The Small Business Tax Help Blog

Archive for July, 2010

Question: Incorporation ?

I recently incorporated my part time business, I did it myself from my state website, Fl. I only paid $70, while other sites offered anywhere from 200-600. I now have questions, & now think I should have paid out the money for someone to do it for me. My question is, the state site never asked what type of Corporation I wanted to be, such as C or S. when I requested for My EIN Number it askes what forms do you want to file, and I said the 2553 to be an S corp, I did this over the phone, so my question is, do they automatically file this form for me, or do I need to do it myself, that part was never made clear. I assumed since it said file with, that it was something they would take care of with the filing of the EIN number. If this is something that I have to do, then I have a question about this form, it askes for the signature of the stockholder & their info., how do I get that info.? Also ordering a Corporate kit, w/bylaws & minutes, & stock certfiicates, do I need that?

Answer: All corporations start life as “C” corporations. As a benefit to small businesses, which meet certain criteria, the Internal Revenue Service allows them to apply (via form 2553) for “S” status. This means that the corporation will be taxed similarly to a partnership, with each shareholder reporting the profit or loss of the corporation on his personal tax return, in proportion to the percentage of shares he holds. This means that if there is a loss the shareholder can use it to offset his other tax obligations. If there is a profit it is taxed once, at the individual’s tax rate, rather than twice (a “C” corporation will pay a tax on profits and individual shareholders will be taxed again when those profits are distributed as dividends.) We can do S Corporation status election with IRS for $25.

You have to file the form 2553 yourself. Stockholders are shareholders. So if you own the corporation that is you and your address.

Corporate kit & bylaws. It helps you to be organized. More important than buying kit is to do the minutes from the shareholder and director meetings. You have to adopt bylaws, elect shareholders, etc. Link for free forms is included. Also included is links for S status info and full service for preparing the minutes for $25.

WCC FEATURE: Taking water to the Jordan (WCC media WCC FEATURE:)

A few days ago, I was handing out bottles of water within a few miles of Israel/Palestine=E2=80=99s only major river, the Jordan. The village of Al Fasayel lies in a desert landscape, a contrast to nearby Israeli settlements, which have access to almost unlimited water. Al Fasayel itself has not had water on tap for over seven weeks.

So ein ding – 24.03.2009 – Megapixel kameramobiler

Question: What happens if you get sued?

What happens if you get treatened to be sued over something you wrote about a person/business on a forum that is all true information, and you have no money or anything in your name? Do they just forget about it or what? Cause i know alot of crap that happens at that place and im sure the IRS wouldnt mind a nice tip i could give them on how that business/person doesnt report things for taxes. I didn’t do anything wrong except i wrote some facts that happened when i worked there, so would freedom of speech protect me? The guy is a cold hearted asshole anyways the only problem is he is my stepdads brother and now my mom is pissed at me.

Answer: You want a good bit of advice on this matter…………………? KEEP YOUR NOSE OUT OF OTHER PEOPLES’ BUSINESS

Ensminger and Manriquez go head-to-head

The candidate forum July 12 exposed the deep rifts between Mark Manriquez and Mike Ensminger, Republican candidates for Teller County Sheriff. With no Democratic opponent waiting in the wings, the next sheriff will be decided by the voters in the Republican primary Aug. 10.

Tax Tips: Tax Forums — June 2010 (ASL, Captions & Voice Over)

Question: why can’t i get my state refund?please help?

|South Carolina state tax return (SC 1040) shows you are due a
refund of $119.00. Do not expect your refund from the South Carolina
Dept of Revenue. You have applied $119.00 to your 2010 estimated
taxes.

why can’t i get my state?it also said something about an overpayment.thanx for the answers
i think i did.what do i do now.i did it on turbo tax

Answer: Sounds like someone hit the wrong box, there may be a question on the tax form like
DO YOU WANT YOUR REFUND TO GO TO 2010 estimated taxes. Go over your state and see.
Best of luck to you

Rice wine tax change to hit revenues

The Ministry of Finance has estimated that a reduced tax rate for rice wine, expected to take effect as early as September, could cost the nation NT$1.47 billion (US$45.7 million) a year.

Tax Estimated Payment Instructions for 2009, 2010

Question: Independent Contractor Status Misclassification?

I work for a summer door-to-door alarm sales company and am paid as an independent contractor. No taxes, social security etc are removed from my check. The pay I receive is based solely on the number of alarm systems I set up. The company withholds 50%(ish) of my compensation to a check that will be given to me at the end of the summer, but which I will not receive if I fail to stay the entire summer. Now, the company “fired” me recently because we have a set schedule of hours that we must go knock doors for (as outlined by a set of rules and regulations). My question is, if they are able to micromanage like that, doesn’t that classify me as an employee? What is the official stance of the requirements for “firing” an IC? If I have been misclassified, what can I do? Am I still eligible to receive my end of the summer check, since I did not leave voluntarily? Any help would be greatly appreciated.
Feel free to email me any info regarding this at calljami@isu.edu

Answer: You have a number of options. You can file a complaint with the state labor board. They will give you an opinion regarding the withholding of your income as well as the IC status. You have some options when it comes to filing your income tax return. You can file an SS-8 to get a determination of your IC vs employee status. You can also file a 8919 with your tax return and include the earnings from this employer as wages. That will cut your FICA-medicare tax in half. And should all of those not get the company to give in you can go to small claims court. That should be the last resort as the others have a greater effect on the company.

Why the Self-Employed Might Owe OfficeMax a 1099

Small businesses and self-employed workers will have a blizzard of new tax paperwork starting in 2012.

Tax Tip: Withholding Calculator – January 2010

Question: How do I notify IRS of a Non-Profit business name change?

How do I notify IRS of a Non-Profit business name change for the EIN to update to the new business name? Also how do I change the deeds to the new name as well?

Answer: Form zero, blank paper. Send a letter stating the organization has changed its name. Include a copy of the corporate resolution authorizing the change.

In the name of the grandfather

“I could have been everything. I would be a writer now if only I hadn’t been Agnon’s granddaughter – a writer or a poet – but I spread in so many directions and fell between the cracks.

Best Halo 3 Kill Ever?– Bungie Favorites