The Small Business Tax Help Blog

Coming last is not necessarily a bad thing

Our obsession with growth was brought into sharp focus by the article ”NSW last in ranking of state economies” (January 11). Anyone reading it might conclude that all we need to do to secure a strong and desirable future is to simply keep on building more and more houses every year.

Family Trust – Overview

Gov. James Douglas’ State of the State address

Following are excerpts of the State of the State address delivered by Gov. James Douglas on Thursday: …

Campaign Promises, McCain, July 7th, Denver

BEN Column: Goodbye to Ruth McGowan; What’s going on with the Ferracute building?

Good morning! The heatwave starts Thursday and ends Friday.

HiE Budget Analysis – Property Portfolio

Question: If the Ark of the Covenant has been found, which I highly doubt, why is it not brought forth?

Go read an independent study on the subject in the book “Where is the lost Ark?” by Doug Wead, David Lewis, and Hal Donaldson. The book describes 10 possible theories and locations. Earlier on this site there was talk of Ron Wyatt’s theories, well….there’s way too many holes in his theories, and he’s not mentioned in this book. Why? I’ve met Ron, I know. And if he saw the Ark, why are there no pictures of it with the little surgeon camera thing? All the hospitals record video with it, why not him? In the book, it describes one scientific approach. Read it carefully, it makes sense. It describes a location at Ein-gedi, Israel by the Dead Sea. What has always been found by the Dead Sea? Artifacts, scrolls….that’s where they hid things. There’s a large cave there sealed to this day. It doesn’t take a scientist to figure out that there probably is something of great value in that Cave. David’s Cave, one large enough for 300 men. It currently doesn’t exist….Go find it!!

Answer: It would help validate the Old Testament. That would give credibility to the Jewish claims for the Temple Mount. Which would open up a can of worms in the middle East. If it were found the world would change overnight.

The cost of redevelopment? That's up for debate

Jose Matta, a contractor who owns several properties around the region, bought the building and an adjacent house in 2005 for $140,000, according to property records.

Near Dark - Heute Ist Ein Guter Tag Zu Sterben (Jenseits) - Abfahrt Records - 1992

Question: Trying to obtain My EIN Number?

When going for My EIN Number online it (IRS) asked how many members. I said 2, and it said that being its a multi-member L.L.C. that they (IRS) had to to initially set up as a partnership. Don’t want to do a partnership. I did select LLC in the beginning of the application.

Does it say that cause it has to set it up as a partnership for right now?

Answer: Your limited liability company will remain a limited liability company. The EIN doesn't effect the legal classification of your business entity, it merely identifies the tax classification for the preliminary purpose of sending you applicable tax forms for your convenience so you don't have to get them on your own. It is not even a tax election which you will make based on the type of tax return you end up filing for the LLC.

For an LLC, it is generally desirable to elect to be treated as partnership or disregarded entity for tax purposes because the IRS will not subject the LLC itself to income tax. Otherwise you would get taxed twice by the IRS for any income the LLC makes, once on the entity level when the LLC makes income and again as personal income tax when the LLC passes the income on to you and the other member. If classified as a partnership by the IRS, income tax is only assessed against you as personal income tax and reported as such on Schedule K of your personal income tax return.

Edit: There are several legitimate reasons for forming a limited liability company to operate one's business, most of which revolve around the concept of protecting one's personal assets against the liabilities of the business. One doesn't need to have a "huge operating corporation" to expose one's personal assets in operating a business outside of a limited liability entity. All it takes is one engagement with a client or customer. Further, the costs of organizing a limited liability company with equal membership interests are nominal outside of certain jurisdictions like New York.

Ask Felicia Joy: How to Protect Your Business

Ms. CEO gives a lesson in trademark 101 and Small Business Taxes.

ARS-DIMICANDI , Gallus-Gallus,Schicksal in Flamme , Destino in fiamme in Augusta Treverorum