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I Opened My Single Member Sport Consulting LLC One Week Ago. Based On The New Tax Reform And Knowing That I Will Make Around $120,000/$...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

As an S Corp, you must pay yourself a reasonable salary but you don't pay Social Security or Medicare on the profits above and beyond the salary. If you file as an LLC (sole proprietorship) you will pay income tax...   Read More
S-Corp Reimbursement By IRS Mileage Rate After Shareholder Claimed Actual Expenses On Vehicle For His Schedule C Business?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The corporation rightly followed it's policy of reimbursement under an accountable plan. However, the complicating factor here is that the taxpayer has previously accounted for business mileage use on this vehicle...   Read More
An Attorney (single Owner Of S Corp) Works From An Office In His Home. The S Corp Reimburses The Attorney For Expenses (utilities,...
User Photo Kazim Qasim, EA, CTC
Tax Professional Level: Tax Enthusiast

Yes. You can complete form 8829, part III and bill the S Corp for 1/12 of the depreciation amount each month. You must have a letter form the S Corp stating that the home office is for the convenience of the...   Read More
0 0 S-Corp
Can An S Corp Pay Dividends Other Than When It Used To Be A C Corp And Had EAP Or If A Shareholder Goes Negative On Basis? I Say No, And...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Technically, an S Corporation does not pay dividends. An S corporation owner pays tax on his share of the profits regardless of any distributions. What is often referred to as a dividend for an S Corp is simply a...   Read More
A LLC Single Member Can Make Election To Tread As S CORP When The Owner Of The Business Are Nonresident Alien ( Not USA Citizen Or...
User Photo Steven Meyerson
Tax Professional Level: Tax Enthusiast

The LLC cannot elect to be taxed as an S Corporation. It can elect to be taxed as a C Corp. Per IRC Section 1361(b)(1)(C) , an S Corp cannot "have a nonresident alien as a shareholder".   Read More
1 0 S-Corp
Who Much S-corp Owner Can Pay Himself As Salary And How To Subscribe And Pay Medical Insurance Premiums?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Mohammed, Thanks for your question. You can pay yourself "reasonable compensation." This means that you should look to see what others doing the same work are being paid and pay yourself something in that...   Read More
Our Company Uses A Professional Employment Organization (PEO) To Pay All Employees, Including Officers. In Past Years On Form 1120S I Have...
User Photo Devon McCarthy FCCA, EA
Tax Professional Level: Tax Enthusiast

Line 7 requires the total compensation of all officers paid or incurred in the trade or business activities of the corporation.Line 8 requires salaries and wages paid or...   Read More

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