Today TaxMama hears Lana in Illinois who says . “I started a new S corporation last year, but let the paperwork get behind. I read your book and I would like to take care of my taxes on my own to save money and not involve a pro. My earnings need to be limited because […]
Tag Archives: Corporate taxation in the United States
Today TaxMama hears from Lori in Illinois who’s trying to catch up. “I started an S corporation last year . My attorney/ accountant friend advised me that I could skip the first round of estimated taxes.https://www.myjewishlistings.com/wp-content/languages/new/resume-help.html Well time has gotten away from me and I have the paperwork the government has sent to me, but […]
Today TaxMama hears from Roy in Virginia, who wants to know. “Is there any advantage to form an LLC for my speaking and consulting.https://londonbes.education/Media/new/best-essays.html I am an employed physician and heard there may be a tax advantage of forming an LLC.https://londonbes.education/Media/new/copy-editing-service.html ”
Today TaxMama hears from Carol in New York who tells us, “I have recently started an LLC.purchase prednisone online https://medstaff.englewoodhealth.org/wp-content/languages/new/purchase/prednisone.html no prescription I am the only member. Do I take a paycheck from the business, or leave the money in the business? How are taxes figured? Will I pay personal and business income tax?”
IRS Notice 08-01, recently released, discusses the treatments of various arrangements of health insurance in connection with an S Corporation and its 2% shareholder/employees. This Notice clarifies an issue from two years ago. First a review of law involving the health insurance deductions. Section 162(l) permits a self-employed person, a partner, and an S […]
Today we hear from Dave in Idaho who tells us, “Some of my friends have a rather successful business formed as an LLC. Their CPA told them that they could file as a partnership and not report any self-employment income, even though they are all actively working in their business. Is this true? And where […]
Today TaxMama hears from Kathy in Minnesota who wants to know.https://www.richereducation.co.uk/wp-content/languages/new/essay-writing-service-reviews.html “What is the form to elect to change business form? For instance to change from a partnership to a sole proprietor?”
Today TaxMama hears from Andrew in the Tax Parlor, who tells us. “I operate an S corporation. In the 1st year (2005), the S corporation had substantial income, and I reported it on my 2005 tax return. This year (2006) it has a loss that’s larger than my whole family income. May I report 50% […]
Today TaxMama hears from Deanna in the Tax Parlor, who says “My husband and I are about to elect S-corp status in an LLC. We currently pay our kids wages in the LLC, but are wondering if there is any real benefit to continuing this in the S-corp?” Hi Deanna, The benefits for hiring your […]
Hi! It’s TaxQuips time from TaxMama.com. Today TaxMama hears from Sam in the Tax Parlor who tells us. “I have been looking over the instructions for 1120S and I am still confused. My wife and I started an S Corp this year, though we are not bringing in any profits yet. We do have expenses, […]
Today TaxMama hears from Mitchell in the Tax Parlor who just made a disturbing discovery. “I’m in the investigation process of setting up a corporation, S or LLC, for my one-man engineering business. Then I come across this category for Personal Service Corporation (PSC), whose definition includes engineering, but appears to be different than an […]
Today TaxMama hears from Mike in the Tax Parlor who tells us “My wife and I formed an LLC and began doing business last January. We are a home-based craft business and have done all our business under my SSN not a Tax ID #. Can we file our expenses/income for the business under our […]