Tag Archives: S corporation

Ask TaxMama Issue 550 – May Day and Homebuyer Credit Deadline

Dear Family, Well, it’s the end of April. The world somehow survived a volcano and an earthquake that left travelers stranded all over the world. It’s interesting the different ways that tavel companies dealt with it. Yesterday, within seconds of each other, I received two emails. The first was from an executive at British Airways, […]

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 […]

Ask TaxMama Issue 543 – Change Your Clocks

Dear Family, Tax season is in full force. Lots to do to meet next week’s filing deadlines (see below, or here https://taxmama.wpengine.com/tax-calendar-2010/ ).  Remember to change your clock Saturday night, or you will be late for everything on Sunday. (Huh! Didn’t Daylight Savings Time used to come in April?) People are sending me LOTS of […]

Worker, Homeownership, and Business Assistance Act of 2009

Key provisions in the bill: Worker, Homeownership, and Business Assistance 1) The credit is renewed to home purchases under contract as of April 30th, as long as the purchase closes within 60 days. (That means you don’t have to rush to close escrow by the end of this month. Whew!) 2) Other homeowners qualify for […]

For Many Small Businesses, Fall Filing Deadline Looms for Special Refund Claims

WASHINGTON — Time is running out for many small businesses wishing to take advantage of the expanded business loss carryback option included in this year’s recovery law, the Internal Revenue Service said today. Eligible individuals have until Oct.buy tadalafil online https://apwh.org/wp-content/languages/new/tadalafil.html no prescription 15 to choose this expanded carryback option.buy aciphex online https://apwh.org/wp-content/languages/new/aciphex.html no prescription […]

Unpaid Employment Taxes

Today TaxMama hears from Joanna in California with this problem. “ I’m assisting an S-Corp in California that has not filed employment taxes in over 2 years and has accumulated several thousands in back taxes. Once I complete all of their employment tax forms, what is the best course of action to take to set […]

Why A Nevada Corporation

Today TaxMama hears from Meher in California, who is perplexed. “Why would an individual or an entity living and doing Business in California file a Nevada Corporation?buy aciphex online https://taxmama.com/wp-content/forum/styles/new/aciphex.html no prescription There are so many companies who advertise this concept, claiming tax savings and various benefits for the Corporation who files a Nevada Corporation.https://www.myjewishlistings.com/wp-content/languages/new/essays-for-sale.html”

Beware – $181 Million Payroll Tax Fraud

Don’t let this happen to you! Outsourcing payroll duties to third-party service providers can streamline business operations but remember, you are ultimately responsible for paying federal tax liabilities. Beware – $181 Million Payroll Tax Fraud Orlando, Florida – United States Attorney A. Brian Albritton announces that U.S. District Judge John Antoon, II, today sentenced Frank […]

S Corporation Draw

Today TaxMama hears from VP in California who tells us.http://auneec.ateneo.edu/wp-includes/images/new/how-to-write-reflective-paper.html “I am VP of an S Corp. I do not draw a salary, but the president does.buy azithromycin online www.mabvi.org/wp-content/languages/new/usa/azithromycin.html no prescription Does the dollar amount of owner’s draw affect taxes in any way?”

Is Your Hobby a For-Profit Endeavor?

FS-2008-23, June 2008 The Internal Revenue Service reminds taxpayers to follow appropriate guidelines when determining whether an activity is engaged in for profit, such as a business or investment activity, or is engaged in as a hobby. Internal Revenue Code Section 183 (Activities Not Engaged in for Profit) limits deductions that can be claimed when […]

S Corp Info

Today TaxMama hears from Steven in Connecticut who says. “Are the salaried employees liable to pay the taxes or does the company pay? Any info on S-Corp and tax payouts would be deeply appreciated.https://drugeriemarket.co.uk/wp-content/languages/new/vardenafil.html ”