Posts Tagged ‘personal tax’
can you have your (own) corporation pay your truck payments & gas, then use the mileage on your personal taxs?
Posted by admin in Tax Questions on September 6th, 2010
You own the corporation and use the truck payments and gas on the corporation for a tax deduction, then you also use the mileage on that same truck for your own personal tax deduction.
S-corp tax deductions on personal income ?
Posted by admin in Tax Questions on June 8th, 2010
Hi, I am trying to setup a small business in CA with 2 other partners and thinking of doing a S-corp. We will each put in some money say k in the company and have an equal split. Here are my questions:
1. Since we are officers in the company, are we required to pay a salary, I saw someone mentioned k is the minimum.
2. It’s very likely that the company won’t make enough profit to pay 3 x k. Are we allowed to take smaller salary?
3. Assuming we have a net loss for the first year, and I understand S-corp’s profit and loss will flow through to your personal tax income. Does it mean that I can deduct the loss from my income that I earned from my previous employer?
4. I heard someone said that we can deduct up to 3 years of your personal income. Is that true? i.e. if the new company lost k this year and assuming a equal split. Can I deduct the k from my tax return in 2008, 2007 and 2006?
Thanks!
-Mr. Beacon
