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BUSINESS NEWS AROUND ALHAMBRA
08/2022
Tax Tips Alhambra is home to many unique, women-owned and operated businesses. Here is a list of seven that you can support as Around Alhambra celebrates all women who make Alhambra special. 1. Str33t Records - Owner Angelle Laigo opened Str33t Records to create a space for records, art, and community in Alhambra. Visit them at 111 W Main St.
5. The Shredded Carrot - Owner Suzzanne Eggli is a self-taught baker with over 30 years of experience. You’ll find delicious cookies, cupcakes, custom-made cakes, and their famous carrot cake! Visit them at 2428 W. Valley Blvd, Unit D 6. Wife of the Party - This event planning company is run by Loriann Serna and her team. You can hire them to help make any next event special! Visit them at thewifeoftheparty.com or by appointment at 318 S. Date St.
2. CoKreeate 3D Printing CoKreeate brings your memories to life! Their 3D scanning and printing services can turn you into a wedding cake topper, create miniature versions of your children in their school uniforms, or bring your family pictures to life. Visit them at 1019 7. Genovese's Italian Kitchen - CoE Main St, Suite B. owned by chefs Aricia Alvarado and Hugo 3. Rockin' Vintage - This alternative Molina, this charming neighborhood vintage store has curated items for all sizes restaurant has been a staple of the commuand styles. Visit them at 1340 W Main nity since 1980. You can eat in or take out. St, or shop their online store at rockin- Visit them at 2900 W Main St. vintagela.com 4. Tom’s Uniforms - Although it’s called Tom’s Uniforms, this store is run by Rivi, Alice, and Seth Shulman. You’ll find uniforms ranging from Fire, EMS, Medical, Law Enforcement, Security, as well as in-house tailoring. Visit them at 301 E Main Street.
The Chamber View By John Bwarie CEO, Alhambra Chamber of Commerce This summer is one of celebration, reconnection, and rediscovery. We are seeing businesses continue to choose Alhambra as the place they want to open up. From the reopening of our Alhambra Target to the smaller restaurants and retailers who choose our city to operate, it seems like every week there is a new business opening up. August will continue to see this trend of new businesses opening, and we’re excited to share those with you on these pages and across our social media platforms. (Make sure to follow the Alhambra Chamber on Instagram and Facebook for the latest, breaking community and business news!) August will also bring additional support to our business community as we launch our restaurant grant program with the support of Wells Fargo. We’ll be rolling out financial assistance through the Alhambra Foundation and the Chamber to continue to support the recovery of Alhambra’s diverse restaurants. In July, the Chamber saw its annual transition of leadership with our outgoing president, Suzi Dunkel-Soto, passing the gavel to the new president, Chris Teng Balmaseda. We’ll be celebrating the official installation on September 27, but
John Bwarie
CEO Alhambra Chamber of Commerce both leaders continue to work to create an organization that serves all businesses and creates a stronger community in Alhambra. This month, in that spirit of service, we will be engaging in important community conversations around the future of zoning in our City, assisting more businesses to open here, and collaborating with our nonprofit colleagues to strengthen the connections across the diverse interests of the City. I hope everyone will find a way to engage with these and other community building opportunities.
Different tax requirements for common types of business entities By Michael Aston, E.A.
When you launch a new business, you may choose from one of several types of entities. Understanding some of the tax requirements involved with each one, you’ll want to start with some basic information about the most common entities, also assuming they will all be set up in California. SOLE PROPRIETOR – This is the easiest to set up and maintain. Depending on your company name, you may need to file a fictitious name (DBA) with the county registrar office to open a business bank account. The accounting and recordkeeping are less involved and you are not required to do double-entry bookkeeping. This tax return is completed with your personal tax return on a Schedule C. This is usually for a single person but in California a married couple can create two Schedule C’s instead of a partnership. The profit or losses will show up on the front page of the 1040. SINGLE MEMBER LLC (SMLLC) – This is an LLC that is set up with the State of California and is treated very similar to a sole-proprietorship, with the income reported on a Schedule C. The difference is that you will need to pay a minimum state fee of $800 per year and need to file an additional state tax return form 568. PARTNERSHIP – This is for two or more owners. It is considered a passthrough entity, meaning the entity will do an individual tax return (1065-Federal & 568-CA) and the profit/losses will be passed through to the partners on a K-1. The K-1 is then going to be reported on the partners’ individual tax returns. The partnership itself does not pay any taxes but is required to pay a minimum state fee of $800. This tax return is usually due March 15. This entity must be set up through the state. S CORPORATION – This is very similar to a partnership and is also a pass-through entity with a K-1 issued. Instead of a percentage of ownership like a partnership, stock shares are issued to the owner. When setting up this entity a corporation must first be created, then Form 2553 must be sent to the IRS stating that you would like to
Michael Aston, E.A. Alhambra Tax Center (626) 282-1084
Michael Aston is an Enrolled Agent engaged in his family business at Alhambra Tax Center, 1009 E. Main St., Alhambra. Alhambra Tax Center has served Alhambra residents since 1970. He can be reached at (626) 282-1084. Tax questions, or any other questions, can be e-mailed to michael@alhambrataxcenter.com. To view previous topics, read his blogs at www.alhambrataxcenter.com.
be recognized as an S-Corp. The due date usually is March 15. C CORPORATION – This is not a pass-through entity; the corporation will file its own tax return and pay the taxes owed. Shareholders who perform services are paid as W-2 employees subject to payroll taxes. Reasonable wages must be paid and not inflated to reduce corporate tax liability. Profits are distributed as dividends to the shareholders. Losses do not pass through to shareholders. If you are considering opening any of the above entities, speak to your tax preparer or go to the IRS/FTB websites. You may believe that if you open some of the above entities that you will not be personally liable if something goes wrong, so make sure you speak to a lawyer about what you will be legally liable for, especially if you are the one making the decisions. This column is provided to Around Alhambra by Michael Aston, E.A., who is responsible for the content. Around Alhambra does not endorse financial advice recommended by this author or any other provider.
