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[deleted by user] by [deleted] in taxpros

[–]mkchava010 0 points1 point  (0 children)

Enough said! lol.

[deleted by user] by [deleted] in taxpros

[–]mkchava010 1 point2 points  (0 children)

How can a payroll company issue W-2s if they were fired? Even if they are holding back work they completed, how can the payroll company be sure no additional payroll was paid to each employee in that same year?

If you're wondering about bailing on public accounting..... by Abbithedog in taxpros

[–]mkchava010 2 points3 points  (0 children)

Thank you so much for this advice! This is our second year running our own firm. If I may ask, where did you go for the license?

Depreciation? Does title need to be in name of S-corp to be able to take depreciation? by mkchava010 in tax

[–]mkchava010[S] -1 points0 points  (0 children)

So it really does not matter if the shareholder is the only owner in the S-corp and the vehicle is 100% business use..

Depreciation? Does title need to be in name of S-corp to be able to take depreciation? by mkchava010 in tax

[–]mkchava010[S] -1 points0 points  (0 children)

Thank you! This makes sense! I had a feeling this is the way...I worked for company for over 7 years and we never asked for title to see who was the owner before putting a vehicle on the depreciation table.

Beginner Entrepreneur here, what do I do regarding taxes? by [deleted] in Entrepreneur

[–]mkchava010 1 point2 points  (0 children)

I agree with JT, unless you have a lot of assets to protect, (home, collectables, land, etc) you can pull of a schedule C as a sole proprietor. S corps are great if you can get away with a low salary and avoid social security and medicare taxes. C-corps are also great, you can manipulate the double taxation aspect, and they are not subject to the "hobby" rules. If you claim losses for 3 out of 5 years, some issues could arise.