For an S Corp, is a shareholder distribution considered an expense to the company? For example, if a company made $50,000 and the shareholder distribution is $50,000, does the business income come to zero, especially considering a significant salary paid to the owner on payroll?
March 22nd, 2024
July 19th, 2024
I have a five-year gas lease which is payable over three years. I understand this is handled as ordinary income. Since this is a wasting asset, is there any other way possible to handle this sizable income, such as treating it as capital gains?
January 4th, 2024
When a tax return is self-prepared by a self-employed person like myself, does it create a higher chance of an audit than if prepared by a licensed preparer, CPA, etc?
March 19th, 2024
We are a regular NY State C corp. We purchased a 2013 Mercedes Benz GL 550 for the business in September 2012. We believe this vehicle, with a GVWR of over 6000 pounds, will qualify for the rapid one-year depreciation of its total cost in tax year 2012. The cost of the vehicle was $90,000, and we allocated about 17% for personal use, resulting in a net business cost of $74,700. Can we deduct the full $74,700 depreciation on our 2012 Federal corporate tax return?
May 7th, 2023
I have large capital losses from years 2000 to 2003 from Canada, before I got my green card in 2004. My tax person didn't include it in my 2004 return. I didn't file US returns for 2000-2003 as I was not required. Is there any way I can capture those losses?
April 26th, 2023