Savvy Fashionista Here!!
I hope everyone is doing well and is looking forward to the upcoming holiday season. Welcome to the November Issue (actually the Innaugural Issue) of Resource Roundup- when I am not Twittering, Face-booking or chatting it up on Google, I am cruising the ‘net, looking for resources that are helpful to me and other creative entrepreneurs. Listed resources will be anything from interesting articles, government regulations that affect small businesses, listing for service providers, and any other tidbit of information that would be helpful to you as a business owner.
Take a look and see if anything catches your eye.
State- DC – BBL REQUIREMENT
DC Based Businesses- As of Nov 1, 2008, any person or organization operating a trade or businesses within DC is required to obtain a Basic Business License. It use to be that if you were a service-based company, or a business/profession that did not require a professional license to practice, you could still conduct business in DC. Well now that has changed, either the government is broke or they are getting more efficient (I think it is a little bit of both). ALL businesses are required to have a BBL- including me. So if you are registered entity in DC (LLC, C-Corp, S-Corp, NPO, or SoleProp with a DBA,) and you were not previously required to obtain a BBL- you are now required to do so. This will also trigger you to file a FR500 and remit your taxes and your compliance paperwork in a timely fashion. DCRA is phasing in this requirement. If you fail to obtain your BBL by your specified deadline, you will be subject to a hefty fine.
The fee is kinda steep $295–but the good part (I guess) is that there is a streamlined application- the BBL EZ Form. For more information on this requirement and to get the forms, visit the BBL Info Center.
DC- Innaugural Sample Lease
In other DCRA news (damn these folks are getting efficient)- the powers that be in DC have gotten hip to the fact that many folks will be renting out their homes during the inaugural festivities. I am sure that many of us, were trying to do this under the table so that we would not have to report the income. Keep in mind that any income that is received is considered to be a part of your Gross Income (I will talk more about taxes and tax definitions in a later post). I am pretty sure that when folks file their 2009 tax returns in 2010- DCRA and the Feds will be looking for the bumps in income. How will they be able to tell? Well any deposit over $10,000 triggers automatic reporting to the IRS by your bank. That and every jurisdiction has tattle tale hotlines for would be tax evaders (watch your neighbors closely).
The rule in DC is, if you rent out your residence- you are supposed to get a BBL and a occupancy clearance. Well Mayor Fenty in his “infinite wisdom” has issued an executive order that is waiving this requirement. DCRA in their infinite kindness is providing a sample lease that can be used to help facilitate the transaction. You can obtain a sample of the lease here.
Federal: Internal Revenue Service
The IRS has a very good website that is geared towards small businesses and the self employed. Click Tax Center, to be taken to the main page.
The IRS, partnering with SCORE, hosts a series of workshops as well. The next tax related workshop is on December 12th, 2008. See info:
Event: Small Business Tax Tips
Date(s): December 12, 2008
Time: 9:00 a.m. – 12:00 p.m.
Location: American Bar Association Building, 740 15th Street, NW, 3rd Floor (corner of 15th & H Streets), Washington, DC 20005
Contact: Bill Gitlin; Phone: (202) 272-0390; E-mail: firstname.lastname@example.org
Lastly, the IRS publishes a number of publications that explain the various rules and regulations behind business deductions, home mortgage deductions etc. (NOTE- that I will be posting about Tax Planning and hosting my own Tax Planning workshop for creative businesses in the near future. Stay Tuned ). Pubs (as they are called in the trade) are great sources of information, and interpret the dense book from hell also know as the Internal Revenue Code. If you are not a Code Junkie like me- Pubs will serve you well. Go to the IRS website and search the Pub #s to pull them up: Better yet- here is a link to the complete list
334- Tax Guide for Small Businesses
535- Business Expenses
550- Standardized Deductions
551- Itemized Deductions
583- Starting a Business
587- Business Use of Your Home
National Retail Federation
Granted I stumbled upon this little gem of an organization because I do a lot of work with the fashion/retail community and I teach in a fashion program; However, this organization has A LOT of valuable information. They are the largest retail trade organization in the world, and if you sell anything, even services, it would not hurt you to visit this website every once in a while. For those of you who are retailers, you might want to sign up for the NRF Smart Brief- basically it is a newsletter that provides all of the top headlines for the retail industry. This comes out daily. Visit the NRF Smartbrief website.
I think that this is enough information for now…
Have a tip for the next Resource Roundup? Leave a Comment!