Plumbing insurance coverage is an important part of a successful plumbing company and consists of general liability and equipment coverage. Depending on the size of the business, plumbing insurance will include workers’ compensation and commercial auto, too. Plumbing insurance costs between $45 and $100 a month for general liability. Plumbers will pay a lot less…
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What Is Self-employment Tax: Rates & Calculations
Self-employment tax consists of Social Security (12.4%) and Medicare (2.9%), for a total of 15.3%. It is assessed on income earned and must be paid even if you don’t receive a 1099-MISC for your services. If you’re a sole proprietor, freelancer, general partner, or independent contractor making $400 or more in self-employment income then you’ll…
What Is the Federal Funds Rate?
The federal funds rate is the rate that’s charged when a bank lends funds to another bank. This can occur if a bank needs money to satisfy reserve requirements set by federal regulations. While the federal funds rate describes the rate banks charge one another, it plays a large role in US monetary policy and…
What Business Overdraft Protection Is & How It Works
Overdraft protection is a business checking service that allows your bank to auto-transfer funds from a backup account, credit card, or a line of credit to pay for transactions if your main checking account’s balance is insufficient. It protects you from overdraft fees and non-sufficient funds (NSF) fees. In many cases, you can set it…
What Is Coupon Marketing? (+ How It Works & Tips to Get Started)
Everyone loves a coupon. Whether it’s a free shipping voucher for a new customer or a loyalty discount for a long-time fan, coupons can make customers feel appreciated and more encouraged to buy from your business. It can even be the final push a prospect needs to finalize a purchase. The best part? Even small…
How Much Does a Patent Cost? The Beginner’s Guide
A patent may cost anywhere from a few hundred to a few thousand dollars depending on the type, complexity, and resources you need for your invention or design. Generally, you can expect to spend anywhere from around $6,560 to $26,860, though the total cost truly depends on several factors, including the type of patent—such as…
Dun & Bradstreet Credit Report: What It Is & How It Works
A Dun & Bradstreet credit report, or D&B credit report for short, provides a snapshot of how a business handles its debt payments. Its primary purpose is to provide potential creditors and business partners insight into how a company will likely handle its payments moving forward and its overall financial health. Information commonly included with…
What Is SOFR (Secured Overnight Financing Rate)?
The Secured Overnight Financing Rate, commonly referred to as “SOFR,” is a benchmark rate index published by the Federal Reserve Bank of New York. It is used by financial institutions to price various lending products—such as loans, derivatives, and bonds—and reflects the average cost of borrowing funds overnight when secured by US Treasury securities. It…