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Here is what i need to know. the profit my business takes at
Okay so here is what i need to know. the profit my business takes at the end of the year is just passed through to me correct? as other income on my w2? Its not a dividend or a disturbtion its just pa… read more
Barbara
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I currently own a C-corp and have about profit distribution.
Hi. I currently own a C-corp and have about profit distribution. I had a net profit last year of around $100,000. I paid taxes on this amount but didn't take anything out. Now I am taking some of that… read more
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I am trying to set up a new business in quickbooks. the
I am trying to set up a new business in quickbooks. the owner is a single member LLC and we have elected to be taxed as an S-corp. How do I pay him/classify paying him in Quickbooks? … read more
Alexander Efros
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Lane - Can you run this scenario for me using your section
Hi Lane - Can you run this scenario for me using your section 199A model that you have. Here are the factors:S Corp Engineering Firm so a non service relatedW-2 Employees of $1,728,000 ($701,000 of W-… read more
Lane
Lane
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Doctoral Degree
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If you are a single member S-Corp and taxable income is over
If you are a single member S-Corp and taxable income is over $315K and business is a service industry so would not get the 20% deduction under new tax reform, would changing to a C-Corp help pay less … read more
Lane
Lane
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Doctoral Degree
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I started an LLC in Texas in October 2015. purposes, that
I started an LLC in Texas in October 2015. For tax purposes, that business has operated as a one-owner LLC (sole proprietor in reality) and I will included that business income on my 2015 personal inc… read more
Lane
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I have a quick question -Corporation. Is it mandatory S-Corp
I have a quick question for S-Corporation. Is it mandatory for an S-Corp to pay W2 to the owner (when there are no other employees?) In other word, I have an S-Corp and I am the owner.... What will be… read more
Stephen G.
Stephen G.
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What are the tax consequences when one of the owners has been
What are the tax consequences when one of the owners has been taking a draw from the business and then quits the business before it's become profitable.… read more
emc011075
emc011075
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Bachelor's Degree
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Im wondering what the difference is between an owner of a corporation
im wondering what the difference is between an owner of a corporation and a governing person and if they both get issued w2's… read more
Lane
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Doctoral Degree
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I have a single-member LLC that I am going to elect S-Corp
I have a single-member LLC that I am going to elect S-Corp status on for 2014. Right now on my books my equity accounts are as follows... Owner's Draw - $0 (closed out every year to Owner's Equity) Ow… read more
Lev
Lev
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I am preparing a subchapter S corporation Tax return with two
I am preparing a subchapter S corporation Tax return with two owners. they each have a stock account of 5,000. They also took draws for 20K during the year that are reflected in their equity accounts … read more
Lane
Lane
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Doctoral Degree
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Your question: "I am doing my own taxes in Business Turbo Tax.
Your question: "I am doing my own taxes in Business Turbo Tax. My husband and I are 50/50 shareholders of the s-corp. We both receive salaries via w-2 and take partner draws. FORM 1120S- LINE 7- Do I … read more
Stephen G.
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Dear Tax Advisor, If a C-Corporation that have one foreign
Dear Tax Advisor, If a C-Corporation that have one foreign shareholder who owns 50% of total shares, and he is also the officer of the C-Corp. By filing business tax return purpose (Form 1120), does t… read more
Robin D.
Robin D.
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can i report draws from my c corp as dividends instead of
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Lane
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My client was advised to incorporate her existing restaurant
My client was advised to incorporate her existing restaurant business, which is a sole proprietor located in California. The date of incorporation with the California Secretary of State is May 7, 2009… read more
PDtax
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I am co-owner owner of a small S corporation that provides
I am co-owner owner of a small S corporation that provides evaluation for veterans. I also work full time as a Director at a small Non profit Associtation. My question is .... do I have to file busine… read more
Merlo
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Can overlooked Sub S Corp wages be added to 1040 Line12
Already filed corporate returns for 2008 (single stockholder of small Sub S Corp) showing w-3 / w-2 wages of $56,000 …….and now doing individual returns and realized there was additional $4,000 to be … read more
Ed Johnson
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Bachelor's Degree
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Im just trying to get a basic picture of my tax liability.
I'm just trying to get a basic picture of my tax liability. I am a new business owner. 2008 was my first full year in business. My company is set up as an S-Corp. I did not pay any payroll taxes to my… read more
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