independent contractor agreement: Eylül 2012

30 Eylül 2012 Pazar

O'Flaherty Law will donate 1/3 of its November estate planning fees to the Olivia Cerone Foundation

To contact us Click HERE
Thank you to everyone who attended our estate planning seminar last week! We had an amazing turnout, and Beth, Maggie, Ryan, Stephanie and I had a great time getting a chance to talk to all of you.

If you were unable to attend, but would like to learn about wills and trusts, you can view the embedded video of Justin Villanueva and I speaking on the subject. Additional segments of the video are available on our youtube channel.

We would like to thank the Olivia Cerone Foundation for helping us put on the event. The foundation is a not for profit charity that supports Children's Memorial Hospital's childhood asthma research. We have pledged to donate 1/3 of our November estate planning income to the foundation, so if you are planning on having your estate plan updated, please do not hesitate to contact us for a free consultation. If you are not in need of estate planning work at this time, but would like to make a donation to the foundation, you can do so directly from our website.

Please visit our website for more information and resources or e-mail us at info@oflaherty-law.com with any questions or suggestions for future articles.

March 22: Open Bar and Small Business Primer at Shanahan's in Woodridge

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O'Flaherty Law and DDZ Accountng invite you to join us on Thursday, March 22, 2012 for an informative and fun evening at Shanahan's pub (1999 W. 75h St., Woodridge, Illinois). Open bar and free appetizers will run from 7pm to 9pm.

Attorney Kevin P. O'Flaherty, accountant D Zorea, financial adviser Justin J. Villanueva, and commercial real estate broker Troy Golden will discuss strategies for small business success. Whether you are just starting your business or an experienced business owner looking for a tune-up, this event will provide you with a road map to keep your business legally and financially secure.
After the presentation we hope you will stick around and get to know the speakers as well as the O'Flaherty Law staff.
If you have any questions about this event or any other topic, pleas feel free to give us a call at (630)324-6666, drop us an e-mail at info@oflaherty-law.com, or check out our website. We look forward to seeing you there!

Videoblog: O'Flaherty Law Small Business Seminar

To contact us Click HERE

Please enjoy part 1 of the Small Business Primer seminar presented by O'Flaherty Law and DDZ accounting. Parts 2 and 3 of this seminar can be found on our youtube channel along with our previous seminar on wills and trusts and all of our informational videoblogs.

The topics discussed in our Small Business Primer seminar include:

I. Entity Selection - how to choose between S Corps, LLCs, C Corps, and Partnerships

II. How to get your business up and running

Incorporation and maintenance of your corporate book
Quickbooks
The initial meeting with your accountant
Insurance
How to obtain an EIN (Employer Identification Number)
Contacting the Illinois Department of Revenue for a Tax Identification Number
Dealing with special licenses and regulations that are necessary for your particular business

III. How to make the transition to being an employer

Hiring a payroll service
Dealing with benefits - steering clear of ERISA problems
Obtaining Department of Labor posters
Registering with the Illinois Department of Employment Security & Dealing with Unemployment Insurance
Worker's Compensation insurance
The elements of an employment agreement

Non-compete clause
Confidentiality of trade secrets and other info
Enforcement clause
Probationary period

Creating an employee handbook for systematized and documented expectations and discipline
The importance of termination letters
Considering independent contractors as an alternative

IV. Finding space for your growing enterprise.
If you are a small business owner, please do not hesitate to contact us with any questions you may have, or to set up a free consultation.

O'Flaherty Law is based in Downers Grove and Chicago, Illinois. Our attorneys have expertise in Corporate Representation, Commercial Litigation, Divorce, Bankruptcy, Estate Planning, and DUI defense. Please visit our website at www.oflaherty-law.com for more information and resources or e-mail us at info@oflaherty-law.com with any questions or suggestions for future articles.

"I'm a new business owner -- how many different types of taxes do I need to pay?"

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Today, our friend, D Zorea of DDZ Accounting Group, submits the following article:

If you're a new business owner and are feeling overwhelmed by the prospects of paying too many taxes, it might be because there are so many different types of taxes for which to account. Depending on your type of business, an Illinois business owner will be liable for different taxes including (but not limited to):

Sales: Does your business sell widgets, or food products? You are responsible for collecting the state (and sometimes local municipality's) Sales and Use Tax and remitting these back to the appropriate taxing agencies. Sales tax rates can range around 7.5% to 10%.
Payroll: Do you have employees? You will be matching your employee's payroll withholding taxes, as well as contributing to federal and state unemployment insurance premiums based on your employees' earned wages.
Franchise: The state of Illinois charges a Franchise tax of 1.5% for corporate business owners. This includes LLC, C-corporations and S-corporations, but not sole-proprietors or unincorporated partnerships.
Income: Similar to sole-propietorships, S-corporations and LLC's are considered "pass-through" entities. In other words the net profits of those businesses "pass-through" to their owners and are taxed at the business-owners' individual tax rates. The income tax returns for S-corps and LLC's generate a K-1 form for each shareholder or LLC member; these are the business owner's equivalents to an employee's W-2 form. However, different from a W-2 which typically already includes income tax withholding, a business owner with net-income from his/her business can either file and pay quarterly estimated taxes throughout the year or pay the lump-sum with the year-end income-tax return.

For the above taxes, the IRS and Illinois state agencies may apply late file or late-pay penalties; so work with your tax-professional to calculate the correct taxes due, maximize your tax return, file on time, pay on time, and save all that time and headache of doing it alone. For other questions, please contact D Zorea at DDZ Accounting -- e: d@ddzgroup.com, p: 630-368-0183, other client-testimonials at www.facebook.com/ddzaccounting.

Tenants' Rights 101

To contact us Click HERE

Most apartment tenants have a horror story or two: busted pipes, leaks, mold, infestation, horrible neighbors, etc.--and many of these apartment tenants probably did nothing about these horror stories, believing that their only remedy was moving out. Historically this was the case, but today tenants have a variety of rights to ensure that they live in peace and comfort.
Implied in every lease is an implied warranty of habitability, which requires that the apartment be maintained in a livable condition by the landlord. Working pipes, plumbing, heat, removal of insects and rodents, and keeping the premises within the housing code are the some of the basic requirements of this warranty.
If a breach of the implied warranty of habitability arises and the landlord fails to remedy the problem within a reasonable time, the tenant has several remedies. The tenant may (1) move out and terminate the lease, (2) repair the problem and deduct that cost from the rent, (3) reduce the rent by the damage done, or (4) sue for damages. If the tenant does not wish to take advantage of these remedies, he or she should document all of the damage to ensure that the security deposit is not reduced due to the landlord’s negligence.
Additionally, If the tenant entered into a nice, clean apartment with relatively high rent, only to see the place fall into disrepair, the tenant can sue to have rent reduced by the lowered property value of the premises.
Tenants may not own their apartment, but they do own the possessory right to that apartment: they are entitled to exclusive possession of their entire apartment for the term of the lease. Unless the law of the city provides otherwise, even landlords are not allowed to enter a leased apartment without permission. If the landlord does so he or she is committing a trespass.
Further, Landlords cannot evict tenants without good cause. Good cause generally requires nonpayment of rent for no reason, illegal activities, or severe damage to the building. Historically a landlord could personally enter into your apartment and evict tenants, but today only police are allowed to evict tenants, and they need a court order to do so.
Every city has different rules regarding landlord-tenant relations. Therefore, you should consult with an attorney to determine your rights and remedies before taking action against your landlord.
--Submitted by Eric Turner

29 Eylül 2012 Cumartesi

O'Flaherty Law will donate 1/3 of its November estate planning fees to the Olivia Cerone Foundation

March 22: Open Bar and Small Business Primer at Shanahan's in Woodridge

To contact us Click HERE

Videoblog: O'Flaherty Law Small Business Seminar

Incorporation and maintenance of your corporate book
Quickbooks
The initial meeting with your accountant
Insurance
How to obtain an EIN (Employer Identification Number)
Contacting the Illinois Department of Revenue for a Tax Identification Number
Dealing with special licenses and regulations that are necessary for your particular business

III. How to make the transition to being an employer

Hiring a payroll service
Dealing with benefits - steering clear of ERISA problems
Obtaining Department of Labor posters
Registering with the Illinois Department of Employment Security & Dealing with Unemployment Insurance
Worker's Compensation insurance
The elements of an employment agreement

Non-compete clause
Confidentiality of trade secrets and other info
Enforcement clause
Probationary period

Creating an employee handbook for systematized and documented expectations and discipline
The importance of termination letters
Considering independent contractors as an alternative

IV. Finding space for your growing enterprise.
If you are a small business owner, please do not hesitate to contact us with any questions you may have, or to set up a free consultation.

"I'm a new business owner -- how many different types of taxes do I need to pay?"

Sales: Does your business sell widgets, or food products? You are responsible for collecting the state (and sometimes local municipality's) Sales and Use Tax and remitting these back to the appropriate taxing agencies. Sales tax rates can range around 7.5% to 10%.
Payroll: Do you have employees? You will be matching your employee's payroll withholding taxes, as well as contributing to federal and state unemployment insurance premiums based on your employees' earned wages.
Franchise: The state of Illinois charges a Franchise tax of 1.5% for corporate business owners. This includes LLC, C-corporations and S-corporations, but not sole-proprietors or unincorporated partnerships.
Income: Similar to sole-propietorships, S-corporations and LLC's are considered "pass-through" entities. In other words the net profits of those businesses "pass-through" to their owners and are taxed at the business-owners' individual tax rates. The income tax returns for S-corps and LLC's generate a K-1 form for each shareholder or LLC member; these are the business owner's equivalents to an employee's W-2 form. However, different from a W-2 which typically already includes income tax withholding, a business owner with net-income from his/her business can either file and pay quarterly estimated taxes throughout the year or pay the lump-sum with the year-end income-tax return.

Tenants' Rights 101

To contact us Click HERE

28 Eylül 2012 Cuma

O'Flaherty Law will donate 1/3 of its November estate planning fees to the Olivia Cerone Foundation

March 22: Open Bar and Small Business Primer at Shanahan's in Woodridge

To contact us Click HERE

Videoblog: O'Flaherty Law Small Business Seminar

Incorporation and maintenance of your corporate book
Quickbooks
The initial meeting with your accountant
Insurance
How to obtain an EIN (Employer Identification Number)
Contacting the Illinois Department of Revenue for a Tax Identification Number
Dealing with special licenses and regulations that are necessary for your particular business

III. How to make the transition to being an employer

Hiring a payroll service
Dealing with benefits - steering clear of ERISA problems
Obtaining Department of Labor posters
Registering with the Illinois Department of Employment Security & Dealing with Unemployment Insurance
Worker's Compensation insurance
The elements of an employment agreement

Non-compete clause
Confidentiality of trade secrets and other info
Enforcement clause
Probationary period

Creating an employee handbook for systematized and documented expectations and discipline
The importance of termination letters
Considering independent contractors as an alternative

IV. Finding space for your growing enterprise.
If you are a small business owner, please do not hesitate to contact us with any questions you may have, or to set up a free consultation.

"I'm a new business owner -- how many different types of taxes do I need to pay?"

Sales: Does your business sell widgets, or food products? You are responsible for collecting the state (and sometimes local municipality's) Sales and Use Tax and remitting these back to the appropriate taxing agencies. Sales tax rates can range around 7.5% to 10%.
Payroll: Do you have employees? You will be matching your employee's payroll withholding taxes, as well as contributing to federal and state unemployment insurance premiums based on your employees' earned wages.
Franchise: The state of Illinois charges a Franchise tax of 1.5% for corporate business owners. This includes LLC, C-corporations and S-corporations, but not sole-proprietors or unincorporated partnerships.
Income: Similar to sole-propietorships, S-corporations and LLC's are considered "pass-through" entities. In other words the net profits of those businesses "pass-through" to their owners and are taxed at the business-owners' individual tax rates. The income tax returns for S-corps and LLC's generate a K-1 form for each shareholder or LLC member; these are the business owner's equivalents to an employee's W-2 form. However, different from a W-2 which typically already includes income tax withholding, a business owner with net-income from his/her business can either file and pay quarterly estimated taxes throughout the year or pay the lump-sum with the year-end income-tax return.

Tenants' Rights 101

To contact us Click HERE

27 Eylül 2012 Perşembe

Videoblog: O'Flaherty Law Small Business Seminar

Incorporation and maintenance of your corporate book
Quickbooks
The initial meeting with your accountant
Insurance
How to obtain an EIN (Employer Identification Number)
Contacting the Illinois Department of Revenue for a Tax Identification Number
Dealing with special licenses and regulations that are necessary for your particular business

III. How to make the transition to being an employer

Hiring a payroll service
Dealing with benefits - steering clear of ERISA problems
Obtaining Department of Labor posters
Registering with the Illinois Department of Employment Security & Dealing with Unemployment Insurance
Worker's Compensation insurance
The elements of an employment agreement

Non-compete clause
Confidentiality of trade secrets and other info
Enforcement clause
Probationary period

Creating an employee handbook for systematized and documented expectations and discipline
The importance of termination letters
Considering independent contractors as an alternative

IV. Finding space for your growing enterprise.
If you are a small business owner, please do not hesitate to contact us with any questions you may have, or to set up a free consultation.

"I'm a new business owner -- how many different types of taxes do I need to pay?"

Sales: Does your business sell widgets, or food products? You are responsible for collecting the state (and sometimes local municipality's) Sales and Use Tax and remitting these back to the appropriate taxing agencies. Sales tax rates can range around 7.5% to 10%.
Payroll: Do you have employees? You will be matching your employee's payroll withholding taxes, as well as contributing to federal and state unemployment insurance premiums based on your employees' earned wages.
Franchise: The state of Illinois charges a Franchise tax of 1.5% for corporate business owners. This includes LLC, C-corporations and S-corporations, but not sole-proprietors or unincorporated partnerships.
Income: Similar to sole-propietorships, S-corporations and LLC's are considered "pass-through" entities. In other words the net profits of those businesses "pass-through" to their owners and are taxed at the business-owners' individual tax rates. The income tax returns for S-corps and LLC's generate a K-1 form for each shareholder or LLC member; these are the business owner's equivalents to an employee's W-2 form. However, different from a W-2 which typically already includes income tax withholding, a business owner with net-income from his/her business can either file and pay quarterly estimated taxes throughout the year or pay the lump-sum with the year-end income-tax return.

Tenants' Rights 101

To contact us Click HERE

Ekiden athletes' transfer of high school

To contact us Click HERE
Due to indirect influence of the catastrophic earthquake last March, 10 Ekiden team members who went to one of prestigious high school in the area severely hit by the quack decided to change their school far away from the prefecture, which school was also famous for its tough ekiden team. Ekiden is long distance running by several team members. The original ekiden team won good grade in national ekiden competitions every year, but last year it did not that good due partly to bad physical and mental training condition caused by the quake. Another reason was reportedly resignation of a good coach too.

On the other hand, the association of high school track and field club in the prefecture to which 10 members transferred has to face with a difficult question. They have a national rule to ban transferred students from joining competition as a new team member within six months. The policy of the rule is to prevent schools from correct potential high school athletes unfairly. However, the the rule was not strictly applied in the case where students evacuated from the area hit by the big earthquake in light of a humane perspective. The association committee will make a final decision how to apply the rule to this case.

____________________________________

I used to be into track and field club in my high school and college days. I feel sympathy to those who evacuated from the area, but I do not think it is good and fair for the school which admitted the students to get too strong due to the contribution by the members.

Reviewing today's Skype conversation

To contact us Click HERE
I have just finished Skype conversation with Filipino teacher. I would like to refresh the class, of which topic was friends.

(There are two pictures.)
- The first one has a boy sitting in front of the beach with his dog, also sitting. He is pointing our somewhere with his left hand.
- The second is a funny picture. There is a mouse sitting on the cat's back, which is sitting on the dog's back. Those three are typically enemies; mouse dislike cats and cats was chased by dogs.

How do you think borrowing money from friends?
- I do not think it is good idea because borrowing money may damage friendship. When I have to borrow money, it is more often that I have already been in trouble. Borrowing money would make the problem more serious. Fortunately, I have neither borrow money from nor lend money to my friends.

What a friend should do and should not do?
- What a friend should do is to help or just listen to someone in trouble. What a friend should not do is to invade his or her privacy too much.

How do you think about a fair-weather friend?
- I think I have some of such kind of friends. Some of my acquaintance might regard me as a fair-weather friend. I mean I can say the same as someone. I think that kind of situation is inevitable more or less because it typically needs long time to make and find best friends and we have limited time, cost, interest and energy in our lives.

I already had 13 classes in this website. I am feeling a little improvement so far, and am satisfied with those classes basically. However, I need to spend more time to review and refresh the classes because this is the most meaningful time for me to improve English skill.

26 Eylül 2012 Çarşamba

How to Get a Mortgage Free House

To contact us Click HERE
Summary: Build your own home and sell it for a profit several times over the years and you could have a mortgage free house.

Hi Carl, I was reading your book and I am just a little bit confused on your statement - You may never have to pay taxes on that gross profit if you follow the IRS guidelines for reinvesting your primary residence capital gains.

Where would I find the IRS guidelines regarding this?

Are you talking about the cost basis that we would have in the house, so when or if we sell it that we would not have to pay taxes on the gain? Hopefully there will be a gain again someday - we just lost 15% selling our last house when we moved.

Thanks for your help and thanks for building your website and helping those
of us that are trying to build our own house. Regards, Barb

Hi Barb,Please read the information I have on Mortgage Free House and see if that doesn't answer your questions.

If not, let me know.

Thanks for writing,
Carl Heldmann
byoh.com

Low Down Payment Mortgage Loans

To contact us Click HERE
Loan down payments stop most buyers from buying a used home or a new home. But with low down payment home loans such as FHA mortgage loans, you would only need 3.5% of the purchase price as a down payment!

That would mean that with an FHA mortgage loan, you would only need $12,197 as a down payment for this beautiful $348,500 new home pictured below!

Courtesy of HDA© Copyright by designer/architectHouse Plan #592-073D-0037A Grand Beamed Entry With Arched Window1665 Sq. Ft., Width 45'-8", Depth 41'-8"3 Bedrooms, 2 Full Baths
Not only are down payments lower with FHA mortgages, an FHA loan is the easiest type of real estate mortgage loan to qualify for.

Since FHA loans adhere only to FHA credit qualifications, they offer many options conventional home loans don't, such as being able to use gift money as down payment money, not having perfect credit...read the rest at my Low Down Payment Mortgage.

Carl Heldmann
www.byoh.com

Construction Loans - Owner Builder Financing - Owner Builder Construction Loans

To contact us Click HERE
Dear Readers,
In answer to many of your questions as to where to find Owner Builder Construction Loans, the companies below still have them available (as of this post date).

The information posted below is from the lenders' web sites and may change without notice, as well as the availability of their loans. So, check their web sites to verify and call them.

NORMANDY CORPORATION SELF BUILD CONSTRUCTION LOAN
Normandy is a Direct Portfolio Lender specializing in residential and commercial construction lending. Their Self Build Construction Loan allows you to act as your own general contractor.
When you complete your new home, you may convert the construction loan with Normandy or with a mortgage lender of your choice.
Some of Normandy’s loan features include:
• Loans from $75,000 to $1,750,000.
• Loans up to 90% of appraised value. Restrictions apply.
• Land payoff may be included in the construction loan up to 75% of the lot purchase price.
• Typically, three to five business days for pre-qualification.
• Less than perfect credit programs available.
• Twelve month construction loan term with interest only payments based on the monies advanced.
• More
Construction Loans for owner occupied properties available in: California, Connecticut, Delaware, Florida, Indiana, Iowa, Massachusetts, Maryland, New Jersey, New York, Oregon, Pennsylvania, Rhode Island, Virginia, and Washington.
All information is subject to change without notice.
Toll Free (800) 390-7536 Phone (585) 256-2600 Fax (585) 256-2836
Email: info@normandy.com

OWNER BUILDER LOAN SERVICES
Owner Builder Loans is a Direct Portfolio Lender that offers short-term construction loans for conventional framed homes, log homes,timber frame, primary residences, rental properties, or investment properties.
They are currently offering loans in: Alabama, Arizona, Colorado, Connecticut, Hawaii, Idaho, Indiana, Iowa, Massachusetts, Michigan, Minnesota, New York, Rhode Island, Texas, Utah, and Virginia.
If you don't see your state, they ask that you call them.
Toll Free (800) 543-5600
E-mail: loan@ownerbuilderloan.com

NOTE: You may also want to read my construction loan pages on byoh.com:

Construction Loans
How to Get a Construction Loan
Construction Loan Requirements (Qualifying)

Good luck,
Carl Heldmann
byoh.com

Ekiden athletes' transfer of high school

Reviewing today's Skype conversation

25 Eylül 2012 Salı

Videoblog: O'Flaherty Law Small Business Seminar

Incorporation and maintenance of your corporate book
Quickbooks
The initial meeting with your accountant
Insurance
How to obtain an EIN (Employer Identification Number)
Contacting the Illinois Department of Revenue for a Tax Identification Number
Dealing with special licenses and regulations that are necessary for your particular business

III. How to make the transition to being an employer

Hiring a payroll service
Dealing with benefits - steering clear of ERISA problems
Obtaining Department of Labor posters
Registering with the Illinois Department of Employment Security & Dealing with Unemployment Insurance
Worker's Compensation insurance
The elements of an employment agreement

Non-compete clause
Confidentiality of trade secrets and other info
Enforcement clause
Probationary period

Creating an employee handbook for systematized and documented expectations and discipline
The importance of termination letters
Considering independent contractors as an alternative

IV. Finding space for your growing enterprise.
If you are a small business owner, please do not hesitate to contact us with any questions you may have, or to set up a free consultation.

"I'm a new business owner -- how many different types of taxes do I need to pay?"

Sales: Does your business sell widgets, or food products? You are responsible for collecting the state (and sometimes local municipality's) Sales and Use Tax and remitting these back to the appropriate taxing agencies. Sales tax rates can range around 7.5% to 10%.
Payroll: Do you have employees? You will be matching your employee's payroll withholding taxes, as well as contributing to federal and state unemployment insurance premiums based on your employees' earned wages.
Franchise: The state of Illinois charges a Franchise tax of 1.5% for corporate business owners. This includes LLC, C-corporations and S-corporations, but not sole-proprietors or unincorporated partnerships.
Income: Similar to sole-propietorships, S-corporations and LLC's are considered "pass-through" entities. In other words the net profits of those businesses "pass-through" to their owners and are taxed at the business-owners' individual tax rates. The income tax returns for S-corps and LLC's generate a K-1 form for each shareholder or LLC member; these are the business owner's equivalents to an employee's W-2 form. However, different from a W-2 which typically already includes income tax withholding, a business owner with net-income from his/her business can either file and pay quarterly estimated taxes throughout the year or pay the lump-sum with the year-end income-tax return.