The Small Business Tax Help Blog

Posts Tagged ‘reference’

Question: Is Keynesian economics rooted in legal counterfeiting?

Keynesian economics argues that private sector decisions sometimes lead to inefficient macroeconomic outcomes and therefore advocates active policy responses by the public sector, including monetary policy actions by the central bank (the federal reserve) and fiscal policy actions by the government to stabilize output over the business cycle.[1]

http://en.wikipedia.org/wiki/Keynesian_economics

In order for the government to spend money, it must tax UNLESS there is a central bank. In that case, you can just print as much money as you need. (Which is basically what we’ve been doing since this Keynesian economic theory entered America)

Answer: This theory essentially lines up with Marxist or Communistic ideals, which express a fundamental need for central banks. And printing money out of thin air, which is what the Federal Reserve pretty much does, is fraudulent and like you have termed it "legal counterfeiting." We're paying debt with debt, makes no fiscal sense does it?

Hoiles: Dynasty to bankruptcy

They could have been millionaires, many times over, in 1985 when a million dollars meant something. But 25 years ago, the majority of the Hoiles family, owner of The Orange County Register, spurned a $1 billion buyout of the Santa Ana newspaper and...

What is the definition of R&D and how does a company claim tax relief on it?

Question: Registering a new business in New Jersey, can’t afford a preparer?

I am starting an online business with my friend selling clothing online. We have registered as a Domestic LLC in NJ which cost $125 and are about to apply for a e.i.n. (tax id), a friend of mine strongly suggested to become an S. Corp for the tax benefits.
We will be ordering bulk apparel from a site that requires a tax i.d., and then outsourcing our designs. The only things we would handle is the shipping around the country.

My question is what tax id should i get? Partnership LLC? S Corp? Any tips you guys could give me? I want to take care of it myself without hiring a lawyer or preparer but I’m afraid of messing anything up. Please help. thank you.

Answer: check with the department of revenue (or whatever it is called in NJ) and ask what the taxes are on an S-corporation and on a Limited Liability Company and a partnership.

As far as the IRS is concerned the taxes are basically the same for all three. The profits, whether distributed or not, are allocated to the partners/shareholders who pay the taxes. The business doesn’t pay any federal income tax.

There is no reason to change from an LLC at this time.

Jerry-the-bookkeeper

Girard Interiors supports FOCAS for Prevent Cruelty to Animals Month

In the spirit of April being Prevent Cruelty to Animals Month, Girard Interiors in Westwood will hold its second annual fundraiser for Friends of the County Animal Shelter (FOCAS). Throughout April, no matter the total cost of a transaction, 5 percent of every sale at Girard Interiors will be donated to FOCAS. The store will also accept monetary donations for FOCAS, in the event someone would …

How To Find A Good Online Business in New Jersey

Tax time: Brush up on your math

HAVELOCK — Filing income tax returns can be complicated enough, between knowing what is deductible and what isn’t. But what seems to trip up most taxpayers is simple math.

Self Employment Tax Tips : Tax Tips for Home Business Owners

Election-Year Politics Creating Crunch Time For Michigan Turnaround Plan

LANSING – Election-year politics, including having two legislative leaders seeking statewide office, is creating a time crunch for Business Leaders for Michigan to get its Michigan Turnaround Plan into law, the head of the group said Friday.

Schauer Champions Tax Breaks for Struggling Workers

Question: I’m starting a t-shirt design company, and need to know what forms I need in the state of Texas?

I know I’ll have to fill out a tax ID form, but do I need to copyright my name and designs? How should I start? Should I get a business consultant and CPA or just wing it on my own?

Answer: Here are some resources to guide you in starting a business in Texas

Guide to Starting a Business in Texas – Permits and Licenses http://www.tded.state.tx.us/guide/
Business Startup Information (has links to IRS for tax number to links to the Texas office of SCORE where you can get free advice) http://www.sos.state.tx.us/corp/related.shtml

When thinking of names, remember that you can have different company name and brand name. Your company name may be ABC TSHIRT DESIGNS while your tshirt line may be called GHETTO LOOK or something.

You will register your company name with your county, but you will need to check the brand names you are planning to use with the United States Patent and Trademark Office (USPTO). You don’t want to be sued for using a brand name that another company is already using. You can do your own search using the USPTO Trademark Electronic Search System(Tess) http://tess2.uspto.gov/bin/gate.exe?f=tess&state=8ecsul.1.1 or you can hire a lawyer to help you do the search. Lawyers will typically cost $850 upwards to do trademark searches plus filing fees — and can be more depending on where you live. If you do this yourself (and you can do it yourself), the fees range from $325 to $375 depending on whether you will submit a paper application or electronic application http://www.uspto.gov/web/trademarks/notices/tmfeechange.htm

There are advantages to using consultants and CPA, one of which is hiring them allows you to focus on your business – creating tshirts – rather than take care of things such as bookkeeping and others. It will all depend on the availability of your resources – if money is tight, then you can do everything yourself but if you have resources to do it, you can go ahead and hire professionals.

I suggest you read the following books to help you learn more about the business:

- The Official Step-by-Step Guide to Starting a Clothing Line by Jay Arrington, Marc D. Baldwin
- The Business of Fashion: Designing, Manufacturing, and Marketing by Leslie Davis Burns
- Apparel Product Development (2nd Edition) by Maurice J. Johnson
- The Fashion Designer Survival Guide: An Insider’s Look at Starting and Running Your Own Fashion Business by Mary Gehlhar
- Fashion for Profit (Revised Edition with Retail Chapter) by Frances Harder
- Fashion: From Concept to Consumer (8th Edition) by Gini Stephens Frings

Local Beat 4/5/10

A list of meetings and events of interest throughout Navarro County

Testimony Of George Hammerlein To The House Elections Committee, Pt. 1