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Its not a tax quesin, its about having a business while

Customer Question
its not a tax quesin JA...
its not a tax quesin
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: its about having a business while collecting unemployment benefits
JA: Is there anything else the Accountant should be aware of?
Customer: can i do that?
Submitted: 1 year ago.Category: Finance
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Answered in 1 minute by:
8/25/2016
Financial Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 2,325
Experience: Certified Public Accountant
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Hi, my name is Mark. I will be happy to help you with your question.

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Customer reply replied 1 year ago
Can I collect unemployment benefits while starting a business?
Financial Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

Are you earning any income?

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Customer reply replied 1 year ago
I will be earning commission and direct pay eventually
Financial Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

Please give me a moment I am preparing your response.

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Customer reply replied 1 year ago
Should I put the company in my partner
Name?
Financial Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

You do not need to put the business in your partner's name. To be eligible for unemployment you need to be seeking employment. So you would need to apply for other jobs. You have to be available to work too. If you do make money in the business you would have to disclose this to the unemployment agency. This would reduce the amount of benefits that you receive. The income would be your net income after any expenses.

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Customer reply replied 1 year ago
What if I make the business a corporation?
Does that protect me personally from losing benefits?
Financial Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

If it is a C-corporation if you take any money from the corporation you would need to report this to the unemployment agency. If it is an S-Corporation then you would need to report the net income of the corporation.

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Financial Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today.

Please let me know if you have any questions or need clarification. I am happy to help.

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Customer reply replied 1 year ago
My benefits are not enough to survive.
How do protect any other income
From being taxed or subtracted.?
Financial Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

You would be only taxed on the income that you earn. Unemployment compensation would be considered income. By rule you are supposed to report any income that you receive to the unemployment agency.

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Customer reply replied 1 year ago
But, if I earn. Let's say $200.00 week commission....will they deduct $200 from my weekly benefit?
Financial Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

If you earn $200 a week in commission this should be reported to the unemployment agency. They would likely reduce your benefits by $200.

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Customer reply replied 1 year ago
Then I nothing to gain by having my own business.
Financial Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

You would be building a business.

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