Small Business Administration HUBZone Program

The Historically Underutilized Business Zones Empowerment Contracting Program provides federal contracting assistance to eligible small businesses located in underutilized business zones to improve their employment opportunities, investments, and their area’s economic development.

This post is aligned with a network of sites interested with the intersection of small business, the philanthropic sector and government in creating healthy and sustainable communities.

For more information on small business grant and home ownership programs visit TopGovernmentGrants.com.

What You Need To Know About Benefits.Gov

The United States Federal Government launched the Benefits.gov Website in 2002 in the hopes of providing every American with easy and convenient online access to government benefits and programs.

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Find additional information and resources on nonprofit information, educational grants and Civic Engagement programs from around the world.

Small Business Development Centers – An Introduction

Small Business Development Centers are partnerships between universities and the Small Business Administration, to provide management and technical assistance to businesses on a very large scale.

This post is aligned with a network of sites interested with the intersection of small business, the philanthropic sector and government in creating healthy and sustainable communities.

For more information on small business grant and home ownership programs visit TopGovernmentGrants.com.

SBA Resources for Women-Owned Businesses

The Small Business Administration has a variety of offerings to assist woman entrepreneurs start and grow and their business endeavors. This latest video provides an in introduction to how the SBA can help you.

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Find additional information and resources on small business grants and loans, home buyer programs and Community Foundation programs from around the world.

Grants and Loans From The Department of Energy

Since its establishment the Department of Energy has been pioneering the leveraging of informative science in order to address the country’s energy, environmental and nuclear challenges.

This post is aligned with a network of sites interested with the intersection of small business, the philanthropic sector and government in creating healthy and sustainable communities.

Find additional information and resources on small business grants and loans, home buyer programs and impact investment programs from around the world.

Grants From the Department of Housing and Urban Development

HUD makes it its mission to strengthen the country’s housing market by bolstering the economy and protecting actual and potential consumers by meeting the need for quality affordable homes, making use of housing as a platform for improving one’s quality of life, and finally, building inclusive and sustainable communities that are free from discrimination.

This post is aligned with a network of sites interested with the intersection of small business, the philanthropic sector and government in creating healthy and sustainable communities.

Find additional information and resources on small business grants and loans, home buyer programs and impact investment programs from around the world.

SBA Celebrates Woman-Owned Veteran Small Businesses

Woman Business Owners from around the country join U.S. Small Business Administration Administrator Maria Contreras-Sweet for this special Veteran’s Day Google Hangout-On-Air.

This post is part of a network of sites interested with the intersection of small business, the philanthropic sector and government in creating healthy and sustainable communities.

Find additional information and resources on small business grants and loans, home buyer programs and Community Foundation programs from around the world.

Community Development Financial Institutions

CDFI’s could be community development banks, community development credit unions, community development venture capital funds, micro-enterprise development loan funds, or community development corporations.

This post is aligned with a network of sites interested with the intersection of small business, the philanthropic sector and government in creating healthy and sustainable communities.

Find additional information and resources on nonprofit information, educational grants and Civic Engagement programs from around the world.

Supporting Black-Owned Business

We’ve read stats showing that Blacks have a buying power of $1.2 Trillion dollars and that Black women are starting businesses at a faster rate than any other group, but is this enough to change the economic inequalities that plague Black neighborhoods?

This post is aligned with a network of sites interested with the intersection of small business, the philanthropic sector and government in creating healthy and sustainable communities.

Find additional information and resources on nonprofit information, educational grants and Civic Engagement programs from around the world.

Business Structure and Efficiency – Choosing the Right One

Business Structure Choices – S Corporation

Choosing the right structure can have an impact on the efficiency of your operations, particularly if you’re seeking financing through programs offering business grants for women or other government assistance programs. Your business structure can have an impact on the administrative overhead and complexity of your business.

An S Corp or S corporation is really a specific form of corporation that is created with an IRS tax election. A domestic corporation could be taxed twice – once with the shareholders, and as soon as with the corporation itself. In order to prevent this double taxation, eligible domestic corporations can opt to be treated as an S Corp.

A corporation two that your IRS has designated the Subchapter S is named an S Corp. So that you can submit an application for an S Corp status, you will have to charter an organization as being a corporation within the condition of the business headquarters. S corporations are viewed by law to be separate and apart from the individuals who own them. They may be an original entity based on the IRS. Because of this the financial liability where the shareholders or owner are responsible is limited. Having said this, they are not completely shielded from all litigation. The safety against liability for S corps exclude certain situations and areas like the tort actions of your employee on account of an incident on the job.

The main difference from a C corporation (a conventional corporation) as well as an S corp is the fact that the profits and losses when it comes to an S corp may be passed through to your individual tax return. What this means is the business is not taxed. The shareholders are taxed instead. However, shareholders who help the corporation are required to pay themselves exactly what the IRS consider being reasonable compensation. When the shareholder is just not paid fair market price, there exists a risk that any other corporate earnings can be reclassified through the IRS as wages.

The Procedure Of Forming An S Corp

Step one is to find out whether your business qualifies for the S corp beneath the IRS stipulations.

You have got to file as a corporation first, before you go ahead and file being an S corp. When you are considered a corporation, in order to elect your corporation in becoming an S corp all shareholders must sign and file Form 2553.

You need to obtain all necessary permits and business licenses once your enterprise is registered. The regulations for this vary based on locality, state and industry. You will discover a long list of local, federal and state registrations, licenses and permits required for operating a business by using the Licensing & Permits tool.

Discover more in regards to the federal and state regulations for employers if you will certainly be hiring employees.

Some Great Benefits Of Combining An LLC With The S Corp

You can request S corp status for the LLC. You can find out the advantages and disadvantages of performing this out of your attorney. You have got to use Form 2553 to make a special election to possess your LLC taxed as being an S corp with the IRS. It is essential to remember that you will want to submit it before the initial two months and fifteen days from the beginning from the relevant tax year (the tax year in which it is usually to take effect).

Once you have successfully obtained S corp status for the LLC company it will likely be treated as being an S corp for tax purposes while it remains a restricted liability as far as it’s legal status is concerned. Make sure that you discover the tax requirements from your state’s tax agency, where the election form is going to be filed.

Taxes

Most businesses should get a permit or tax ID number in addition to register with local revenue agencies, state agencies and also the IRS.

S corps are not taxed equally by all states. In many states, S corps are recognized in a similar strategy to just how the united states government recognizes them, and also the shareholders are taxed accordingly. But also in some states, including Massachusetts, S corps are taxed on profits above a specified limit. There are many states that do not recognize the S corp election by any means, and apply each of the tax ramifications they are doing to a C corp. Other states, like New Jersey and Ny tax bothe the shareholder’s proportional shares of your profits as well as the S corps profits.

In order for the status to be effect, the shape 2553 to elect S status should be filed no later than two months and 15 days after the start of the tax year that applies.

Continue reading information on the prerequisites in the IRS for S Corporations.

Some Great Benefits Of S Corporation Status

Tax Savings. The tax savings both for your organization an you personally are probably the best great things about an S corp. With the S corp, only the wages of a shareholder who seems to be a member of staff are susceptible to employment tax, instead of the entire net income of your business. The property owner of your corporation will get the remainder income as a distribution, which, if taxed in any way, will be at a lower rate.

Business Expense Tax Credits. Come expenses incurred by shareholders or employees may be written off as business expenses. However, benefits like life and medical health insurance is going to be considered taxable income in the event the employee owns 2% or maybe more shares.

Independent Live. The designation of S corp allows an organization to possess a separate life, independent from its shareholders. An S corp can continue doing business if your shareholder sells his or her shares, or leaves the company. This status makes clear, defined lines between the business and the shareholders, which raises the shareholders’ protection.

Disadvantages Of An S Corporation

The Operational Processes Are Stricter. S corps, being a separate structure, are needed to provide records of stock transfers, adoption and updates to by-laws, scheduled shareholder and director meetings (and also the minutes from those meetings), and records maintenance.

Shareholder Compensation Requirements. Reasonable compensation needs to be presented to shareholders. The Internal Revenue Service may reclassify distributions as wages whether it spots a warning sign such as a low salary/ high distribution combination. In this instance you might find yourself paying a greater employment tax.