The Small Business Tax Help Blog

Archive for October, 2007

Without a doubt, one of the liveliest business and investment ventures rocking the health and beauty industries today is the ancient, venerable Dead Sea.

From mineral-rich black mud body masques to health treatments in thermo-mineral springs and the Dead Sea brine, the region’s abundant cosmetological and therapeutic natural resources are truly legendary.

Cleopatra knew well the value of the naturally beautifying and restorative products that came from the Dead Sea region. She so coveted the bounty of the mineral-laden bath salts, the skin-revitalizing mud baths and the intoxicating balsamic perfumes extracted from the oases that her lover, Marc Anthony, led his troops into a fierce and bloody war to secure the region for his beautiful Queen.
And Cleopatra herself built the very first Dead Sea cosmetic facilities. Visitors to Ein Bokek and the Biblical, historic Ein Gedi can still see the bones of those factories today.

What makes Dead Sea products so clinically beneficial is their source — a unique mix of solar radiation, an oxygen-rich atmosphere and geological features unlike any other on earth.

Flanked by mountains to its east and west, the heavily saline Dead Sea is cradled in a deep, sealed basin with hot, arid air above its surface. More than 400 meters below sea level, the Sea takes in water and mineralized run-off from mountain streams and alluvial springs, but loses the water rapidly to evaporation.

The resultant residue of leeched minerals and thick salts has long been used the world over to relieve the effects of muscle pains, psoriasis and other human ills.

The mineral cocktail produced in the Dead Sea waters and absorbed into the human body is believed to help skin to literally regenerate.

Today, the Dead Sea’s reputation as a healer, revitalizer, replenisher and therapy treatment is thriving. Visitors travel to the Holy Land the year-round to bask on the sunny beaches and luxuriate or heal at one of the many top-quality day spas and treatment centers.

Today’s Dead Sea products aficionados are finding that Cleopatra was right on the target about the value and effectiveness of the region’s bounty!

Based on years of scientific testing, manufacturers report their products will smooth wrinkles, revitalize the skin’s appearance, relieve muscle tension and cure acne.

There are also products to stimulate, cleanse and tighten skin, shrink large pores, rejuvenate hair luster, moisturize dry skin and give a healthy glow to whatever body part is enjoying treatment.

Among the many different types of Dead Sea beauty and pharmaceutical products marketed today are:

Will Israel become a major center for medical tourism?

U.S. medical costs are so high that American insurance companies often find it worthwhile to send their customers abroad for medical procedures.

Important Topics for Entrepreneurs

Question: Does my fiance have to file taxes this year? She did not work but attends college full time and we have 2 kids

Should I claim head of household and all dependents. Or can she file herself and get the earned income credit. we live in the state of new york Thanks

Answer: Your fiance cannot claim earned income credit if she does not have any "earned income" (wages) therefore, you should file head of household and claim her and her children.

Republic Bank Announces Volunteer Income Tax Assistance Grants

LOUISVILLE, Ky.----Republic Bank announced the award of 14 grants to non-profit organizations offering Volunteer Income Tax Assistance and Earned Income Tax Credit programs for the 2009-10 tax season.

Carlos Rodriguez speaks about the role of non-profits

It looks like the First Time Home Buyer Tax Credit may be sticking around a little longer than originally planned. There are still a few questions regarding amendments requested by the Senate Republicans, but if all can be smoothed over, the credit will be extended until April 30.

Introduced last February as a means of kickstarting the sluggish housing market, over 1.2 million borrowers have claimed $8.5 billion out of the original $13.6 billion allocated for the credit. Did the tax credit do what it was intended to do? Depending on which economist you speak to, an estimated 150,000 to 400,000 home sales were the direct result of the Home Buyer Tax Credit.

According to the latest proposed bill, the revised tax credit will contain new and improved features to reach a larger cross section of potential home buyers as well as extend the deadline to encourage more potential buyers.

Some of the features of the new Home Buyers Tax Credit include:

Deadline for current credit: Home buyers must close the deal on a home purchased in 2009 by November 30/09. As long as they live in the home for at least three years, the credit is not repayable.

Deadline for new & improved credit: Home buyers must purchase a new home by April 30, 2010, but as long as they were under contract by this date, would have up to 60 days to close the deal.

Eligibility and amount of current credit: First time home buyers are eligible for up to $8,000 in the form of a non-repayable tax credit. When claimed on a tax return, it reduces the amount of tax payable and results in a refund for the balance.

Eligibility and amount of new & improved credit: Same as above, however there is a new component that allows an additional $6,500 credit for those who have lived in their homes for five of the last eight years – thus not restricting the benefit to first time home buyers.

Those buyers with incomes exceeding $125,000 for singles and $225,000 for married couples are not eligible. Homes valued at more than $800,000 are also ineligible.

Fraud protection: As with any new legislation, there are those who attempt to take advantage or exploit. Thousands of false claims were received from children and teenagers. In the new and improved credit, applicants must be 18 years of age or over to apply.

Whether these new changes will make a difference in the housing market is up for debate. Some feel that offering it up to those who already own homes, isn’t really doing anything to reduce inventory since they will only be selling one home to buy another. However, it may encourage the fence sitters to take the initiative and invest.

According to Mark Zandi, chief economist at Moody’s Economy.com, he is much more optimistic and believes, “The tax credit is not a very efficient tax cut, but not extending it would do significant damage to the still fragile housing market.”

Many in the real estate industry believe that extending the tax credit will help to sustain any momentum gained in home sales and carry it over into the critical spring buying season.

Liquidating firms claim billions in U.S. stimulus

The U.S. government has provided more than $1 trillion of support to financial companies in a bid to keep credit flowing to the U.S. economy.

MVCC Ecology & Field Biology Marine Bio BIO 220 Belize June 2010

Question: How can i get tax exempt as sam’s club with a business membership??

I am planning to get a business memebership at Sam’s Club since I opened up a business. Supposedly you can get a tax exempt from the state but I don’t what forms do I need and then what to do with them. Does anyone know what forms I need to fill out to get a tax exempt?

Answer: The tax exemption is only for items bought for resale, unless you are a registered charity in which case it covers items the charity uses in the conduct of its charitable purpose. Assuming your business is not a charity, you still pay sales tax on any item you are going to use yourself or that your business is going to use

You'd apply to your state for the exemption papers - every state is different.

Richardson: No to food tax, state layoffs

Gov. Bill Richardson, who recently had said he was leaving open the possibility of reinstating gross receipts taxes on food, made it clear Tuesday he will oppose bringing back the food tax. During his final State of the State speech before a session...

GCTexas Passes Resolution to Revoke Tax Exempt Status of CoS

Community Calendar

Submissions for Community Calendar are required 14 days preceding the date of publication. Send to: Niles Managing Editor, Pioneer Press, 3701 W. Lake Ave., Glenview IL 60026. Information may be faxed to (847) 486-7495 or e-mailed to mbottari@pioneerlocal.com.

Ho’oponopono with Mabel Katz – Personal Mastery Interview with Tina Carey – part 3/3