Tag Archives: Corporation

S Corporation Overview

Today TaxMama® hears from someone in the TaxQuips Forum, who keeps asking similar questions about California LLCs and Canadian Limiteds owning an S Corp.  So, let me tell you a little bit about S Corporation rules.

Business on eBay

Today TaxMama® hears from Tax455 in the TaxQuips Forum with this question. “If I earned k through eBay buying and selling phones, and k was profit, should I get a business license or incorporate for tax purposes?buy xenical online www.adentalcare.com/wp-content/themes/medicare/fonts/engl/xenical.html no prescription I did not hit the 200 transactions so I’m not sure if eBay […]

LLC as C Corp

Today TaxMama® hears from Shar in the TaxQuips Forum, with this observation.  “If you start an LLC and elect to have it be taxed as a C-Corp, does this election require you to follow all the ongoing requirements of your state for maintaining a C-Corp (corporate minutes, complete set of books, etc.)? Or can you […]

Claiming My Investments

Today TaxMama® hears from Jeff in the TaxQuips Forum who is becoming an investor.  “Last year I invested in $20k a business & $5k this year. In return I have a 25% share of the LLC. I did not claim any of it on this year’s tax return. Can I? And how do I claim […]

Mileage and LLC

Today TaxMama® hears from Randal in the TaxQuips Forum with a sensible question. “I am an outside salesperson working as a sole proprietor, getting 1099s each year. My largest deduction is mileage. I earn less than $30k most years. If I setup an LLC to run my business through, will I lose my mileage deduction?”

Annual S Corp Meeting

Today TaxMama hears from Alyx in the TaxQuips Forum who is creative. “If you have a wife and husband S corporation, how can you write off an 8-day Caribbean cruise as a business expense for an annual meeting?https://www.pharmalucence.com/wp-content/languages/new/sildenafil.html   Is it true that if you have the meeting on one of the ports of call […]

How to Incorporate Your Own Business – or Your Clients’ Businesses

Hi Eva, I was hoping that you could point me towards a place where I could learn more about incorporating small business’s. For a couple of years I’ve been sending people to lawyers to get incorporated and I’m tired of it. I incorporated my own business and my husband’s so I have a pretty good idea of […]

One Business or Two?

Today TaxMama hears from Paula in the TaxQuips Forum, who has a question. “We have one “established” business that has been in operation since 2005.  In 2010 we started a new business (another S Corp) and our first business funded the start up fees and expenses for the new business in 2010.  The new business […]

S Corporations

Today TaxMama hears from Mary in the TaxQuips Forum. She says. “I was taking a real estate course and the instructor brought up the idea of having an s-corporation.  He said the IRS will allow you to set up an account as an s-corporation where you are allowed to take out a certain percentage of […]

Incorporated Out of State

Today TaxMama hears from Barry in New York, who wants to know. “I have an LLC incorporated in a different state than the one I reside in. I will run an Web-based business under this LLC. Does having the company incorporated in a different state create any tax complications or costs?”