All Questions
Tagged with small-business s-corporation
16
questions
1
vote
0
answers
48
views
Starting a second business as a Sole Proprietorship, S-Corp, or LLC with a DBA?
I'm planning on launching a business to provide voiceover professional services. In professional voiceover, your name is your calling card, so my first inclination would be to simply do everything as ...
- 11
2
votes
1
answer
150
views
What are the advantages of LLC over S-Corp?
I saw a video that mentioned that if you don't want to withdraw all your company's net profit and want to invest it again on the company, it's better to have a LLC over the S-corp. Is that true?
May ...
user109157
-2
votes
2
answers
202
views
What options are available if the IRS denies appeals for waiving missing form fee?
This question is a follow-up to
What happens if IRS does not receive 1120-S for an S-Corp?
In June 2019, IRS sends Mr. X a letter with a fine of $7,200 for the missing 3 forms (each form cost maximum $...
- 105
2
votes
2
answers
323
views
No more income. What are my options to keep my S-Corp from dissolving?
I classified my single member LLC as an S-Corporation to take advantage of the tax advantages for qualifying small businesses as an independent software contractor. This worked well while generating ...
- 21
1
vote
1
answer
60
views
Trying to understand S corp
Say an S Corp has one owner and earns 300k in a year. It pays wages of 100k. Can the 200k be invested by the S Corp so that the the 200k does not have to be distributed?
- 117
1
vote
0
answers
54
views
State Tax on Sale of Michigan S-Corp for Non-Resident
I have a family member that will be a resident of Florida for 2019. He is contemplating selling his business based in Michigan (S-Corp). He can run the business remotely (but anticipates spending ...
- 11
0
votes
1
answer
72
views
Deductible automobile expenses for ridesharing business
Most people here will disagree with the premise of the question, so try to disregard that (and that I know this is likely a very bad idea).
I'm considering buying a (new) car that I can't afford (...
- 2,778
3
votes
1
answer
272
views
LLC or S Corp under new tax law
I and my wife have a small business that is registered in MA as an S-Corp, we have also a rental property. I am told that to protect ourselves it is better to register the rental property as LLC. I ...
- 676
1
vote
0
answers
448
views
Which form to use, 1040 ES or 941, for one member S corp quarterly tax?
I am a contractor, and want to form an LLC and select being treated as S corp (by 2553 form).
I read online about federal quarterly payroll tax using form 1040 ES, but this article suggested to use ...
- 111
2
votes
1
answer
298
views
Recording of personal property contribution to S-Corp in QuickBooks
I began an S-Corp, and I contributed a truck, computers, and furniture. How do I record these items in QuickBooks? What accounts do I use?
4
votes
2
answers
197
views
Distribution rules LLC vs. S-Corp
From research I understand that an LLC does not need to issue distributions in proportion with ownership
e.g. A company can be 60-40 ownership but 80-20 profit distributions
I also think an S-Corp ...
- 41
0
votes
2
answers
2k
views
What's the appropriate way to signify an S-Corp?
If I have traditional company called Acme then I'd write:
Acme, Inc
If it were an LLC:
Acme, LLC
If it were a Limited Partnership (I think -- I'm basing this on LucasFilm):
Acme, Ltd.
If I were ...
- 294
2
votes
1
answer
212
views
Have a simple LLC but want to file taxes as s-corp, can I do taxes on my own?
I have a very simple small business that has very straight forward taxes. I am the only employee and I don't have a lot of complicated deductions / credits. Am not married and don't have kids. It is ...
- 171
5
votes
3
answers
25k
views
Capital Gains in an S Corp
In this question about s-corp distributions, the answer was given that an s-corp taxes all profit as personal income. That is, there are neither distributions nor dividends which can be taxed at a ...
- 153
10
votes
1
answer
1k
views
Determining the minimum dividend that should be paid from my S corporation
I am the sole shareholder and only employee of an S corporation. I understand that all profits of the corporation are passed through and taxed as income to me. I also understand that all dividends ...
- 203