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How to Get UPC Barcodes for Your Products
Universal product codes — UPCs — are the 12-digit numbers that appear under the barcodes on many U.S. products. They are given out by GS1 US, a nonprofit group that sets standards for international commerce.Here's how it works: Businesses pay to join [1] GS1 US, and in exchange, it assigns each member its own identification number that appears as the first part of its UPC.Companies usually need different UPC codes for each product they sell, even if it is just a different size. So companies will add more numbers to their GS1-issued identification code to identify each of their products. Each UPC can be used to produce a specific barcode that can then be printed out and attached to products or, ideally, incorporated into the product design so that it is easily scanned at the register.But going this route isn't exactly cheap. For membership in GS1 US, you must pay an initial fee of least $750 and then an annual maintenance fee of at least $150. The fees depend on the number of unique products you sell, along with your annual revenue. A membership form can be filled out online on GS1's Web site, [1]www.gs1us.org.Another option: Some Internet-based companies, including [2]BuyABarCode.com, now resell UPC codes for less than $100, so small companies don't have to pay to join GS1 themselves.You will be paying for the use of that company's identification number — not your own. That means your products' UPC will begin with another company's ID number. It can be a fine solution if you are cash-strapped or working with small or independent retailers — if the retailers don't mind — and just selling one or two products.But it won't work if you're planning to sell through major retailers because they generally require product makers to have their own identification numbers. Visit our website ...read more
By Joseph P. Cozzolino, CPA February 24, 2010
Tax Tips for Real Estate Owners and Investors
As real estate owners and investors do business throughout 2010, they will more than likely face many complex tax issues that could strain their resources and drain profits.They should keep in mind these tax tips that could help them save money in the long run:1. Determine if your partnership qualifies for an income deferral for debt reacquisition transactions.Has your business had debt forgiven? There is a tax election available that will allow you to defer cancellation of debt (COD) income until 2014, when it will then be recognized ratably over five years. Carefully consider the options before making this irrevocable election as your COD income could be fully excluded under other provisions.2. Color your building green.Take advantage of special deductions and credits for green, or environmentally friendly, buildings.3. Determine if you are a dealer or an investor.Do you know if you are a real estate dealer or an investor with regard to taxes? Proper planning will ensure the desired treatment upon disposition of the property.4. Allocate land costs to your benefit.To defer income upon the sale of parcels from a tract of purchased land, it is necessary to properly allocate the cost among the various parcels. The IRS requires that the cost be equitably apportioned, but how? Consider several methods when allocating costs.5. Take advantage of lower property valuations.Have you considered gifting real estate property or partnership interest for estate planning purposes? You may want to consider converting a corporation into an LLC since built-in gains may be low due to depressed real estate values.6. Properly account for your lease income.You may be accounting for your lease income based on the cash received or the terms of the lease agreement. However, an Internal Revenue Code section specifically addressing leases may require the income to be accounted for in a different manner.Visit our website ...read more
By Joseph P. Cozzolino, CPA February 24, 2010
How to Form an LLC
A limited liability company, or LLC, is similar to a partnership but has the legal protections of personal assets that a corporation offers without the burdensome formalities, paperwork and fees. The exact rules for forming an LLC vary by state. All new LLCs must file so-called articles of organization with their secretary of state's office. This is usually just a short form that asks for the names of the LLC and its members and their contact information. The filing fee can range from $30 to $200. A few states also have other registration requirements. You can find the rules and fees involved at your secretary of state's Web site. Or use FindLaw's online [1] guide to state corporations offices. Though it's often not required by law, you should draft an operating agreement for your LLC that spells out the details of the business arrangement, including members' percentage ownership, roles, rights and responsibilities. Having such an agreement can help protect the LLC structure if it's challenged in court and prevents you from having to default to state operating rules. You don't have to hire a lawyer to set up an LLC, since state requirements are usually self explanatory. But it's a good idea to have one read over paperwork and your operating agreement to make sure your interests are protected. Even though most states don't require any annual paperwork or administrative procedures, you should document major business proceedings and lay out some formal procedures — like one meeting a year — to help protect your LLC status. Some states charge annual fees and taxes that can diminish the economic advantage of choosing to become an LLC. Among LLC advantages: pass-through taxation – meaning the profits and losses "pass through" the business to the individuals owning the business who report this information on their own personal tax returns. The result can be paying less in taxes, since profits are not taxed at both the business level and the personal level. Another plus: Owners aren't usually responsible for the company's debts and liabilities. Visit our website ...read more
By Joseph P. Cozzolino, CPA February 24, 2010