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Wednesday, February 27, 2008
Upcoming Events
Customer Service Seminar
Free for all Chamber members
$20 Fee for non-members
Thurs., Mar. 6
8:30 AM - 10:00 AM
Laredo Community College
De La Garza Bldg. Rm #101
 
Ribbon Cutiings
Lakeside Pharmacy
Fri., Mar. 7 - 12:00 noon
2337 Endeavor Ste.C
(Behind Las Cananas across the LEC)
 
Church's Chicken of Laredo
Fri., Mar. 7 - 5:00 p.m.
2201 E. Saunders
 
The Rock Fitness Extravaganza
Sat., Mar. 8 - 9:00 a.m.  Noon
1705 Jacaman
 
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Greetings!
The Laredo Chamber of Commerce recently emailed a survey about a proposed City Ordinance banning plastic shopping bags to our membership.  We need YOUR input on this issue.
 
Take SurveyOur intent is to provide feedback to the City about this issue from the survey results. If you have not done so, please fill out our quick, seven question survey on this issue.  You will only be able to answer the survey once.
DOING BUSINESS AS (DBA's)

namesThe legal name of a business is the name of the person or entity that owns a business. If you are the sole owner of your business, its legal name is your full name. If your business is a partnership, the legal name is the name given in your partnership agreement or the last names of the partners. For limited liability corporations (LLCs) and corporations, the business' legal name is the one that was registered with the state government.

Your business' legal name is required on all government forms and applications, including your application for employer tax IDs, licenses and permits. However, if you want to open a shop or sell your products under a different name, then you may have to file a "fictitious name" registration form with your government agency.

A fictitious name (or assumed name, trade name, or DBA name, short for "doing business as") is a business name that is different than your personal name, the names of your partners or the officially registered name of your LLC or corporation.

If you're starting a corporation, LLC, or limited partnership, your business name will be automatically registered when you file your articles of incorporation with your state government.

c2If you are a sole proprietor, where you register a fictitious name depends on where you live. For example, let's say Mary Smith is a sole proprietor of a catering company she runs out of her house. Mary wants to name her business Seaside Catering instead using her business' legal name, Mary Smith. In order to use Seaside Catering, Mary will need to register that name as a fictitious business name with a government agency. Which government agency, depends on where she lives. In some states, fictitious names are registered with the state government; while in others, you register trade names with the county clerk's office.

In Texas, if the business will operate as a sole proprietorship or a general partnership, an Assumed Name Certificate or d.b.a. (doing business as) for each name (or deviation of that name) the business will use must be on file with the county clerk in each county where a business premise will be maintained. All businesses operating in Texas as limited partnerships, registered limited liability partnerships, limited liability companies, corporations, professional corporations, nonprofit corporations, and professional associations must register with the Secretary of State.
NEW BUSINESS TAX LAWS
  • TAX11Domestic Production Activities Deduction
  • Self-Employment Tax
  • Social Security and Medicare Taxes
  • Standard Mileage Rate
  • Qualified Transportation Fringe Benefit
  • Work Opportunity Credits
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    Domestic Production Activities Deduction

    For tax years beginning after December 31, 2006, the domestic production activities deduction percentage increases from 3% to 6%. For more information on this deduction, see

    Form 8903, Domestic Production Activities Deduction, and its instructions.     ________________________________________

    Self-Employment Tax

    The maximum amount of net earnings subject to the social security part of the self-employment tax for tax years beginning in 2007 has increased to $97,500. All net earnings of at least $400 are subject to the Medicare part of the tax. ________________________________________

    MoneySocial Security and Medicare Taxes

    The maximum amount of wages subject to the social security tax for 2007 is $97,500. There is no limit on the amount of wages subject to the Medicare tax.

    ________________________________________

    Standard Mileage Rate

    For 2007, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck is increased to 48.5 cents a mile for business miles driven.

    Qualified Transportation Fringe Benefit

    For taxable years beginning in 2007, the monthly limitation regarding the aggregate fringe benefit exclusion amount for transportation in a commuter highway vehicle and any transit pass is $110. The monthly limitation regarding the fringe benefit exclusion amount for qualified parking is $215. ________________________________________

    Work Opportunity Credit

    After December 31, 2006, the welfare-to-work credit was combined with the work opportunity credit. Use Form 5884, Work Opportunity Credit, to claim a credit for an employee who begins work for the employer after December 31, 2006.

    Members of targeted groups. For employees who begin work after December 31, 2006, the following changes pertaining to targeted group members apply.

    ·         Ex-felons are no longer required to be a member of a low-income family.

    ·         Food stamp recipients must be at least age 18 when hired, but not age 40 or older.

    Form 8850.  The Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity Credit, that you are required to file with the work opportunity tax credit (WOTC) coordinator for your state workforce agency (SWA) is now due no later than the 28th day after the job applicant begins work for you. See Instructions for Form 8850 for more information.

    FREE SEMINAR FOR OUR MEMBERS

    CIU

    TAXES, TAXES, TAXES - MORE USEFUL TOPICS FOR YOU AND YOUR BUSINESS

    IRS1Operational Stability: Know the Rules
    Topics include: Form W-4, Form W-5, Records, Tips, Withholding, Form W-2, Form 940, Form 941, Form 944, and Outsourcing Payroll Duties.

    The Cost of Doing Business: Organize Travel and Business Expenses
    Topics include: Car Expenses (including Actual Expenses and Standard Mileage Rate) and Travel Expenses (including Lodging receipts, Transportation receipts and Meal receipts).

    Ingredients for Success: Show Us the Records
    Topics include: Expenses, Assets, Take Stock of Your Possessions (Tangible property and Intangible property).

    New Technology and Innovation: Move Out of the 1990's
    Topics include: IRS E-file for Business and Self-Employed Taxpayers, Benefits of Paying Business Taxes by Electronic Funds Withdrawal, EFTPS Pays All Your Federal Taxes Securely, Express Enrollment for FTD Coupon Payers.

    Know your Options: Protecting Your Rights
    Topics include: Representation, Examinations, Appeals and Judicial Review, Collections, and Help from the Taxpayer Advocate Service.

    pENCILA Winning Recipe: Small Business Help from the IRS
    Topics include: IRS Tax Forms and Publications CD, The Business and Specialty Tax Line, The Small Business Web Site, and Indian Tribal Governments (ITG).

    The Big Picture: Plan Your Employees' Future Today
    Topics include: Individual Retirement Arrangement (IRA), Simplified Employee Pension (SEP), and Savings Incentive Match Plan for Employees (SIMPLE) and 401(k) Plans.

    Wrapping it Up: Identify Your Needs
    Topics include: Closing a Business: Checklist of Owner Responsibilities, Steps to Take, and Typical Final Forms and Schedules.

    Did you know . . .
    Topics include: The Tax Gap, and IRS Efforts to Reduce the Tax Gap.

    At a Glance: Items of Interest
    Topics include: Form 944, Employer's Annual Federal Tax Return, EO e-Postcard, IRS Web Resources, Tax Help for Small Businesses and the Self-Employed, Starting, Operating or Closing a Business and other useful resources.

    Publications: Forms and Publications
    Topics include: Pub. 1, Pub. 15, Pub. 15-A, Pub. 15-B, and more.

    Your Masterpiece is Complete!: IRS is Working Harder for You
    Topics include: IRS Assistance via the Internet, The Electronic Federal Tax Payment System, TeleTax, Tax Forms and Publications, and Tax Assistance.

    BUSINESS TERM OF THE WEEK
    PUNCH LIST:
    Document listing work that does not conform to contract specifications, usually attached to the certificate of substantial completion. The contractor must correct the punch list work before receiving payment.
    Robert Alexander Eads
    Vice President of Operations/Chief Operations Officer
    Laredo Chamber of Commerce