A Tappan resident who sells and installs carpet was stiffed on a $7,000 bill by a homeowner. What can he do?
A: Since it's a property improvement, he can put a lien on the house where the work was performed. He can also file a claim in the local small claims court and obtain a judgement. The question of whether he can write off the loss as a bad debt depends on the type of accounting he is using in his business. If it is accrual accounting, it can be written off as a bad debt in the year in which the debt soured. If it's cash accounting, there is no writeoff.

Q: Seeking new careers, one man is exploring whether to become a personal chef for upscale clientele, or to become involved in real estate management. How does he find customers?
A: One avenue for the personal chef route is to advertise in upscale publications with upscale readers that would want such a service. In more professional undertakings like real estate management, consider joining or networking with professional groups whose members might look for such services.

Q: Harvey in New City is ready to buy a business. Where does he look?
A: Two good places to start are through certified public accountants and commercial real estate brokers. CPAs often have business clients that are looking to sell, or know of other CPAs who do. And real estate brokers may handle property for clients who also want to sell. One caution - there may be reasons behind the sellers' decision to get out that can make the business a less-than-perfect investment opportunity. Do your homework.

Q: Norma can't understand why the long-running family florist business is having a cash-flow problems.
A: Sit down with an accountant and find out. Start with measuring the expenses each moth to determine where the money is going. Is the business growing? It may require more capital investment in order to cover the lag between the time you pay the suppliers for the flowers and the time you collect from your customers.

Q: A man who has incorporated his plumbing supply business wants to know if he can get a bank loan to buy a new truck for the business without offering a personal guarantee for the loan.
A: Most banks want that guarantee, so probably not. Consider leasing the truch but you would still have to guarantee the lease.