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I own an S corp, I am the only shareholder... I took out
I own an S corp, I am the only shareholder... I took out around $16000 from the business to my personal account... do I need to create a w2 for myself or what should be done? And would that be conside… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
2,931 satisfied customers
Why would an LLC elect to be taxed as a corporation? If the
Good morning!Why would an LLC elect to be taxed as a corporation? If the owners of the 13 corporations I mentioned to you previously change their business formation to LLC, would they still need to fi… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,791 satisfied customers
We are a couple that has resided in Delaware for all 12
We are a couple that has resided in Delaware for all 12 months of 2016. I have worked in Delaware throughout 2015 and my wife has worked at a hospital in Philadelphia for 2015. Clearly they withheld P… read more
Barbara
Barbara
Enrolled Agent, Paralegal
6,656 satisfied customers
Lane, I have a new client. In late Jan 2016 he formed an LLC
Hi Lane, I have a new client. In late Jan 2016 he formed an LLC intending it to be an S Corp. His accountant only formed LLC for some reason. He is in California. He did no payroll in 2016 and got a 1… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,791 satisfied customers
I have a C Corporation that was incorporated in Delaware.
I have a C Corporation that was incorporated in Delaware. The corporate mailing address is in Virginia, with a registered agent in the state of Delaware. It is an Internet-based business and has no ph… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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We plan to setup a c corp in Delaware with non resident
We plan to setup a c corp in Delaware with non resident owner If the owner is also an employee does his pay taxes in us or in Europe where he leaves? Also what is the tax rate if we issue dividends?… read more
taxmanrog
taxmanrog
Master's Degree
1,419 satisfied customers
I have a NV S-Corp, income 2015 about 100k. Desire to pay
I have a NV S-Corp, income 2015 about 100k. Desire to pay myself and wife payroll of $22,050 to provide for another SS qualified income year. So far I have taken cash distributions but have not issues… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,515 satisfied customers
I have a client that has an S corp where he is the only
I have a client that has an S corp where he is the only employee. He doesn't do much W2 income. Can his SEP contribution be based on the net income of the business or his K1 income at least?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,791 satisfied customers
One of my clien'ts wife is the owner of an S-corporation
One of my clien'ts wife is the owner of an S-corporation which she does not personally work in. can her husband work for the corporation for free or does he have to draw a salary?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,791 satisfied customers
This question is in regard to owner compensation LLC
This question is in regard to owner compensation for an LLC taxes as an S-Corp. The company is owned 50-50 husband and wife in AL. Let's say the husband runs the business and the wife is more like a l… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,515 satisfied customers
A husband and wife are the only officers of an S corp . . .
A husband and wife are the only officers of an S corp . . . the husband was the incorporator . . . they have been in business for 15 years and the husband has always taken a reasonable salary as he di… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
This is for a Tax expert. I am requesting Barbara. I have a
This is for a Tax expert. I am requesting Barbara. I have a client with an 1120S . I don't see any wages or 1099's for services. Can I put an amount in on the K-1 for SE income or can the shareholder … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,791 satisfied customers
We registered a corporation in Delaware for doing an Internet
We registered a corporation in Delaware for doing an Internet business. For that we contracted a hosting service in the US, and independent consultants as developers in Venezuela to create the site. T… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,515 satisfied customers
I have an S corp (single stock holder) .. I have gross sales
I have an S corp (single stock holder) .. I have gross sales (internet with shopping cart) of 198,000 and COGS of 162,000. Essentially zero expenses. Can I just pay the 35% tax on that as a C corp, or… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,099 satisfied customers
I am a psychologist and the sole employee of my LLC. How do
I am a psychologist and the sole employee of my LLC. How do I figure out what a "reasonable salary" would be to pay myself. I want it to be low so I can take distributions from of FICA charges, but I … read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,815 satisfied customers
How do I need to file if I own an S-Corp, have no employees.
How do I need to file if I own an S-Corp, have no employees. I have already paid and filed my 1120 to the IRS for the year. How do I file my personal taxes with my wife? Last year I was employed by Ba… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I have an s-corp, this is my first year, i started on april
I have an s-corp, this is my first year, i started on april 2009, after i calculate all expenses and sales, my profits were only $300.00, i never generated a payroll, should i report this in my 1120s … read more
Jon Andrews
Jon Andrews
CPA
3,038 satisfied customers
I have form a LLC in Delaware in order to do business
I have form a LLC in Delaware in order to do business in the Caribbean. The two members are non US-Persons, we live in the Caribbean as well. We have some US clients. My questions are : 1) Are we taxa… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
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