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28/2/2019 0 Comments NETWORK AND CLIENT SPOTLIGHTThis is our blog series on professionals that I count on to support my clients, colleagues and me. Thank you for your professionalism my friends! Contact them directly for help. THIS WEEK WE PRESENT Name : Armando R Paz Jr. Profession: Insurance and Financial Services Professional. Scroll Down and Enjoy! Describe your services or product?
Life insurance, Disability Income insurance, Long Term Care insurance, Business Succession Planning, Group Health insurance, College Funding Strategies and Retirement Income Strategic Planning. Where do you reside? Miami, Florida, USA What is your hidden talent? Public and Motivational Speaking, Corporate Identity Design What is something that most people do not know about you? I want to travel the world as a NatGeo photographer and illustrator What is the top item on your bucket list? (For example a place you wish to visit or activity that you wish to engage in like a marathon) I want to visit Jerusalem, and play percussion instruments in a Latin Salsa band. Describe the profile of your client? (Keeping in mind possible clients in foreign countries.) Business owners with 3-to-4 partners max, with 5 to 100 employees, Medical, Legal, Accounting and Engineering professionals earning $75,000 to $300,000 annually. Describe the profile of the strategic referral partners that you wish to meet both in and outside of your country? Business owners with 50-5,000 white collar employees in the US, business owners in Medical, Accounting and Legal fields with 3 to 4 partners max, earning $500K to $5M annually. What is your contact information? (786)306-4587 Mobile, (786)592-1118 Office, apazjr@de-benefits.com What is the key to your success or favorite quote? We don’t predict: We prepare. We only have 4 competitors: Death, Disability, Sickness and Old Age: Our goal is to see our clients before our competitors do. Please let us know how we can help you with a referral or introduction to this professional or other similar ones. Contact us at 305-548-5020 or email us at fd@molawoffice.com This is a post by the Law Office of Yoel Molina, P.A. A law office based in Miami, Fla. We focus on business, corporate and civil litigation matters. Our services are available to clients based in Miami, Ft. Myers, Naples, Orlando, Tampa, Ft. Lauderdale, Jacksonville, Palm Beach, Mexico, Argentina, Chile, Colombia, Panama, Russia, Ukraine, India, Turkey and beyond. Call 305-548-5020 or email us at fd@molawoffice.com for more information. Originally published on 02/28/2019 Please let us know how we can help you with a referral or introduction to this professional or other similar ones. Contact us at 305-548-5020 or email us at fd@molawoffice.com / This is a post by the Law Office of Yoel Molina, P.A. A law office based in Miami, Fla. We focus on business, corporate and civil litigation matters. Our services are available to clients based in Miami, Ft. Myers, Naples, Orlando, Tampa, Ft. Lauderdale, Jacksonville, Palm Beach, Mexico, Argentina, Chile, Colombia, Panama, Russia, Ukraine, India, Turkey and beyond. Call 305-548-5020 or email us at fd@molawoffice.com for more information.
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27/2/2019 0 Comments Starting Your First Business? What Would You Do Hire An Employee, Independent Contractor Or Both? When you start your business it often becomes difficult to understand employee taxation from the owner’s perspective. As an employee, you were given a W-2 and your employer has deducted your state and federal taxes and submitted it to the state on your behalf. You find out the tax deducted from your W-2 and you file it with your personal tax returns.
The process of taxation is more complicated for a business owner. The business owner will have to decide whether each worker is an employee or an independent contractor. The owners must deduct taxes on employee wages and calculate tax percentage on company profit. Understanding the differentiation between 1099 and W-2 is importantBusinesses have workers who can be classified as either employees or independent contractors. This differentiation is important as it influences how the income tax is deducted and paid. According to IRS rules, the employer has to decide whether a worker is an employee or an independent contractor. The guidelines also lay down the extent of control the company has on the worker with respect to what the worker does and the way he does his work. If the company has less control over the worker more often than not, he will be considered an independent contractor. Businesses must deduct federal, state and other taxes from the employee’s wages and submit it to the concerned tax authority. On the other hand, independent contractors are responsible for filing their own federal and state taxes. For example, suppose PlatinumGold Productions hires Ronnie as a freelance producer. In turn, Ronnie hires a cameraman, writes the script, plans and executes the video shoot and edits the video that has been shot. As the producer controls all work related to the shooting of the video, Platinum Productions’ Certified Public Accountant (CPA) will regard the producer as an independent contractor and hence no worker taxes will be deducted by the company. If Platinum Productions also hires Ronnie as an assistant to the company president and the president carefully manages Ronnie’s work, then the CPA may decide that Ronnie should be considered as an employee. We hope this article was helpful to address your doubts related to 1099 and W-2..  When setting up a new business one of the most difficult tasks is the paperwork involved. This is particularly more difficult if you are trying to find one particular business structure. Given below are steps to set up a company irrespective of the structure of the business.
1. Name your BusinessCreate a name for your business that is unique and different. The name you give your business is also called a “doing business as”, or DBA name. You have to use this name on all Government forms that you have to fill for example for any license your business requires or tax forms etc. 2. Register for Employee Identification Number (EIN) It is the IRS that issues the employee identification number (EIN). The EIN issued to your business is used for federal and state taxation and for documents required for payroll tax reporting. You have to apply for the EIN on the IRS website. While applying for EIN you will have to register your company under the name you have created for it. 3. Open a Business Checking AccountOnce your company is registered under the name that you have chosen and is assigned an EIN number, you should open a business bank account. No business should be run from the owner’s personal account even if their tax liability passes through their business structure. There are several reasons to have a separate business account:
From the very beginning keep your personal and business accounts and transactions separate to have a healthy business. 4. Keep Documents and Licenses in OrderWhen you begin a business you are expected to create and maintain a number of documents depending on the type of business you run:
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AuthorYoel “Mo” Molina, I am a lifelong resident of Miami, Fl. I am a graduate of Miami Senior High, Class of 1992, Georgia Institute of Technology, B.S. 1997 and University of Maine School of Law, J.D. 2001. I have been practicing law in Miami Since 2001. I am a former training prosecutor in the Miami-Dade State Attorney’s Office. I have experience in jury trials, appeals, and administrative hearings. I have appeared before judges across the State. My experience ranges from civil litigation matters, collection matters, foreclosure, business and corporate, contracts, real estate, leases and employment matters.. Archives
April 2022
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