17th Jim Bennor 18th Melissa Posci, Helen Poulias, Mark Williams 19th Beth Colvin, Joyce Torrey, Kristie Lynn Zaph 20th Ryan DeLarme, Millie Thornton, Caroline Ward 21st Jason Barton, Virginia Fowle, Faye Nelson 22nd Joanne Cooper, Kathy Rule, Todd VanBelkum 23rd Shirley Curtis, Vicki Klinger, Merrill Post
Irony We owe a great deal to dynamite. Alfred Nobel made a fortune from his 1860s invention of its detonator; he left his money to fund the Nobel prizes. Nobel’s detonator invention helped build most of the roads, bridges, mines and dams in the world, taming the rough surface of the globe. The Nobel awards have spurred innovations in medicine, the sciences, literature, and peace. It’s ironic that explosives are also used to kill people. Slippery slope After WWII, the United States was the strongest economic and military power in the world. Now Saudi Arabia has more oil, the Indians are taking our work home, and the Chinese have a big chunk of our money. The world changes. FYI In 2000, the Nobel Peace Prize was awarded to Kim Dae Jung; 2001, The United Nations and Kofi Annan; 2002, President Jimmy Carter; 2003, Shirin Ebadi; 2004, Wangari Maathi: 2005, The International Atomic Energy Agency and Mohamed El Baradei; 2006, Muhammad Yunus and Grameen Bank; 2007, The Intergovernmental Panel on Climate Change and Al Gore; 2008, Martti Ahtisaari; 2009, President Barack Obama. Delay Fifteen minutes into the flight from Kansas City to Toronto, the captain announced, “Ladies and gentlemen, an engine has failed. Our flight will take an hour longer, but we still have three engines left.” Thirty minutes later the captain announced, “One more engine has failed and the flight will take an additional two hours. We can fly just fine on two engines.” An hour later the captain announced, “One more engine has failed and our arrival will be delayed by three hours. But don’t worry… we still have one engine left.” A young blonde passenger turned to the man in the next seat and exploded, “If we lose one more engine, we’ll be up here all day!” Entrance Exam A woman who died found herself being greeted by St. Peter. She asked him, “Did I really make it to heaven?” “Yes, my dear,” St. Peter replied. “These are the gates to heaven. But you must do one more thing before you can enter.” The woman asked St. Peter what she must do. “Spell a word,” St. Peter replied. “What word?” she asked. “Any word,” answered St. Peter. “It’s your choice.” The woman […]
Sub Chapter S Corporations This week, I would like to continue a discussion of the various entities that are available to taxpayers who are starting a business. In the past weeks, I have written that a Schedule C or Sole Proprietorship is one option. A second option is operating as a LLC or Limited Liability Corporation. A third option is incorporating and operating as a C Corporation. A fourth option is incorporating and operating as a Sub Chapter S Corporation. This week, we will look at that fourth option. All Sub S Corporations file a Federal Form 1120S, upon which is reported the income and expenses of the business. Each of the shareholders of the Sub S Corporation receives a K-1. On the K-1 is reported the shareholder’s share of the profit or the loss of the corporation as well as items that are separately stated to the shareholders. An example of a separately stated expense item is the expense deduction should the corporation elect to completely write off the purchase of an asset. An example of a separately stated income item is the capital gain that may result from the sale of an asset. The profit or loss of the business and the separately stated items is divided by the ownership percentage of each shareholder. When the shareholders file their personal Form 1040, each of the items on the K-1 is reported as an income or expense item. In only extreme circumstances would the Sub S itself pay any tax. The shareholders pay the tax at their personal tax rates. One of the largest differences between a C Corporation and a Sub S Corporation is that the C Corporation pays tax on its profit while the shareholders pay tax on the profit of a Sub S Corporation. A further difference is the shareholders of the Sub S are then eligible to receive distributions of their share of the profit that is taxed to them. As opposed to a partnership or a Sole Proprietorship, this profit is not subject to Social Security tax. Since they have paid tax on the profit, these distributions are not considered additional taxable income. It bears repeating that these distributions and the allocated profits are not subject to Social Security […]
It’s that time of year again—Rockford is adding PINK to its orange and black décor to do their part to raise money for—and awareness of—breast cancer prevention, early detection and treatment. Throughout October, community leaders and area businesses are stepping up to host a series of activities to benefit Susan G. Komen for the Cure, Grand Rapids. Be sure to check out—and participate in, if you can—the following activities. Throughout October, the Rockford D&W Fresh Market is adorned with pink umbrellas hanging upside down above the check out lanes. Toss in your change—every cent counts! Donate a dollar or more and leave your mark on a pink ribbon postcard, available at a number of downtown stores. Check out the “Think Pink” displays at area stores, with everything from t-shirts sporting the pink flamingo logo, jewelry, note cards, lace handkerchiefs, pink ribbon pins, and more. Mark Saturday, Oct. 24 on your calendar for the Third Annual Think Pink Fall Fashion Show at Reds on the River, from 11:30 a.m. to 1:30 p.m. This year’s show will include runway modeling from noon to 1 p.m., featuring clothes, accessories, health and beauty products, home décor, and much more from Heart of Rockford Business Association participating members. Reservations are required by calling (616) 863-8181 or online at www.reds-live.com. The fashion show will be emceed by WZZM TV 13 Take Five co-hosts Tara Kuhnlein and Stephanie Webb, and will include models from participating Heart businesses along with community leaders and school officials. Participating Heart of Rockford businesses include: A Charmed Life… Nail Salon, Aunt Candy’s Toy Co., Baskets in the Belfry, Bow Dacious Designs, G. Willikers, Great Northern Trading Co., J.T. Stitchery & Frame Shop, Jade, Kimberly’s Boutique, Paper Doll, Pegasus Sports, Reds on the River, Right at Home, Right Up Your Alley, Rockford Flower Shop, Rudy Kazoody’s, Sage & Roses, and W.A.R. Chest Boutique. While at the fashion show, guests will be receive free gifts and discounts redeemable with participating businesses. There is no charge to attend with a lunch purchase, and guests are encouraged to consider a donation to Susan G. Komen for the Cure (Grand Rapids), and to participate in the silent auction. Heart businesses are donating gift baskets, gift cards, and an incredible array of products […]
Ron Musich, an honorary charter member of Rockford’s North Kent Community Toastmaster club, has been elected to the position of district governor for Toastmaster’s District 62. District 62 covers most of Michigan outside of Detroit. In this position, Musich will govern the 91 Michigan Toastmaster clubs, which are outside of Detroit. His responsibilities include establishing new clubs, running semi-annual conferences, maintaining membership, and promoting the educational programs of Toastmasters International. From one club started in 1924 at the YMCA in Santa Ana, Calif., Toastmasters has grown to become the world’s leading organization, teaching public speaking and leadership skills and helping people conquer their pre-speech jitters. The nonprofit organization has approximately 250,000 members in 12,500 clubs in 106 countries. The Rockford club meets on the first and third Tuesday of the month from 7 to 8:45 p.m. For more information on Rockford’s North Kent club visit www.nkctm.org or call Sue Popma at (616) 481-9840.