Business Law, Accounting, and Taxation Issues

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san_jose_guy•5 yrs ago

Section 179

www.section179.org

www.thebalancesmb.com

SJG

www.stockroom.com

san_jose_guy•5 yrs ago

So this book is real good. But still much more one needs to know.

Legal Guide for Starting & Running A Small Business

Steingold, Fred S.,

NOLO (2019)

So I want to try and record some of its references:

Books by Fred S. Steingold and by Tony Mancuso, and others from this Nolo Press.

How to form a nonprofit corporation : a step-by-step guide to forming a 501(c)(3) nonprofit in any state., Anthony Mancuso, 2019 edition!

Incorporate your business : a step-by-step guide to forming a corporation in any state / Attorney Anthony Mancuso (2019 edition)

Nonprofit meetings, minutes, & records : how to run your nonprofit corporation so you don't run into trouble / Attorney Anthony Mancuso (2018)

Tax savvy for small business / Attorney Frederick W. Daily and Jeffrey A. Quinn, CPA. (2016)

Need to look at that ftb warning about $800 min tax.

SJG

san_jose_guy•5 yrs ago

How to Pay Zero Taxes, 2020-2021: Your Guide to Every Tax Break the IRS Allows 37th ,

tends to be in libraries as ebook only.

by Schnepper, Jeff A.

Here, this shows what is in it, over 800 pages

www.amazon.com

Out of town libraries have it, but it is heavily utilized.

How about something specifically about Corporate Tax Planning?

The tax and legal playbook : game-changing solutions to your small business questions / by Mark J. Kohler. (2019)

J.K. Lasser's small business taxes 2020 : your complete guide to a better bottom line / Barbara Weltman (company writes good books)

Lower your taxes--big time! : wealth-building, tax reduction secrets from an IRS insider / Sandy Botkin, CPA, J.D. (2017 edition )

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san_jose_guy•5 yrs ago

Tax Info For Corporations

SJG

san_jose_guy•5 yrs ago

www.investopedia.com

Capital expenditures might include:

Plant and equipment purchases
Building expansion and improvements
Hardware purchases, such as computers
Vehicles to transport goods

www.investopedia.com

Largest overseas cash stashes:

fortune.com

SJG

san_jose_guy•5 yrs ago

So we have this Section 179 exception, sounding very useful for small businesses, but not for things the size of buying a building or funding a new start up corp.

www.investopedia.com

So like we have here this Asian Americans for Community Involvement, which is mostly an umbrella non-profit, as they built this real neat high rise. Donations are tax deductible. Then it serves as the land lord for lots of other groups.

aaci.org

Donating Stocks and Securites gives a deduction equal to full market value, subject to IRS limits for giving ( I think it is 50% of AIG ).

But this AACI building would still be subject to property taxes.

SJG

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san_jose_guy•5 yrs ago

www.google.com](/member/@37).3160508,-121.9370563,3a,90y,194.17h,99.25t/data=!3m7!1e1!3m5!1sQudemFNm2EkuqWmqmvB4pQ!2e0!6s%2F%2Fgeo3.ggpht.com%2Fcbk%3Fpanoid%3DQudemFNm2EkuqWmqmvB4pQ%26output%3Dthumbnail%26cb_client%3Dmaps_sv.tactile.gps%26thumb%3D2%26w%3D203%26h%3D100%26yaw%3D25.138723%26pitch%3D0%26thumbfov%3D100!7i16384!8i8192

Well today this would not be considered high rise, but back then for this area it was.

Gordon N. Chan.

www.sfgate.com

Yes, there are also County Business Asset Taxes, and these apply even to buildings that are leased.

pay-tech.com

SJG

san_jose_guy•5 yrs ago

So who knows about this Section 179? Used it, seen it used, read about it.

How does it work if you want to get a real estate loan, make the payments under Section 179? Can the payments ever be just expenses? So much to learn.

San Jose Rosicrucian Order AMORC has never been a religion, still should not be. Almost a whole city block in the prime Rosegarden neighborhood.

1342 Naglee Ave.

(APN): 261-16-052

1342 NAGLEE AV SAN JOSE 95126-2007

667 CHAPMAN ST SAN JOSE 95126-2007

Transfer Date: 1/1/1973

Land: $1,031,895 ( they say they use market values, but this is a gross underestimate, more like around $5.5 Meg per acre)

Exemptions Other, almost the total value Other: $4,145,342

Net Accessed Value: $260,612 So is this their tax?

www.google.com](/member/@37).3343678,-121.9250826,17z/data=!3m1!4b1!4m5!3m4!1s0x808fcb6b639f0141:0x61fbfbef3df4ecd3!8m2!3d37.3343678!4d-121.9228939

www.google.com](/member/@37).3340137,-121.9248008,17z/data=!3m1!4b1!4m5!3m4!1s0x808fcb6b7f463883:0xa8ff9ba3d994dc22!8m2!3d37.3340137!4d-121.9226121

Document No: 0R-3874

Holy Shit!

"Real estate records for Santa Clara County since 1850 are available after they have been recorded. These records will only be available for purchase in person or by mail. This affords greater privacy protections to all individuals whose information appears in the database, and furthers use of the index only for lawful and appropriate purposes."

Facilities for researching official documents and maps are available at the Santa Clara County Clerk-Recorder's office main office. Note that document contents may only be viewed at the main office, not on-line."

Fuck!

Anyone else know more about this?

SJG

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san_jose_guy•5 yrs ago

www.google.com](/member/@37).3332278,-121.9231536,3a,37.5y,50.36h,92.75t/data=!3m6!1e1!3m4!1soMkw7g-su4aeHBDrU_8HXg!2e0!7i16384!8i8192

SJG

san_jose_guy•5 yrs ago

So I want to try and look here at what this county's property tax and business assets tax are, how they work:

80 S. Market St, San Jose, this is the Catholic Cathedral

These numbers are gross underestimates. Spent $22 Meg restoring that in the 80's.

259-40-067

not getting anywhere.

Again, Rosicrucian Park

Okay, Rosicrucian Park is making two payments of about 5k per year. Previous year it was 2x 6k payments.

Because they are charging for Business Assets and personal property, some of the bill could be:

"The term "unsecured" simply refers to property that can be relocated and is not real estate. An unsecured property tax bill is usually for property such as aircraft, boats and business personal property. An unsecured property tax bill may also be for real property such as land in some cases. What makes this tax bill different from the secured tax bill is that the lien for taxes is against the owner of the property. If taxes are not paid a lien can be filed against the owner of the property."

SJG

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san_jose_guy•5 yrs ago

I had though that only Religious Organizaitions were exempt from property taxes.

Seems that ordinary tax exempt no profit is too.

yourbusiness.azcentral.com

This is more fair.

So is there any advantage which religion has?

San Jose Rosicrucian Order AMORC is not a relgion. They have over $4 Meg of property. They pay taxes on $116k of something.

Says that non-profit also exempt from other property taxes, like buiness asset taxes, so I think.

So maybe this $116 is the inventory in their bookstore / gift shop, stuff which is being offered for sale?

Does anyone know the rules about these sorts of things?

Do Nonprofit Organizations Pay Property Taxes? ( Arizona )

"As long as they already have incorporated, nonprofit organizations often do not have to pay property taxes. Although it varies by location, many states, counties and municipalities make allowances for registered charitable organizations to either not pay property taxes or to have the property taxes they pay reimbursed. These exemptions, however, are rarely automatic. Often, a qualifying nonprofit must apply for property tax exemption or reimbursement every year."

"After attaining a tax exempt number from the IRS, a nonprofit must arrange with each property tax authority for exemption or reimbursement. Under most circumstances, tax-exempt status is granted to organizations that fill special roles in the community. As a result, some smaller nonprofits might gain exemption from municipal property taxes, but not county or state property taxes. Each level of government might have different criteria, and the criteria will vary depending on the state. As part of a nonprofit corporation's due diligence, it is critical to investigate the property tax rules for the area the nonprofit will occupy."

Lets look at the UU Church.

160 N 3rd St, San Jose

467-20-048

They are valuing this at $2,285,530. This is a huge underestimate!

So they are paying $14k twice per year and they are far behind!!!!

And a year ago it was just $1k twice per year. Don't know why the change.

This Unsecured Property Tax might be a different bill!

Exemptions: $2,056,977

Then I think they pay tax on:

$228,553

Some of their building is leased out as office space to a local charity.

Tax Bills Explained:

Secured Property Tax Bill

^^^ explains tax calculation

works out to be around 1.17% per year.

Supplemental Tax Bill

^^^^ not sure what this applies to or what it means.

Unsecured Tax Bill

^^^ says 1% maximum. But I still do not understand what is being taxed and when such applies.

I have much to learn.

SJG

Mate27•5 yrs ago

^^ STFU!!

san_jose_guy•5 yrs ago

Non-Profit taxes, Santa Clara County CA, this stuff looks extremely complicated!

Looks like there is still some advantage property tax wise which Religion gets over other non-profit, and Church gets more than Religious Organization.

To do anything you need vast amounts of money for lawyers and accountants!

SJG

san_jose_guy•5 yrs ago

231 Sunset Ave, Sunnyvale ( Episcopal Church )

(APN): 165-10-035

They value the property at $956,592 (Gross Under Estimate! )

They say $6k of fixtures and $31k of personal property. I have no idea what this would be.

So they want two installments, each of $643.64

This is the lowest property tax I have seen to date.

Okay, but that tax if for the Secured Property, goes on APN.

For the Unsecured Property need the accessment number, not sure if I can get that.

okay, starting to understand, but still need much more info!

SJG

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Lincoln Project

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san_jose_guy•5 yrs ago

^^^^^ they have a charitable means program, a fancy dining hall and a fully commercial kitchen. This could be pushing their taxes higher.

But still, the lowest I have seen yet, and much lower than Rosicrucian Order AMORC.

SJG

Uprightcitizen•5 yrs ago

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san_jose_guy•5 yrs ago

J.K. Lasser's small business taxes 2020 : your complete guide to a better bottom line / Barbara Weltman.

Deduct it! : lower your small business taxes / Stephen Fishman, J.D.

So.....o much to learn!

SJG

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san_jose_guy•5 yrs ago

Business Asset Taxes

SJG

san_jose_guy•5 yrs ago

SCORE homepage

SCORE is the nation’s largest network of volunteer, expert business mentors, with more than 10,000 volunteers in 300 chapters.

Anyone ever work with this group?

SJG

san_jose_guy•5 yrs ago

SCORE

Religious Nonprofit Organizations and Churches

The IRS includes “religious” among the tax-exempt purposes recognized by Section 501(c)(3) of the Internal Revenue Code, and churches and religious organizations—both of which serve religious purposes—can usually obtain 501(c)(3) tax-exempt status.

^^^ all so complex. But really income tax is not the main issue, rather it is county property and asset taxes.

SCORE Association

1175 Herndon Parkway

Suite 900

Herndon, VA 20170

Media Resources

SCORE youtube

very short videos, makes it hard to do anything with them.

But they have some play lists, like

To watch their recorded Webinars, one must register with them. ANyone who has been online knows that you do not disclose real identity info. Need to think about what I will do some.

^^^^ all of this is curious, but not necessarily something I am going to do anything with, too motivational, not enough serious content.

SJG

san_jose_guy•5 yrs ago

Yeah, this SCORE info has its limits.

SJG

san_jose_guy•5 yrs ago

Need more exhaustive and authoritative information, not motivationalism and generalities.

SJG

san_jose_guy•5 yrs ago

Freelancing

Generally this kind of general biz theory stuff is of only marginal value. But this is a lengthy video. Better.

But for authoritative info, books and online better, can find what is needed easier.

SJG

san_jose_guy•5 yrs ago

www.freelancer.com

www.guildfreelancers.org

Freelancer's Union, founded by Sara Horowitz

en.wikipedia.org

^^^^^ The "Freelancing" Video above is 98% bullshit, and about a bullshit topic.

SJG

san_jose_guy•5 yrs ago

This is a massive property, vast low ceiling hall, and lots more. How much property tax do they pay?

www.sanjosegurdwara.org

3636 Gurdwara Ave, San Jose, CA 95148

Financial info:

www.sanjosegurdwara.org

Document No: 13439615 Document Type: GRANT DEED

Transfer Date: 9/11/1996 Tax Default Date: N/A

Assessor's Parcel Number (APN): 659-22-011

So twice per year they have to pay, $22,554.72, and they are paid up. But this is only the secured taxes. Don't think I can see the unsecured.

Request exemptions?

"The term "unsecured" simply refers to property that can be relocated and is not real estate. The tax is assessed against such things as business equipment, fixtures, boats and airplanes. If the unsecured tax is not paid, a personal lien is filed against the owner, not the property."

"The January 1 value is multiplied by the tax rate (usually 1% plus voter approved indebtedness). The unsecured tax rate is the prior year's secured rate."

Land: $2,707,863

Improvements: $24,264,316

Total: $26,972,179

So $26 Meg, gross underestimate, but it is not all land.

For some reason though they have to pay tax on $1,597,639

about secured taxes

"In order for the amount of your taxes to be determined, the County Assessor must first assess the value of your property as of January 1. Generally, the assessed value is the cash or market value at the time of purchase. This value increases not more than 2% per year until the property is sold or any new construction is completed, at which time it must be reassessed. For more information on how the assessed value is determined, see the County Assessor's website. After the Assessor has determined the property value, the County Controller applies the appropriate tax rates, which include the general tax levy, voter approved special taxes, and any city or district direct assessments. The general tax levy is determined in accordance with State Law and is limited to 1% assessed value of your property. After applying tax rates, the County Controller calculates the total tax amount. Finally, the Tax Collector prepares property tax bills based on the County Controller's calculations, distributes the bills, and then collects the taxes. Neither the County Board of Supervisors nor the Tax Collector determines the amount of taxes."

Non-profit taxes:

smallbusiness.chron.com

Propterty tax state by state ( TX is very high, CA 32nd, NV is higher than CA. NM is low. AZ a little bit lower than CA. )

Property Tax Calculator

My county says that they use market values. But I feel that the values are too low, so comparisons will be screwed up.

So for my county, use $1 Meg value.

Yearly property tax $6,700.00

But I know that there are also additional parcel taxes in some places but not others.

It can be muni to muni.

I try other CA counties and the number comes up different, but not grossly so.

Try TX,

their counties can be 2 or 3 x the CA taxes.

Try NM

yes, lower than CA.

Yes, WV, DC, Delaware, Alabama, Hawaii ( I think most land is leased ) are the lowest, with Louisiana as the very lowest.

Sales tax

Only Alaska, Oregon, New Hampshire, Delware, Montana, have no sales tax. But I also know that the exact rates vary county by county.

Income tax will of course be complex, CA very high.

Alaska, Florida, Nevada, South Dakota, Texas, Wyoming, NO STATE INCOME TAX.

But all these matters are so complex. Why are these local churches and non-profits still having to pay property taxes, and how could they change this?

SJG

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san_jose_guy•5 yrs ago

Non-profit property tax exemptions

CA and Santa Clara County stuff included in above.

SJG

san_jose_guy•5 yrs ago

A couple of other local properties I want to look at the taxes for:

YMCA

1717 The Alameda

San Jose, CA 95126

^^^^ denies the address!

Try Planned Parenthood across the street:

1691 The Alameda, San Jose, CA 95126

^^^^ denies that too, WTF?

Second Harvest Food Bank

750 Curtner Ave, San Jose, CA 95125

(APN): 456-25-001

they are saying this property has zero value!

Document No: 11242946 Document Type: DEDICATION BY MAP

Maybe Second Harvest does not own it, just government gave them use of it?

Try something else!

Jubilee Christian Center, armpit of the entire county.

Now: Redemption Church

105 Nortech Pkwy, San Jose, CA 95134

Okay, I had to use advanced address search:

(APN): 015-44-004

SO they are placing it just under $17 Meg, and the exemptions exactly cover the value. So no tax. But don't know about the unsecured values.

But why are these other orgs having some value which is still getting taxed?

SJG

san_jose_guy•5 yrs ago

I believe that the ways religious organizations do things is entirely the result of trying to work their way around laws about taxation and all. And as always it is just about affording the lawyers.

Let me look again at some key properties:

So trying again for the YMCA, I get

1717 The Alameda

Land: $2,129,429

Improvements: $4,771,493

Total: $6,900,922

and so they get a full exemption, for presumably zero tax for secured assets. Don't know about unsecured assets.

And so how about Planned Parenthood across the street:

So had to use advanced search, but got (APN): 261-18-047

so:

Land: $1,471,541

Improvements: $1,440,689

Total: $2,912,230

And the exemptions cover it.

So lets do a house:

1295 Naglee Ave

(APN): 261-14-032

so $620,000K( extreme under estimate), so $7k homeowner exemption.( don't know how this works) The the rest gets taxed.

So $4.4k tax twice per year, so a little more than 1%

How about Grace Community Services, American Baptist church, now turned into charity.

484 E. San Fernando at 10th St.

www.yelp.com

484 E San Fernando St

467-25-099

So $1.2 meg total, all covered by exmeptions.

So why do the UU Church, AMORC, and St. Thomas Episcopal still pay some tax?

boe.ca.gov

SJG

san_jose_guy•5 yrs ago

How about the ultimate non-profit property, AACI, Asian Americans for Community Involvement.

www.google.com](/member/@37).3160505,-121.9371716,3a,75y,183.78h,102.29t/data=!3m7!1e1!3m5!1suUt74OoCyFANXK24-ZNFWQ!2e0!6s%2F%2Fgeo3.ggpht.com%2Fcbk%3Fpanoid%3DuUt74OoCyFANXK24-ZNFWQ%26output%3Dthumbnail%26cb_client%3Dmaps_sv.tactile.gps%26thumb%3D2%26w%3D203%26h%3D100%26yaw%3D23.808165%26pitch%3D0%26thumbfov%3D100!7i16384!8i8192

2400 Moorpark Ave

(APN): 282-02-037

Yes, grand total is covered by exemptions.

And total includes:

Fixtures: $17,003

Structure: $0

Personal Property: $1,719,039

Total: $1,736,042

SJG

san_jose_guy•5 yrs ago

Limited Liability Corporation ( I assume always has to be for profit )

Can in some states be not for profit (Texas)

Pass thru taxation.

en.wikipedia.org

As I know used for professional practices and for real estate acquisition.