August 2008 1-877-834-8211

Corporate Shield

IN THIS ISSUE


Procrastination-a type of behavior which is characterized by deferment of actions or tasks to a later time. Psychologists often cite procrastination as a mechanism for coping with the anxiety associated with starting or completing any task or decision. We call, e-mail and write, yet some clients seem to avoid us like the plague. I just want to reassure everyone that we are here to help, we work for you.

There is a method to our madness. You signed up for our service because you needed that extra push to get your corporate compliance documents in order. We also understand how busy you are, but these documents are all that stand between your corporate compliance and being held personally liable for the company's actions.  I want to reassure you, we will not give up. We will continue to call, e-mail and write. Please feel free to contact us 1-877-834-8211 when you have a free moment.

 

Know the Rules for Selling Online 

Selling items on eBay and other online auction Web sites has become a very popular way to get rid of unwanted household stuff, as well as a way to turn a little profit. Many users have even started full-time businesses auctioning merchandise on the Web. But like any business venture, selling items in the virtual world has tax implications that are all too real.

From a tax standpoint, casual selling on eBay is essentially the same as holding a garage sale. If you sell an item for less than you paid for it, you cannot deduct the loss. When you sell something for a profit, however, you must report it on your tax return. Long-term gains on the sale of collectibles, such as artwork, antiques, or rare coins, are taxed by as much as 28%.

Profit is the difference between the selling price and your "basis" in the item. In most cases, basis is simply the amount you paid for it. Inherited items generally have a basis equal to their fair market value at the time of receipt. If the basis cannot be documented, it becomes zero, and you pay tax on the entire selling price.

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Your Corporate Minute

What is the right way to sign corporate documents?

Corporate officers should always sign documents and transact business in the name of the corporation. The officer's title should be clearly written next to his or her name and signature.

This will help avoid a claim that the officer is personally liable for a corporation's default or that the officer was transacting business on his or her own behalf -- not on behalf of the corporation. Here is an example:

Very truly yours,
ABC, Incorporated
By: ____________________
John Fisher
CEO
 
Fit Some Tax Savings into Your Summer Schedule

It's summertime and lazy days beckon. However, there's one activity you should fit into your schedule: reducing your 2008 income taxes. The good news is that you have plenty of tax-saving opportunities. Here are some suggestions:

* Let the kids have fun. That cool day of art instruction at the local museum or the karate camp your child's been asking about might qualify for a tax break. When you pay dependent care expenses so you and your spouse can work, you may be able to claim a credit of up to 35% of the cost.

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One Day Seminars

The Risk of a Personal Guarantee 

The asset protection your corporation provides could be wiped out overnight if you use your personal credit to secure loans, leases or buy equipment. When you sign a personal guarantee your personal assets can be used to repay the debt. Not to mention; you risk your own "personal" credit score.

The only way to reduce the need for personal guarantees is to have the corporation establish its own business credit. By building a solid business credit profile you will be able to start separating yourself from the debts of the corporation.  

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Quick Links

Email: info@compassincorporated.com
Voice: 1-877-834-8211
Web:
http://www.compassincorporated.com/





 
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