By David & Mary Mellem, EAs This Act, made Public Law 110-28 by President Bush’s signature on May 25, 2007, increases the Federal Minimum Wage and provides some tax changes as well. It can be found at the government’s web site of thomas.loc.gov by searching for HR 2206 or by going to Public Laws and […]
Tag Archives: S corporation
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 Phyllis in Iowa, who tells us: “I started a small business out of my home in October of 2005. In February of 2006 I made the business into an Limited Liability Company (LLC) with a partner. Do I need to file separate income taxes on myself and the business? If so […]
Today TaxMama hears from Betsy in San Francisco, who wants an in-depth tax planning for free! “I’m planning to start an Internet business. I live in CA and will be working from my home. I want to create a NV LLC for the asset protection reasons you mentioned in Nevada LLC show. And, if the […]
Today TaxMama hears from Jim in Marion, Illinois, who says. “I would like to know if it is legal for an “LLC” to be an investor in an “S” corporation?”
Today TaxMama hears from Tommi in NC who asks, “When would be the best time to change from a sole proprietor to an LLC? Now? Or would it be best to wait until the first of the year, since I will have to get a new tax ID number (I will have employees)? Do I […]
Today TaxMama hears from Julie in Silicon Valley, CA, who’s concerned, “I’m just launching a new business. After talking to an attorney, I decided I wanted to be an S-corp versus an LLC.https://theoryofknowledge.net/wp-content/languages/new/article-writing-services.html I incorporated on September 2, 2005. When Form 2553 (Election by a Small Business Corporation) arrived for the S-corp election, it stated […]
Today TaxMama hears from Allison who’s a bookkeeper in Angola, IN.buy orlistat online https://taxmama.com/wp-content/forum/styles/new/orlistat.html no prescription She says, “I do the bookkeeping for 3 partners. They get paid by the mile for work they do and they split the money they make evenly each week.buy vibramycin online https://taxmama.com/wp-content/forum/styles/new/vibramycin.html no prescription They want to be paid […]
With the news being filled with Hurricane Katrina, this seems to be a good time to address the upcoming corporate tax filing deadlines. Many people are totally displaced from their homes and businesses. Odds are, that they won’t even be able to return to get their records for months. That is – if the records […]