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Apr 1, 2010

jennysquare Profile

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Chicago, IL

Do I need to pay Social Security tax?

If your net income from the business is $xxx or more, you must pay self-employment tax, which is the Social Security tax for a self-employed individual. The good news is one-half of your self-employment tax is deductible from your adjusted gross income. Source http://www.infotax  (May 5, 2010 | post #1)

Phoenix, AZ

When should I get sales tax registration?

If your business is required to be registered as a sales tax vendor, you must obtain a sales tax permit (also known as sales tax vendor id number, reseller tax id) from the Tax Department. If you make taxable sales before you receive the sales tax exemption certificate, your business may be subject to substantial penalties. Source http://www.infotax  (Apr 22, 2010 | post #1)

Financial Services

What happens if I fail to officially close LLC / close co...

If, for any reason, you do not close your LLC/ close corporation with the state, the consequences can be severe and will take you paying heavy penalties in different areas. Some of the consequences you may be indulged to deal with include the following: Personal Liability. Even if you have already stopped your business transactions, legally your corporation, Directors, Officers and shareholders will be still considered as personally liable for the corporation unless you file cancellation legally. Tax Liability. Until you get certificate of dissolution, your corporation will be held liable to file all relevant federal, state, and municipal tax returns. Failure to file these returns will result in the heavy penalties and fees associated with the late filing. And many more Source http://www.infotax  (Apr 22, 2010 | post #1)

Phoenix, AZ

What are the benefits of Registering a Trademark ?

There are numerous benefits to registering a trademark and utilizing the trademark services of a lawyer. Registering a trademark heightens the protection it receives, deters others from using your trademark, and increases the remedies should someone infringe upon the trademark. Using a trademark lawyer increases the likelihood of receiving all of the benefits discussed below. Registering a trademark provides greater Protection. Registering a trademark deters others from using your trademark. Registering a trademark provides the trademark owner with greater remedies. Source http://www.infotax  (Apr 21, 2010 | post #1)