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Business Guide

Employee VS Independent Contractor

In order to account for payments made to service providers, you must decide whether those service providers are your employees or independent contractors by take “Degree of Control” and “Independence” into consideration. Click on this link to be directed to complete information on degree of control & independence. http://www.irs.gov/businesses/small/article/0,,id=99921,00.html If they are your employees, then…

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Social Security Benefit

Your Social Security taxes pay for three kinds of benefits; retirements, disability, and survivors. To be eligible for Social Security benefits you need a certain number of credits. How do you earn this credit? You earn this credit toward Social Security benefits when you work. To become eligible to earn credit for Social Security Benefit,…

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Stop doing Business in CA Process

You are required to file Final Payroll Tax Return to IRS and EDD You must file Final Sales Tax Return to State Board of Equalization. You also have to return your Seller’s Permit to State Board of Equalization. If your business was located in City of Los Angeles, you must notify to City of Los…

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Individual Taxpayer Identification Number

ITIN (Individual Taxpayer Identification Number) is a tax processing number issued by the Internal Revenue Service. IRS issues ITIN to help individual comply with the US tax laws, and to provide a means to efficiently process and account for tax returns and payments for those who are not eligible to receive Social Security Numbers. You…

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Nonprofit Organization

Nonprofit organizations are usually classified as either member serving (addressing the needs of only a select number of individuals) or public. They take many forms: Public Benefit Organization – Charities, Foundations, Schools, Hospitals, Social Welfare or Advocacy Organizations and etc. Mutual Benefit Organization – Professional/Trade Associations, Chamber of Commerce, Alumni Associations and etc. Religious Organizations…

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Senior Citizen’s Replacement Dwelling Benefit (Proposition 60 and 90)

Senior citizens often sell their houses to move into new house. If you’ve lived in your house for a long time, you might qualify for this substantial tax savings. These constitutional initiatives allow senior citizens to transfer the trended base value from their current property to a new property if certain requirements are met. (Section…

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Estate Planning

Broadly speaking, it is an estate plan that encompasses the accumulation, conservation and distribution of an estate. A good plan will enhance and maintain the financial security of individuals and their families. Estate Planning Team Each member of the estate planning team has a particular specialty and takes parts to contribute with their integral role…

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Qualified Retirement Plans

Qualified retirement plans are set up by employers to provide employees with opportunities to save for retirement. A self-employed person or small business owner can also set up some of these plans, even if there are no employees in the business. Qualified Retirement Plans meets the requirements of Internal Revenue Code Section 401(a) and the…

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Cafeteria Plan

A cafeteria plan is a type of employee benefit plan offered in the United States pursuant to Section 125 of the Internal Revenue Code. Its name come from the earliest such plans that allowed employees to choose between different types of benefits, similar to a cafeteria. Employers who are offered such plan may obtain following…

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State Enterprise Zone (EZ) and Tax Incentive

The California Technology, Trade and Commerce Agency have designated economically depressed areas in California as Enterprise Zone to encourage and stimulate growth, development, and investment in the area. Taxpayers who invest, operate, or locate a trade or business within an Enterprise Zone may be eligible for special tax incentives, known as EZ credit. For example,…

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