scorporations: Richardson TX - S-Corporation Shareholders & Reasonable Compensation - 07/17/19 06:19 PM
Many small businesses elect to file income taxes as S-Corporations. As an S-Corporation, income taxes are not paid at the corporate level as C-Corporations are, but flow to the personal tax returns of their shareholders, where taxes are reported and paid.
 
One of the perceived advantages of electing S-Corporation status for a business is the ability to avoid or minimize self-employment taxes on earnings or a part of earnings.  How does this work? An S-Corporation shareholder may be both an Shareholder/Investor and an employee of the business.  As an employee, they should be paid wages for their services, just as any other … (0 comments)

scorporations: Richardson TX - Small Businesses and the Home Office Tax Deduction - 06/09/19 10:47 AM
A common question that comes up with small business owners who visit our Richardson TX office is whether they can get a tax deduction for their Home Office. Today we’ll spend a little time discussing the Home Office Deduction for a small business owner who files on Schedule C of their tax return.
 
Before we move into the deduction for small business owners, one of the impacts of the Tax Reform Act of 2018 was that it took away the potential deduction as an employee. An employee who used the home office deduction took it as a miscellaneous itemized deduction. Beginning in … (2 comments)

 
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Bob Jablonsky

Helping you resolve your IRS Problems!

Richardson, TX

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