Today TaxMama hears from Allison who’s a bookkeeper in Angola, IN. 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. They want to be paid as employees so they don’t have to make estimated tax […]
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 […]
Today Robert from Sparta, NJ is upset. “I paid a filing company to register an S-corp for me back in 1997. I filed returns back in 97 & 98 and just got a letter from NJ claiming that since I am a C corporation, I owe them $7,000 for 1997. I have since learned that […]
Today Connie from New York asks, What does “Pass Through Tax” mean? Since TaxMama has never heard that expression, she will explain “Pass-Through Income (or Loss)” or “Pass-Through Entity”.
Today Heather from Portland, Oregon asks, “Can I report income from S Corporation on Schedule C? If not, how do I get the home office, depreciation, etc. deduction as I cannot find these in the 1120S form?”
Today Julie from Mountain View, CA says, “I’m just launching a new business. After talking to an attorney, I decided I wanted to be an S-corp. I incorporated on May 12, 2005. When I read the instructions for Form 2553 (Election by a Small Business Corporation), it stated that unless I filed for an S-corp. […]