Penny Stock Secrets Revealed.
High Converstion Rates! Hot Topic! Little Known Insider Secrets To Trading Penny Stocks!
Penny Stock Secrets Revealed.

(PRWEB) October 12, 2004

Vice Presidential candidate John Edwards saved $ 591,000 in taxes by forming an S Corporation.

Edwards made $ 26.9 million as a trial lawyer in 1995. Edwards minimized paying Medicare taxes by forming his own S corporation. Edwards paid himself a salary of $ 360,000 each year for four years and had the S corporation pay him the rest in dividends.

“Salary is subject to Medicare taxation at a rate of 2.9%, but dividends escape Medicare taxation,” explains Peter Hupalo, author of How To Start And Run Your Own Corporation: S-Corporations For Small Business Owners. There is no wage base for Medicare, all wages and/or salaries are subject to the full 2.9% tax. Social Security does have a wage base, which means wages above some limit (currently $ 87,900) are exempt from the Social Security tax.

So, Edwards saved 2.9% of $ 25,460,000 or $ 738,000 in Medicare taxation. However, sole proprietorships are allowed to deduct one half of what they pay in Social Security taxes from their income tax. Thus, had Edwards operated as a sole proprietor, he’d get a deduction for $ 369,000 from his income tax. Figuring tax at a 39.6% rate, he’d reduce his income tax by about $ 146,124. Edwards’ net savings for forming the S corporation were about $ 591,000.

“S corporations are useful for small business owners who want to semi-opt-out of the Social Security System. But, the law requires that S-corporation owners pay themselves a reasonable salary for the work they do,” says Hupalo.

“If an entrepreneur earns $ 80,000 per year and can justify paying a salary of $ 40,000 with the remaining $ 40,000 paid in S-corporation dividends, Social Security and Medicare taxes are reduced by about $ 6,000. Over a thirty-year work history, when investing and compounding are considered, that can amount to having well over a million dollars more in retirement funds. This is a big advantage of forming an S corporation,” commented Hupalo.

###

SUFFERN, NY (PRWEB) October 25, 2004

On behalf of Forward Technologies LLC, General Patent Corporation International (GPCI) announced an important milestone in its patent enforcement campaign. GPCI recently obtained the 10th settlement under Forward Technologies? U.S. Patent No. 4,475,009, for its Method and Device for Remotely Controlling Telephone Call Forwarding. GPCI, a leading contingency patent licensing and enforcement firm located in Suffern, New York, represented Forward Technologies in all 10 settlement transactions.

Telephone companies who have settled with Forward Technologies to date include Telepacific Communications, Paetec Communications, Valor Telecommunications, Grand River Mutual Telephone, Garden Valley Telephone, Mid-Missouri Telephone, and Melrose Telephone. In addition, Pacific Bell Telephone Company and its parent company, SBC Communications, Inc. (NYSE:SBC), settled earlier this year during the course of a pending patent infringement lawsuit brought by Forward Technologies.

The Remote Call Forwarding technology covered by the subject patent, co-invented by Elliot Rais and Daniel Fogel, pertains to controlling telephone call forwarding from a remote location. This technology is available to subscribers of most telephone companies.

?We are pleased to see that the telephone companies are finally recognizing the important contribution of the inventors to the industry,? said Paul Lerner, General Counsel of GPCI, ?and we hope that the rest of the telcos who offer remote call forwarding will respect the intellectual property of Forward Technologies.?

About Forward Technologies

Forward Technologies LLC is the owner of United States Patent No. 4,475,009, ?Method and Device for Remotely Controlling Telephone Call Forwarding,? which expired in November of 2001.???? For further information on Forward Technologies, contact Kathlene Ingham, GPCI?s Director of Licensing, at (845)-368-4000, ext. 107.

About General Patent Corporation International

General Patent Corporation International (GPCI), headquartered in Suffern, NY, is the oldest contingency intellectual property (IP) licensing and enforcement firm in the US.

General Patent Corporation (GPC), an affiliate of GPCI, is a leading international IP management firm. GPC provides IP analysis and strategy, IP audit and valuation, IP portfolio mining and management, and technology transfer services, to both domestic and foreign businesses, universities, research institutions, and individual inventors.

For further information on GPC and GPCI, visit http://www.patentclaim.com, or contact:

General Patent Corporation

Montebello Park

75 Montebello Road

Suffern NY 10901-3740

phone: (845)-368-4000

email: info@gpci.com

###