Saturday, February 28, 2009
Do you ever need a easy to make dessert for a party?-This one's a favorite in our family! The crispy pretzel crust is unusual and offsets the creamy center layer. Try making this recipe with all sorts of variations-Try fresh raspberries and raspberry jello or orange jello with mandarin oranges.
2c. coarsely ground pretzels
1 1/2 sticks butter, melted
3 Tbsp. sugar
2 (8oz) packages cream cheese,softened
1 c. sugar
2 (8 oz.)tubs Cool Whip, thawed
1 6oz. pkg strawberry Jello
2c. boiling water
2 (10oz.)pkg frozen sliced strawberries
Mix together crushed pretzels, melted butter and 3T sugar. Press into bottom of 13x9 inch baking pan. Bake at 400 degrees for 10 minutes. Let cool.
In a large mixing bowl, cream together the cream cheese and sugar until smooth. Fold in Cool whip, mix until well blended. Spoon over pretzel layer and spread evenly.
Mix together Jello and boiling water. Add frozen strawberries. Refrigerate for about 1 hour until slightly thickened. Spoon over cream cheese layer. Refrigerate until jello is firm about 4 hours.
Sunday, February 22, 2009
Limited Liability Company (LLC)
The LLC is a relatively new type of hybrid business structure that is now permissible in most states. It is designed to provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. Formation is more complex and formal than that of a general partnership.
LLCs are popular because, similar to a corporation, owners have limited personal liability for the debts and actions of the LLC. Other features of LLCs are more like a partnership, providing management flexibility and the benefit of pass-through taxation
The owners are called members. Since most states do not restrict ownership, members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members. Most states also permit “single member” LLCs, those having only one owner. The duration of the LLC is usually determined when the organization papers are filed. The time limit can be continued, if desired, by a vote of the members at the time of expiration. LLCs must not have more than two of the four characteristics that define corporations: Limited liability to the extent of assets, continuity of life, centralization of management, and free transferability of ownership interests.
Federal Tax Forms for LLC
For additional information on the kinds of tax returns to file, how to handle employment taxes and possible pitfalls, refer to Publication 3402, Tax Issues for Limited Liability Companies (PDF).
Saturday, February 21, 2009
Friday, February 20, 2009
Who's behind all this?
Actually, a lot of people are! The success of this site and the Sneak Attack is are thanks to a lot of different people who are happy to help make someone's day! Michael Phipps originated the Sneak Attack idea. He ties everything together and maintains the site.
Michael is an artist by profession. As part of that he sells artistic t-shirts on his site ScatterbrainTees.com and his Etsy shop PhippsArt. His art blog can be found at http://michaelphipps.blogspot.com/. See his illustration work at http://www.michaelphipps.netWell today I had to try it for myself-what a lot of fun. This afternoon we "attacked this shop HappyElephantDesigns! This is what I got! A darling birthday card...just in time for an upcoming birthday! I hope you try out the "sneak attack" too. It gives a boost of confidence to sellers, and a sense of satisfaction for the attackers. You've heard of random acts of kindness...now go out and do it!
Thursday, February 19, 2009
On Friday morning Natasha posts a new challenge on her blog: http://thursdaysweettreat.blogspot.com Last Friday she posted the challenge I'm dreaming in color. We are to come up with a new interpretation piece by Wednesday! This was my first time in this challenge-but it won't be my last-it was lot's of fun to challenge yourself-and I can't wait to see what other artisans came up with! When I read the theme this week I let my mind wander-The song “Twilight Time” came into my head. Heavenly shades of night are falling, it's twilight time Out of the mist your voice is calling, 'tis twilight time when purple-colored curtains mark the end of day I'll hear you, my dear, at twilight time. I went thru my beads and found the most delicious shades of blues and purple fresh water pearls-deep, rich colors and mixed them with iolite and amethyst beads, iridescent fresh water pearl spears and these funky round coin beads I had found in my favorite bead store. I combined them into a triple strand necklace that explodes into the colors of “twilight time.” I hope you like it too! Please take a look at all the other artisans at: http://thursdaysweettreat.blogspot.com
Sunday, February 15, 2009
Sunday, February 8, 2009
Corporations are the most formal way of conducting business. A corporation chartered by the state in which it is headquartered is considered by law to be a unique entity, separate and apart from those who own it. A corporation can be taxed, it can be sued, and it can enter into contractual agreements. The owners of a corporation are its shareholders. The shareholders elect a board of directors to oversee the major policies and decisions. The corporation has a life of its own and does not dissolve when ownership changes. The two most common types of coporations are "C" and "S" corporations. A major difference is how they are taxed.
A "C" corporation pays a corporate income tax and the owners also pay their personal taxes on salaries and dividends. An "S" corporation does not pay corporate income tax; instead, all profits are allocated to the stockholders and are taxed at each stockholder's personal tax rate whether or not cash is paid out as salary.
Many small businesses consider creating a corporation to protect personal assets such as home, cars, etc. from the courts in the event of bankruptcy or a jury awards a settlement more than the limits of your insurance.
We'll look at "S" Corporations and "LLC's" in the future!
Remember, as always, I advise you to consult with a qualified accountant or lawyer to give you the best advice for your situation!
Advantages of a Corporation
- Shareholders have limited liability for the corporation's debts or judgments against the corporations.
- Generally, shareholders can only be held accountable for their investment in stock of the company. (Note however, that officers can be held personally liable for their actions, such as the failure to withhold and pay employment taxes.)
- Corporations can raise additional funds through the sale of stock.
- A corporation may deduct the cost of benefits it provides to officers and employees.
- Can elect S corporation status if certain requirements are met. This election enables company to be taxed similar to a partnership.
Disadvantages of a Corporation
- The process of incorporation requires more time and money than other forms of organization.
- Corporations are monitored by federal, state and some local agencies, and as a result may have more paperwork to comply with regulations.
- Incorporating may result in higher overall taxes. Dividends paid to shareholders are not deductible from business income; thus it can be taxed twice.
- Federal Tax Forms for Regular or "C" Corporations (only a partial list and some may not apply) Form 1120 or 1120-A: Corporation Income Tax Return Form 1120-W Estimated Tax for Corporation Form 8109-B Deposit Coupon Form 4625 Depreciation Employment Tax Forms Other forms as needed for capital gains, sale of assets, alternative minimum tax, etc.
Friday, February 6, 2009
Wednesday, February 4, 2009
Monday, February 2, 2009
Sunday, February 1, 2009
- Easiest and least expensive form of ownership to organize.
- Sole proprietors are in complete control, and within the parameters of the law, may make decisions as they see fit.
- Sole proprietors receive all income generated by the business to keep or reinvest.
- Profits from the business flow directly to the owner's personal tax return.
- The business is easy to dissolve, if desired.
Disadvantages of a Sole Proprietorship:
- Sole proprietors have unlimited liability and are legally responsible for all debts against the business. Their business and personal assets are at risk.
- May be at a disadvantage in raising funds and are often limited to using funds from personal savings or consumer loans.
- May have a hard time attracting high-caliber employees or those that are motivated by the opportunity to own a part of the business.
- Some employee benefits such as owner's medical insurance premiums are not directly deductible from business income (only partially deductible as an adjustment to income).
Federal Tax Forms for Sole Proprietorship (only a partial list and some may not apply):
Form 1040: Individual Income Tax Return Schedule C: Profit or Loss from Business (or Schedule C-EZ) Schedule SE: Self-Employment Tax Form 1040-ES: Estimated Tax for Individuals Form 4562: Depreciation and Amortization Form 8829: Expenses for Business Use of your Home Employment Tax Forms
- Your vision regarding the size and nature of your business.
- The level of control you wish to have.
- The level of structure you are willing to deal with.
- The business' vulnerability to lawsuits.
- Tax implications of the different ownership structures.
- Expected profit (or loss) of the business.
- Whether or not you need to reinvest earnings into the business.
- Your need for access to cash out of the business for yourself.