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.
Tag Archives: S.Corp
Today TaxMama® hears from Todd in the TaxQuips Forum who is looking to the future. “I am transferring ownership of a sub-chapter S corporation from myself to a family trust. I have a question on IRS form 2553, in part K, where I need to list both former and current owner of the corporation. Since […]
Today TaxMama wants to talk to you about filing deadlines and the consequences of ignoring them. Dear Friends, Today is another of those tiresome deadlines. I’ve just come to realize that not everyone who is affected, understands the implications.https://www.grapplearts.com/wp-content/languages/new/dissertation-writing-service-uk.html So… If you opened up an LLC, partnership, corporation, etc. in 2010 and have not finalized […]
Today TaxMama hears from Fred in the TaxQuips Forum, with a technical question. “Page 32 of the 2010 Instructions for Form 1120S (the S Corporation tax form) explains how to determine the adjusted gain or loss to enter on line 15b of the 1120S schedule K-1 (the partners’ share of income and transactions). Then it […]
Dear Family, The first bit of news this morning was that Jack Kevorkian has died. What a bold, amazing man he was, campaigning for the right to assisted suicide. Of course, none of the obituaries I’ve seen answer the question that’s on everyone’s mind. Did Jack get an assist? It’s been a busy week […]
Today TaxMama hears from Magdalena in the TaxQuips Forum with a puzzler. “I would like to know if I can take the Health Savings Account Deduction on my 1040 if I’m a S-corp owner?”
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TaxMama’s Tax Roundtable – March 2011 Session
March 17, 2011 TaxMama’s Tax Roundtable is a monthly live discussion open to all TaxMama Family Members and above, and all TaxMama’s EA Exam and Solving the Tax Puzzle Students. REPLAY today’s session below – you can listen and SEE the session and forms.
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 […]
Note: TaxMama’s Tax Roundtable is a monthly live discussion open to all TaxMama Family Members and above, and all TaxMama’s EA Exam and Solving the Tax Puzzle Students. Don’t you wish you were here? REPLAY today’s session below – you can listen and SEE the session and forms.buy neurontin online blackmenheal.org/wp-content/languages/new/mg/neurontin.html no prescription https://mannadew.co.uk/wp-content/languages/new/veklury.html […]
Today TaxMama hears from Peter in Massachusetts who has this question.https://www.simplybeyondfoods.com/wp-content/languages/new/priligy.html “I am a 100% owner of my S corporation.https://www.simplybeyondfoods.com/wp-content/languages/new/orlistat.html I used my car, registered in my name, for my business and commuting. I keep a detailed record of mileage and expense. Can I deduct the vehicle expenses on my 1120S?” https://www.audioacrobat.com/play/WSKWQgVf
Today TaxMama hears from Abe in the Tax Parlor, who says “I have a California-based S-Corp, and I know the 1120-S is due 3/15/07. I thought all income gets passed through to my 1040 and doesn’t get taxed. Does this mean that on 03/15/07 I don’t owe any taxes, just the 1120-S showing the numbers […]
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 […]