Posts Tagged ‘small business’
Self Employed Get UnFAIR Tax Break in 2009 When Opening A Solo 401k
Posted by admin in US Tax Questions on September 13th, 2010
Nabers www.Nabers.com says setting up and contributing to your Solo 401k before the end of 2009 will allow married couples to deduct up to 9000 from their 2009 income taxes. Watch this video to learn more or you can pick up the phone right now and call Nabers Group directly at 877-903-2220.
Lawmaker: Tax Breaks For Businesses Will Create Jobs
Posted by admin in US Tax Questions on August 21st, 2010
Rep. Pete Hoekstra, (R-MI), says creating a more equitable tax code for businesses would help the economy more than the stimulus has.
S-corp tax deductions on personal income ?
Posted by admin in US 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