is possible to get this type of loan with a score above 140 but lower than the typically required 160. The backing of the SBA reduces the lender’s risk.

FICO SBSS and Overall Fundability

While this score gives a more complete picture of overall fundability than other business credit scores, it still doesn’t necessarily tell the whole story. Here is how each element of fundability comes into play for your SBSS score.

Business Credit Reports

These are the credit reports, much like your consumer credit report, that detail the credit history of your business. It is a tool to help lenders determine how credit worthy your business is.

These come from a number of agencies, but the main three are Dun & Bradstreet, Experian, Equifax. FICO searches business credit information from these agencies when compiling your score for SBSS. That means, you need to ensure your information with these companies is as complete and accurate as possible. Business credit monitoring is essential. Another key point here is to ensure your business is set up to be fundable in the first place. If not, there won’t be a lot for FICO to get from these agencies anyway.

Keep your business protected with our professional business credit monitoring.

Other Business Data Agencies

In addition to the business credit reporting agencies that directly calculate and issue credit reports, there are other business data agencies that affect those reports indirectly. Two examples of this are LexisNexis and The Small Business Finance Exchange. These two agencies gather data from a variety of sources, including public records. This means they could even have access to information relating to automobile accidents and liens. While you may not be able to access or change the data these agencies have on your business, you can ensure that any new information they receive is positive. Enough positive information can help counteract any negative information from the past.

Since these agencies indirectly affect reports that FICO uses when calculating your SBSS score, they make a difference.

Identification Numbers

In addition to the EIN, there are identifying numbers that go along with your business credit reports. You need to be aware that these numbers exist. Some of them are simply assigned by the agency, like the Experian BIN. One, however, you have to apply to get. It is absolutely necessary that you do this.

Dun & Bradstreet is the largest and most commonly used business credit reporting agency. Every credit file in their database has a D-U-N-S number. To get a D-U-N-S number, you have to apply for one through the D&B website. If you don’t have a score with D&B, you might as well not have a business credit score. As already mentioned, FICO uses D&B information as well as information from other business credit agencies.

Business Credit History

Your credit history is the crux of what makes up your business credit score, and your business credit score is a big part of your score from FICO SBSS, though how much it matters depends on how the lender requests it be weighted.

Your credit history consists of a number of things including:

How many accounts are reporting payments?
How long have you had each account?
What type of accounts are they?
How much credit are you using on each account versus how much is available?
Are you making your payments on these accounts consistently on-time?

The more accounts you have reporting on-time payments, the stronger your credit score will be.

Business Information

On the surface, it seems obvious that all of your business information should be the same across the board everywhere you use it. However, when you start changing things up like adding a business phone number and address or incorporating, you may find that some things slip through the cracks.

This is a problem because a ton of loan applications are turned down each year due to fraud concerns simply because things do not match up. Maybe your business licenses have your personal address but now you have a business address. You have to change it. Perhaps some of your credit accounts have a slightly different name or a different phone number listed than what is on your loan application. Do your insurances all have the correct information? Monitoring is key for this factor as well.

This is one of those elements of fundability that lenders may use in conjunction with a credit score. It doesn’t necessarily affect the score itself, but if can definitely affect whether or not you get approval.

Financial Statements

While the FICO formula is proprietary, many sources state that, if available, information from financial statements is used in the calculation of your SBSS score. This encompasses a broad spectrum of things. First, there is the obvious. Both your personal and business tax returns need to be in order. Not only that, but you need to be paying your taxes, both business and personal.

Regardless of whether they are used in the calculation of the score however, the information on these statements definitely affects your fundability.

Bureaus

There are several other agencies that hold information related to your personal finances that you need to know about. The data these bureaus hold affects fundability.

Take ChexSystems for example. In the simplest terms, they keep up with bad check activity that affects your bank score. If you have too many bad checks, you will not be able to open a bank account. That will cause serious fundability issues.

For this point, everything comes into play. Have you ever been convicted of a crime? Do you have a bankruptcy or short sell on your record? How about liens or UCC filings? All of this can and will play into the fundability of your business.

While these factors are unlikely to figure into your FICO SBSS directly, they do, along with your credit score, affect fundability.

Keep your business protected with our professional business credit monitoring.

Personal Credit History

Your personal credit score from Experian, Equifax, and Transunion definitely directly affect your SBSS score. If there is a problem somewhere, get to work on it. The number one way to get a strong personal credit score or improve a weak one is to make payments consistently on time.

Also, make sure you monitor your personal credit regularly to ensure mistakes are corrected and that there are no fraudulent accounts being reported.

The Application Process

The loan application process itself can affect fundability also. First, consider the timing of the application. Is there any part of overall fundability you need to work on before you apply? Next, ensure that your business name, business address, and ownership status are all verifiable. Lenders will check this. Lastly, make sure you choose the right lending product for your business and your needs. Do you need a traditional loan or a line of credit? Would a working capital loan or expansion loan work best for your needs? If you are applying for a product that won’t serve your purpose, it doesn’t matter if you get it or not.

SBSS Score: It’s a Mystery

The fact is, you do not and cannot know what your score from FICO SBSS will be. There are too many variables in play. What you can do though, is get a good overall idea of your fundability based on what you know about the factors that affect it. Once you have this, you can be sure your score from FICO SBSS will reflect it accurately.

The post SBSS Score and Fundability: When Two Worlds Collide appeared first on Credit Suite.

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To Successfully Obtain Business Capital Every Business Needs A Coach

, if you are a company proprietor the job of acquiring organisation funding can be extremely overwhelming.. Since they have actually never ever been instructed exactly how to acquire funding as well as a result they have no idea where to start, the majority of organisations fall short. The Small Business Administration reports that 97% of company financing applications stop working.

The relevance of looking for specialist help when establishing up company credit rating has numerous organisation proprietors transforming to a service money trainer to aid them develop their service debt. One of the greatest errors made by service proprietors is that they try to acquire company funding utilizing their individual credit scores.

Till your company has 3 different company debt ratings, any type of funding that your organisation gets will certainly be based only on your individual debt ratings as well as your individual properties. You require to have company credit report ratings developed to also obtain looked at for an organisation car loan. Having company debt ratings developed are simply a beginning in the money procedure.

” Missing simply among the 20 things will certainly obtain your service rejected,” claims Finance Specialist James Christy. “If you comply with the action in a great service financing train you will certainly make certain that you have every one of the products finished.”

Lenders will certainly refute a company lending application if the service lawful name is not noted correctly with the 411 Directory Assistance. An additional method funding can be rejected is if your service has a financial institution score listed below a reduced 5 or if your organisation does not have credit history documents open with the 3 company debt reporting firms.

The procedure of developing organisation credit scores is a lot a lot more difficult than establishing up individual credit score. There is one organisation credit score company that will certainly attempt to bill you $500 simply to open your debt data.

A service financing instructor advises entrepreneur in a detailed style on precisely what they need to do to obtain their company all set to be authorized for funding as well as exactly how as well as why to develop business credit rating they require to obtain authorized. A trainer will certainly reveal a company exactly how to not just develop organisation debt, yet to construct great service credit scores that the financial institutions and also various other loaning firms will certainly utilize to accept your lending demand. An excellent money trainer will commonly route you to resources for company bank card, supplier credit lines and also for various other imaginative kinds of funding.

To locate an organisation financing trainer to assist your company construct exceptional service credit history you may most likely to your preferred internet search engine Google, Yahoo, or MSN and also do a look for the expression “organisation money trainer”.

The significance of looking for professional support when establishing up service credit rating has lots of service proprietors transforming to a service money trainer to aid them develop their company credit score. Till your organisation has 3 different service debt ratings, any kind of funding that your organisation obtains will certainly be based only on your individual credit report ratings as well as your individual possessions. An additional method funding can be rejected is if your organisation has a financial institution ranking listed below a reduced 5 or if your company does not have credit rating data open with the 3 service debt reporting firms. A company money train advises company proprietors in a detailed style on specifically what they should do to obtain their company all set to be authorized for funding as well as exactly how as well as why to develop the organisation debt ratings they require to obtain authorized. A train will certainly reveal a company just how to not just construct service credit report, yet to construct excellent organisation credit report that the financial institutions and also various other borrowing companies will certainly make use of to authorize your finance demand.

The post To Successfully Obtain Business Capital Every Business Needs A Coach appeared first on ROI Credit Builders.

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All Aboard the Train to Small Business Loans for Minority Women

Are you a minority female looking for small business loans? Then hop aboard the small business loans for minority women express. Each stop along the route has something to offer. Pull into the station, stay awhile, and learn about what each option has to offer.

Small Business Loans for Minority Women Come in All Shapes and Sizes, Find the One that Will Work Best for You

Once inside the station, you may find that small business loans for minority women aren’t what you expect. In addition, you will find there are grants and other resources available to help female minority business owners. There are many other options for funding as well, including loans that are available to everyone. The only way to determine which option or combination of options will work best for you is to learn all you can about each one.

Find out why so many companies use our proven methods to get business loans.

First Stop: The Small Business Administration

The first stop on the small business loans for minority women express is the Small Business Administration. SBA loans are guaranteed by the government and issued by participating lenders, mostly banks. They can guarantee up to 85% of loans of $150,000 or less, and loans that are more than $150,000 they will guarantee up to 75%. The maximum loan amount they offer is $5 million.

Due to the government guarantee, banks are able to offer these loans at lower interest rates and with less strict eligibility requirements. Since many minorities face challenges getting funding due to lower credit scores and net worth, these loans tend to work for them. This is despite the fact that they are open to everyone and not specifically small business loans for minority women. Here’s a sample of what they offer.

7(a) Loans

This is the Small Business Administration’s cornerstone loan program. It offers federally funded term loans up to $5 million. The funds can be used for expansion, purchasing equipment, working capital and more. These funds are distributed through traditional lenders.

The minimum credit score to qualify is 680. In addition, there is a down payment requirement of at least 10% for the purchase of a business, commercial real estate, or equipment. The minimum time in business is 2 years. In the case of startups, business experience equivalent to two years will suffice.

504 Loans

These loans are also available up to $5 million and can buy machinery, facilities, or land. They are generally used for expansion. Like 7 (a) loans, private sector lenders or nonprofits process and disburse these funds. They work well for commercial real estate purchases especially.

Terms for 504 Loans range from 10 to 20 years. Unfortunately, funding can take up to 90 days. They require a minimum credit score of 680, and they use the asset being financed as collateral. There is also a down payment requirement of 10%. This can increase to 15% for a new business.

In addition, there is a 2-years in business requirement. For a startup, equivalent experience for management will meet this.

Microloans

Microloans are available in amounts up to $50,000. They work for starting a business, purchasing equipment, buying inventory, or for working capital. Community based nonprofits handle SBA microloan programs as intermediaries.

Interest rates on these loans are 7.75% to 8% above the lender’s cost to fund. Terms go up to 6 years. Similar to other programs, they can take up to 90 days to fund. The minimum credit score is 640, and the collateral and down payment requirements vary by lender.

SBA Express Loans

These loans max out at $350,000. They have a maximum interest rate of 11.50%. In addition, terms range from 5 to 25 years, and the SBA guarantee is less than it is with their other loan programs at 50%. To qualify, your credit score must be above 680. Another requirement is that you must have a debt to service ratio of 1.1 or higher. If the loan is greater than $25,000, collateral may be necessary. It depends on the lender.

The turnaround for express loans is much faster. The SBA takes up to 36 hours to give a decision. Also, there is not as much application paperwork. As a result, express loans are a great option for working capital, among other things, if you qualify.

Find out why so many companies use our proven methods to get business loans.

Other SBA Resources

While you are at this stop on the route, take a minute to check out the other resources the SBA offers. They exist for all small business owners. However, their Office of Women’s Business Ownership exists to help female local business owners specifically. This includes females that are considered minorities. Their goal is to enable and empower business owners that are women via advocacy, outreach, and education as well as assistance.

Second Stop: Private Lenders

The next stop when looking for small business loans for minority women is the private lending station. Loans from private lenders, much like SBA loans, are not exclusively for minorities or women. However, They do tend to work well with the unique challenges each group faces.

Lending Club

LendingClub functions as a peer-to-peer lender that offers mostly fixed-term small business loans. Borrowers that get loans from LendingClub generally use loans funds to buy equipment, finance growth or expansion projects, consolidate other debt, or hire new employees.

The minimum loan amount at LendingClub is $5,000 and the maximum is $300,000. You must have been in business for 12 months or more and have at least $50,000 in annual sales to qualify. There can be no tax liens or bankruptcies, and you must have at least 20% ownership. They will work with a credit score that is fair or higher. A fair credit score ranges from 620 to 659.

Lendio

Lendio offers a loan-connection service that dramatically cuts the time it takes for small business owners to find the perfect loan. They do the legwork by vetting a network of competing small business lenders. Funding is fast, sometimes in as little as 24 hours.

Potential borrowers submit one application and then see offers from lenders in the network. The minimum loan amount is $500 while the maximum is $5,000,000. The business must be U.S. or Canada based and must have a business bank account. The minimum personal credit score for approval is 560.

Blue Vine

BlueVine offers two options for small business financing. They include lines of credit and invoice factoring. They also offer the ability to talk with a financing advisor. Their application process takes place exclusively online. The minimum loan amount is $5,000 and the maximum is $100,000. To be eligible you must be in business for at least 6 months, have revenue of $120,000 per year or more, and have a credit score of at least 600.

Kiva

Kiva has a different lending model. They offer loans to businesses, but their platform is far different from that of traditional or even other non-traditional lenders. It is a kind of cross between crowdfunding and lending. They offer loans with a 0% interest rate, so even though you have to pay it back, it is actually free money. In addition, they do not run a credit check at all. The only requirement is that you have to get at least 5 family members or friends to donate money for your business, and you yourself have to give at least a $25 loan to another business on the platform.

Grameen

Microloans are a great option when it comes to business loans for women with bad credit. Grameen is one of the few lenders that offers microloans specifically for women. The loan amounts range from $2,000 to $15,000, and they also offer financial training and support.

As a bonus, they report payments to Equifax and Experian. Consequently, these loans help borrowers build credit.

Bonus Stop: The Grant Spur

Though highly competitive and rarely enough to fund a business on their own, grants are a great way to supplement other business funding. It can be wise to keep your eyes open for loan opportunities even while seeking small business loans for minority women. Here are a few you can start with.

Amber Grant

The Amber Grant awards $500 to $1,000 per month to a woman-owned business. One of the recipients also receives an additional $10,000 grant at the end of the year. Applicants only need to tell their story and turn it in with a $15 application fee.

#GIRLBOSS Foundation Grant

Specifically for woman-owned businesses in fashion, music, and art, the #GIRLBOSS small business grant awards $15,000. They also offer exposure via the Girlboss website and social media platforms. Judges rate those applying on creativity, business savvy, planning, innovation in the field, need, and where they plan to work.

Cartier Women’s Initiative Award

The Cartier Women’s Initiative Award is $100,000 for first place and $30,000 for second place. They award the grant to 18 female business owners from around the world each year. Women business owners who are just getting started may qualify. Look over the complete application for more information.

First Nations Development Institute Grants

The mission of this group is to offer grants that help Alaska Natives, Native Hawaiians, and Native Americans. They offer assistance in the application process in addition to funds.

National Black MBA Association Scale-Up Pitch Challenge

Also known as NBMBAA, the Scale-Up Pitch Challenge has cash prizes ranging from $1,000 to $50,000. The association says its purpose is to help newer businesses that have an African founder that maintains equal ownership.

There are also grant options that can work well even though they are not exclusively for minorities, or women. Some examples include the following.

FedEx Small Business Grant

There are 10 grants the company awards each year. They range from $15,000 to $50,000. If you’re a minority owned business with a cutting-edge product, this could be the grant for you.

A business must use the FedEx website to submit entries. There are a few questions to answer about your business. In addition, there is a requirement for an elevator pitch about what makes your business special. Also, you have to explain how you would use the grant funds. A 90 second video submission is optional.

Find out why so many companies use our proven methods to get business loans.

NASE Growth Grants

The National Association for the Self-Employed (NASE) has small business Growth Grants of up to $4,000. They are for micro-businesses, and proceeds can be used for a number of things. They can be used for marketing, advertising, expansion, and even to hire employees. These grants are open to everyone. However, you do have to be an NASE member to apply. Membership fees vary based on the membership level chosen.

Don’t Stop There: Other Resources for Women

Here are some other organizations that work to help women of all races. The support they offer can help you land small business loans for minority women, or any loan for that matter, and run your business well.

National Female’s Service Council

The NWBC is a federal advising council. It works as a resource of guidance to the government on women’s organization problems. The objective is to encourage campaigns, programs, and policies to sustain females from startup to growth.

Other Station Resources

Along with those resources listed above, explore these firms that also provide support to women owned businesses.

Association of Women’s Business Centers

The AWBC runs a network of business centers geared toward women. These centers labor to help women succeed by offering training, business development, financing, and mentoring opportunities.

National Association for Female Executives

This organization, also known as NAFE, sponsors events, provides training, and offers other resources to help female business owners achieve success.

National Association of Women Business Owners

The NAWBO works across the country to offer training, events, and other resources to women owned businesses nationwide.

SCORE

With more than 300 chapters and 10,000 volunteers, this is the country’s largest network of expert business mentors that volunteer their time. They match female business owners with mentors, or they can participate in a workshop to help them learn what they need to know to be successful.

You Are the Conductor: Take Your Business to the Next Level

In the end, the key to getting small business loans for minority women is to take the controls and go full steam ahead. You conduct your ride on the rails of business ownership. You can start by opening the doors to all the funding options that could be available to you. To do this, you have to build fundability. When your business is fundable, you have access to funding from virtually every source possible.

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Essential 2020 Business Tax Tips Amid the Coronavirus Pandemic

As we near the time most of us dread, when taxes are due, there is a major spin on things this year. The Covid-19 virus has put the world completely on its head, and even the IRS isn’t immune. What does coronavirus mean for taxes, and how can you make sure you keep as much of your money in your pocket as possible? Make sure you take full advantage of all the coronavirus relief options with these 2020 tax tips.

These 2020 Tax Tips Can Help You File Faster and Pay Less In These Uncertain Times

Truly, the coronavirus has affected everything. Currently, the economy is in a constant spiral. There are no signs of letting up any time soon. Before any other 2020 business tax tips, you need to know how Covid-19 affects your tax return this year at the federal level.

Get funding to help your business through uncertain times.

Coronavirus Business Tax Impact

First, both individuals and corporations have an extra 90-days to file and pay their taxes this year. Meaning, instead of having to turn in your tax return and pay by April 15, you have until July 15 to do both without interest or penalties. As of right now, interest and penalties will start to accrue on July 16.

As a result,individuals can defer up to $1 million, including self-employment tax. However, corporations can defer federal income tax payments of up to $10 million. Yet, the government is reminding people and businesses to file as soon as possible in case they are getting a refund. Having the cash-on-hand is more necessary now than ever than ever before.

Remember, this is for federal income taxes. Forty-two states and the District of Columbia have state income tax that currently must still be paid by their original deadline. This could change however, so watch for updates.

Now that you know this, here are our top 2020 Business Tax Tips.

2020 Business Tax Tips: Credit Card Rewards

It may be too late for 2019 taxes, but be sure you pay attention to credit card rewards if you use business credit cards. You could owe taxes on those. For this year, look at the rewards you have earned and determine if you need to include them on your tax return. Making sure your taxes are accurate is the best way to avoid a lot of unnecessary time in an audit later on.

2020 Business Tax Tips: Use Your Software Wisely

Few businesses keep their books with paper and pencil these days. Most use some form of accounting software. Many of these will print out tax forms automatically using the data already in the accounting system. Then, all you have to do is review the forms and supply any supporting documentation.

Be sure you know what your system is capable of and use it. Entering accurate information throughout the year and keeping it up to date will go a long way toward ensuring your tax time goes smoothly.

Here are some great options to consider for next year if you find your software is not what you need.

Zoho

Zoho is a great option if automation is your jam. They offer a 14-day free trial. The software compiles IRS compliant audit reports making tax filing much easier. Package prices range from $9 to $29 per month.

Wave

Wave has many advantages. The smart dashboard is one of the best. It organizes your income, expenses, payments, and invoices in a way that makes preparing a tax return as quick and painless as possible. In addition, accounting, invoicing, and receipt services are free! Fees for payroll and payment services vary.

Intuit Quickbooks

Arguably, Intuit Quickbooks is the most widely used small business accounting software on the market. The system is comprehensive and affordable for many, making it a great choice. There is a 30-day free trial and packages range from $12 to $75 per month. Payroll add on options are available.

2020 Business Tax Tips: File Online

There are many ways to file your tax return. Still, the fastest, easiest, and cheapest way to do so is online. As mentioned, this goes much faster and is a much smoother process if you have the best bookkeeping software for your business.

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2020 Tax Tips: Scan Backup Documentation

Start now scanning backup documentation for next year. Once you are caught up, a few minutes a day can save hours next year. While you are at it, depending on the number of transactions your business does, you could go ahead and scan backup documents for 2019 since you have extra time. It may come in handy in the case of an audit. At the very least, take the extra time to organize all the receipts in your shoebox.

2020 Business Tax Tips: Hire a Professional

When it comes to 2020 business tax tips, this is the one I would like to stress the most. If you can at all afford it, hire a professional to do your taxes. This is the best way to ensure you keep the most money in your pocket, which is hugely important amidst this coronavirus epidemic.

2020 Business Tax Tips: Going Forward

Looking forward to next year, what can you do to ensure your tax preparation goes as smoothly as possible? There are actually a number of things. They will not help you when it comes to taxes, but they will help you build fundability and business credit as well.

Get an EIN

Use an EIN to file your income taxes if you do not already. This is important for a number of reasons, including increasing fundability and helping build business credit. It’s easy and free to get one on the IRS website.

Consider Your Organization

If you are operating as a sole proprietorship or partnership, consider incorporating. Tax wise you can see how functioning as a corporation is going to allow businesses to defer up to $10 million in taxes for 90-days due to the Covid-19 pandemic. There are a number of other benefits as well, including some liability protection. Now more than ever you do not want to be held personally liable for business debts.

Business Bank Account

You have to open a separate, dedicated business bank account. There are a few reasons for this. First, it will help you keep track of business finances. It will also help you keep them separate from personal finances for tax purposes. Furthermore, it aids in separating your business from yourself for fundability and business credit building.

Beyond taxes, there are several types of funding you cannot get without a business bank account. Many lenders and credit cards want to see one with a minimum average balance. In addition, you cannot get a merchant account without a business account at a bank. That means, you cannot take credit cards payments. Studies show consumers usually spend more when paying by credit card is an option.

What Else Affects Fundability That Is Not Related to Taxes?

While not technically under the category of 2020 business tax tips, it still bears mentioning. Without fundability your business cannot access the funding it needs to run. How the IRS views your business can have an effect on fundability as well. Your business has to be an entity separate from you as the owner in the eyes of the IRS and lenders. Organizing as a corporation and getting an EIN are major for this. What else helps?

Contact Information

The first step in setting up a foundation of fundability is to ensure your business has its own phone number, fax number, and address. You do not have to get a separate phone line, or even a separate location. In fact, you can still run your business from your home or on your computer. You do not even have to have a fax machine. Be certain to use this separate business contact information on your business tax return.