As an owner of the company I love to see feedback like this.
I would definitely give a 10 out of 10 stars! I just spoke with Claire and I have to say that I’m very impressed with the service offered by IncParadise!
I had made a mistake in my paperwork filing and Claire helped me sort it out in no time at all. I haven’t gotten service this good from any other company I’ve had to deal with in recent memory. Claire was extremely professional and patient with my mishap. She was also kind and jovial throughout our conversation, and I enjoyed talking with her. She has won me over as a long term customer of IncParadise, and I’ve even added registered agent service when speaking with her because I felt confident that I’d be getting good service with IncParadise.
I was hesitant to place an order like this online, and I sifted through the dozens of incorporation companies for hours before placing an order, but I feel like I made a really good choice after speaking with Claire!
William Kumberger
Popularity: 9% [?]
Here is information directly from the IRS regarding small business tax deductions.
The American Recovery and Reinvestment Act (ARRA), enacted in February, created, extended or expanded a variety of business tax deductions and credits. Because some of these changes—the bonus depreciation and increased section 179 deduction, for example—are only available this year, eligible businesses only have a few months to take action and save on their taxes. Here is a quick rundown of some of the key provisions.
Faster Write-Offs for Certain Capital Expenditures
Many small businesses that invest in new property and equipment will be able to write off most or all of these purchases on their 2009 returns. The new law extends through 2009 the special 50 percent depreciation allowance, also known as bonus depreciation, and increased limits on the section 179 deduction, named for the relevant section of the Internal Revenue Code. Normally, businesses recover these capital investments through annual depreciation deductions spread over several years. Both of these provisions encourage these investments by enabling businesses to write them off more quickly.
The bonus depreciation provision generally enables businesses to deduct half the cost of qualifying property in the year it is placed in service.
The section 179 deduction enables small businesses to deduct up to $250,000 of the cost of machinery, equipment, vehicles, furniture and other qualifying property placed in service during 2009. Without the new law, the limit would have dropped to $133,000. The existing $25,000 limit still applies to sport utility vehicles. A special phase-out provision effectively targets the section 179 deduction to small businesses and generally eliminates it for most larger businesses.
Bonus depreciation and the section 179 deduction are claimed on Form 4562. Further details are in the instructions for this form.
Expanded Net Operating Loss Carryback
Many small businesses that had expenses exceeding their incomes for 2008 can choose to carry those losses back for up to five years, instead of the usual two. For small businesses that were profitable in the past but lost money in 2008, this could mean a special tax refund. The option is available for a small business that has no more than an average of $15 million in gross receipts over a three-year period.
This option is still available for most eligible taxpayers, but only for a limited time. A corporation that operates on a calendar-year basis, for example, must file a claim by Sept. 15, 2009. For eligible individuals, the deadline is Oct. 15, 2009.
Eligible individuals should file a claim using Form 1045, and corporations should use Form 1139. Details can be found in the instructions for each of these forms, and answers to frequently-asked questions are posted on IRS.gov.
Exclusion of Gain on the Sale of Certain Small Business Stock
The new law provides an extra incentive for individuals who invest in small businesses. Investors in qualified small business stock can exclude 75 percent of the gain upon sale of the stock. This increased exclusion applies only if the qualified small business stock is acquired after Feb. 17, 2009 and before Jan. 1, 2011, and held for more than five years. For previously-acquired stock, the exclusion rate remains at 50 percent in most cases.
Estimated Tax Requirement Modified
Many individual small business taxpayers may be able to defer, until the end of the year, paying a larger part of their 2009 tax obligations. For 2009, eligible individuals can make quarterly estimated tax payments equal to 90 percent of their 2009 tax or 90 percent of their 2008 tax, whichever is less. Individuals qualify if they received more than half of their gross income from their small businesses in 2008 and meet other requirements. For details, see Publication 505.
COBRA Credit
Employers that provide the 65 percent COBRA premium subsidy under ARRA to eligible former employees claim credit for this subsidy on their quarterly or annual employment tax returns. To help avoid imposing an unnecessary cash-flow burden, affected employers can reduce their employment tax deposits by the amount of the credit. For details, see Form 941. Answers to frequently-asked questions are posted on IRS.gov.
Other ARRA business provisions relate to discharges of certain business indebtedness, the holding period for S corporation built-in gains and acceleration of certain business credits for corporations. Also see Fact Sheet FS-2009-11.
Popularity: 13% [?]
Effective July 1, 2009 the state Business License fee will increase, from $100 per year, to $200 per year.
Effective October 1, 2009 the Business License fee will be administered and collected by the Secretary of State’s office.
Popularity: 8% [?]
Who is required to get the state business license?
Effective 7/20/03, all businesses doing business in Nevada must obtain a State Business License as approved by the 20th Special Session of the Nevada Legislature, per NRS 360.780. Exceptions include small sole proprietors working out of their home and netting less than the average annual wage ($25,400 for 2008), landlords renting 4 or fewer dwellings units, the movie industry, and non-profit organizations.
What is the cost of the Nevada State Business License?
$100 per year. If you are late, there is a $100 late fee.
Where do I get the business license?
Through the Nevada Dept. of Taxation.
What if I need a resellers license?
There is an additional fee (min. $15), but it is done in conjunction with the State Business License.
Popularity: 7% [?]
This has not passed yet, but undoubtedly will in this legislative session
Nevada SB 334
An act relating to corporations sole; providing for the elimination of the formation of new corporations sole; and providing other matters properly relating thereto. Under existing law, a corporation sole may be formed for acquiring, holding or disposing of church or religious society property, for the benefit of religion, for works of charity and for public worship. Existing law provides the procedures for forming a corporation sole, the powers of a corporation sole and the process of default, reinstatement or revocation of a charter of a corporation sole. (Chapter 84 of NRS) This bill provides that no corporation sole may be formed on or after the effective date of this bill, and no corporation sole which had its charter revoked may be reinstated on or after the effective date of this bill. However, this bill does not affect the existence of a corporation sole formed before the effective date of this bill.
Full text available at: http://leg.state.nv.us/75th2009/Bills/SB/SB334_R1.pdf
Current Bill Status: April 14, 2009, having passed the Senate sent to the Assembly and Referred to Committee on Judiciary.
Popularity: 6% [?]
Below is the contact information for a CPA in Florida who can answer tax questions, assist in accounting, and file annual tax returns.
The company is Taxes Plus LLC
Contact Stephanie Schaefer via email sschaefer@TaxesPlusUS.com or call (201) 683-7375.
Popularity: 6% [?]