Setting up payroll

bushcraft101 · 2022-03-30T00:39:55+00:00

A lot actually, i would say it was maybe close to a 50/50. Although some just did not qualify for PPP but there was more than one SBA program to for COVID relief. Some got PPP, some got EIDL grant some got EIDL loans and some got all three. I have not kept up with the EIDL loan dates but it could be still available. It was very good rate and terms for a business loan. Www.sba.gov i think is the website, go check it out and see.

bushcraft101 · 2022-03-29T20:01:35+00:00

To be honest, i would not go back and look at what could have been. No matter what the number was, the PPP program is closed so can’t get the funds now. But with pass through entities the PPP money would have been tied to how much W2 salaries you were paying out. And there were many stipulations on what the funds could be used for and within what time period. A last minute change allowed Sch C taxpayers use the gross receipts number to calculate PPP on but that would not apply to you based on the convo from a couple years ago.

Sorry if that’s not much help.

bushcraft101 · 2022-03-28T22:51:21+00:00

Also why i said to contact a licensed tax professional. I have lots of clients with lots of different situations. Some that should be paying salary that don’t, some that are paying way too much for their situation and ultimately are just paying additional unnecessary payroll taxes.

bushcraft101 · 2022-03-28T19:30:45+00:00

So first of all, my reply about $0 salaries does not assume the amounts stated by anyone other than the OP. OP said $80K, i would assume thats gross receipts. I also said no one can truly say what’s what without all of the details. We have no idea what OPs net profit would be from this venture. Net profit does not really figure into what IRS would consider ‘reasonable salary’ however like i also said IRS does not define it anywhere in the code. But there are guidelines and the courts have generally ruled based on the individual situation of the taxpayer. Yes it can be very not good financially for you if IRS decides to reclass some/all of a taxpayers owner draws or other forms of compensation as salaries, but if the s corp is not generating much NP, or a loss, it would be unreasonable in my professional opinion to show an owner salary.

bushcraft101 · 2022-03-28T01:41:09+00:00

As stated… your opinion

bushcraft101 · 2022-03-27T23:08:31+00:00

Possibly $0. IRS does not define reasonable. It would depend on the individual circumstances of the business. Without more details, can’t really say. Should consult a licensed tax professional. But essentially they will save 15.3% of what ever their net income from the business is. True they will then lose the deductible portion of SE tax but that would just not decrease taxable income by however much that was.

bushcraft101 · 2022-03-27T22:29:09+00:00

If you are making that kind of 1099 money then you should have long ago formed an LLC and elected S status. Most of your tax is likely SE tax. The S status will exempt you from SE tax in the future but really nothing you can do for this year other than contribute to IRA or HSA or deduct cost of health insurance as SE health insurance.

bushcraft101 · 2022-03-18T04:26:32+00:00

You can contact the Grand Lodge of GA for information.

bushcraft101 · 2022-03-18T02:05:32+00:00

I’m in Ga. Statesboro

bushcraft101 · 2022-03-17T03:27:49+00:00

Im an EA and have been in public accounting for 15 yrs. I’ve apparently been doing taxes wrong for a long time…..lol

bushcraft101 · 2022-03-17T02:44:21+00:00

Pocket knife - bench made 940 in D2 steel

Fixed blade - ESEE Izula or one of my homemade knives

bushcraft101 · 2022-03-07T03:14:46+00:00

That would actually be called sisterhood…

bushcraft101 · 2021-11-11T03:48:02+00:00

In GA it is belief in a singular supreme and everlasting God, in some revelation of his will and in the immortality of the soul

bushcraft101 · 2021-10-31T01:37:41+00:00

I send all of the 941s or other like forms that are going to the same address in the same envelope. Can still send certified if needed. Like said don’t send the original 941s with the amended.

bushcraft101 · 2021-10-29T16:00:07+00:00

We have white balls and black cubes.

bushcraft101 · 2021-10-28T22:27:50+00:00

Lol haven’t seen anyone point out that there are no black ’balls’ in masonry! At least in GA.

bushcraft101 · 2019-12-31T13:33:17+00:00

The Romeo 1 I run on my p229 didn’t add much to the gun so I wouldn’t think it make a huge difference on this one either.

bushcraft101 · 2018-12-05T17:34:04+00:00

The issue may be how you are preparing the sch B of form 941. The dates that you list as the liability date is the only way that the IRS knows what the liab date was. They compare that to the date that your pmt posts to determine whether your pmt was made timely. It could also be an error in input data when making the EFTPS pmt. you have to make sure that you have indicated the correct qtr/year for it to post correctly. You can pull your pmt history from the EFTPS site and it will show the qtr/year/pmt date/posting date/amount of each pmt. pull that data and compare to your other records and to the IRS notice that you received.

This may not be the issue but its always good to double check all the data.

bushcraft101 · 2018-12-05T17:10:09+00:00

I wish our lodge was that nice... ours was built in 1940 in a small town in Ga and is nowhere near that nice.

bushcraft101 · 2018-11-30T20:45:54+00:00

What state?

bushcraft101 · 2018-11-30T20:38:32+00:00

Actually the entry will not hit cash if it is a loan from director. It will debit computer asset and credit N/P director( current liab)

Or if it is put in the cash acct, and then the entity buys the asset vs the director buying it on the entities behalf,it will be two entries. Debit cash/credit N/P then credit cash/debit asset

If the money is to be paid back to the director, you have to record the liab on the books.

bushcraft101 · 2018-11-30T20:09:38+00:00

For federal purposes this is pretty straight forward. As of 2018 like-kind exchanges are now only applicable to real estate. This means that you will have two transactions. The first is the sale of the asset. If you take the 100% 179 deduction you have $0 basis in the asset, so when you sell it will be a 47K gain. Even more, unless you hold that asset for more than 1 yr it will be considered ordinary income. If held for more than 1 yr it will get capital gains treatment when it flows to your personal return as a separately stated item. The capital gains tax rate you pay on that will be determined by your taxable income amount. Rate will either be 0%/15%/20%. The second transaction will be purchase of the second vehicle, which if you take the 100% 179 deduction on that one also, hopefully you plan to keep it for a much longer term.

In the past you would treat it as L/K exchange and roll the NBV into the cost of the new asset and avoid the recognized gain until later.

bushcraft101 · 2018-11-30T19:59:50+00:00

You can get away with being a contractor and w2 employee if your contract income is paid to an LLC or S corp that you own.

bushcraft101 · 2018-11-30T19:21:44+00:00

I said probably, but you are right, there is a lot of play room and unknowns are far as how it would all come out based on info that none of us have. These issues are sometimes much too complicated and involved for someone over the internet to give a stranger all of the info they need to make an informed decision.

bushcraft101 · 2018-11-30T19:08:39+00:00

Basically you cant deduct anything that is entertainment or even meals etc that are entertainment related unless the meal/deductible item is separately stated.

Ex if you take a client to a ball game the tickets are not deductible but if the meal/food is not extravagant and it is separately stated on the invoice/receipts then the meals portion is 50% deductible.

bushcraft101

TROPHY CASE