S.F. Olive Oil offers wares for sampling
Business Beat

Bob Quick | The New Mexican
Posted: Monday, January 30, 2012
- 1/31/12
     
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The latest from Santa Fe Olive Oil is that the business is celebrating its one-and-one-half year occupancy of its downtown location,
116 Don Gaspar Ave.

The business offers what a news release says is a line of olive oils from around the globe, barrel-aged balsamic vinegars and infused sea salts.

The olive oil comes not only from Tuscany and Sicily, but also Greece, Morocco, California's Napa Valley and elsewhere. The oils are natural blends and flavor-infused varieties.

The balsamic vinegar is sold in its traditional form as well as used as a base for other balsamics.

The store also sells sea salts from Hawaii, Bolivia, France and elsewhere. The store is hands-on, and customers can sample everything edible for sale.

Santa Fe Olive Oil is owned by Arizonans Cheryl Dimmerling and Sunil Patel. The acting manager is Tiana Finney. The telephone number is 992-1601.

* * *

A Dollar Tree discount store has opened in Coronado Plaza shopping center, off West Cordova Road.

Dollar Tree Inc. is based in Chesapeake, Va., and has thousands of stores in the 48 contiguous states.

The space at 518 W. Cordova Road was previously occupied by Southwest Cash and Carry Food and Janitorial, which closed its Santa Fe store in 2010.

Dollar Tree's telephone number is 988-9705.

* * *

It's tax time again. A recent information sheet from the IRS talks about the "many benefits" of being your own boss and then brings up some "key points" about self-employment and self-employment taxes.

* First of all, self-employment can include work in addition to your regular full-time business activities, such as part-time work done at home.

* Taxes are still very much in the picture. If you are self-employed, you generally have to pay self-employment tax as well as income tax. Self-employment tax is a Social Security and Medicare tax for individuals who work for themselves.

* Tax filings include schedules, profits and losses. You need to file an IRS Schedule C, Profit or Loss from Business, or C-EZ, Net Profit from Business, with your Form 1040.

* And there are more taxes. If you are self-employed, you may have to make estimated tax payments. This is even if you also have a full-time or part-time job and your employer withholds taxes from your wages.

* There are some deductions. You can deduct the costs of running your business. These costs are known as business expenses. These are costs you do not have to capitalize or include in the cost of goods sold but can deduct in the current year.

* Look for those necessary expenses. To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense is one that is helpful and appropriate for your business.

For more information, see the Self-employment Tax Center, IRS Publication 334, Tax Guide for Small Business, IRS Publication 535, Business Expenses and Publication 505, Tax Withholding and Estimated Tax, available at www.irs.gov or by calling the IRS. The forms and publications order line is 800-829-3676.








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