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ways to save on taxes for small business
applicable. Martha McLean | March 7, 2018 at 1:35 pm I really appreciate this article. I will be looking forward to become an LLC with S election. I think I still need to do more research. Thank you. Marlaine Noel | May 6, 2018 at 7:24 am I have an S corp and I may make a donation to a 501c. The donation has an appraised value of 20k.
I was told the law is changing and donations to 501c’s will not be deductable. Is this true and also if it is not true is there a limit on how much you can donate ? This is an excellent post. Thanks so much for this great post. BusinessHAB | June 20, 2018 at 2:36 pm Good work Keep it.Thanks Lark | June 20, 2018 at 2:36 pm Good work Keep it.
Thanks Lark | June 28, 2018 at 7:32 am Somethings to keep in mind if LLC is taxed as an S Corp: 1) Mass Annual Corp report is $500 per year for LLCs and 2) Mass has a minimum tax due from S Corps of $456 Even if no income both would be due annually. A separate tax return is due for an S Corp vs just a Schedule C for sole member LLC.
Also, if changing from an LLC with S election. I think I still need to do more research. Thank you. Marlaine Noel | May 6, 2018 at 9:37 pm Thanks for your great tips. I’d like to have information for a S corp please. FOLO | March 9, 2018 at 1:35 pm I really appreciate this article. I will be looking forward to become an LLC to an S vehicles owned by the LLC may be charged sales tax on the transfer to S Corp.
Just a few more items to consider with change of entity type. 3 Trackbacks Leave a Reply Cancel reply Your email address will not be published. Required fields are marked *Comment Name * Email * Save my name, email, and website in this browser for the next time I comment. Notify me of follow-up comments by email.
Notify me of new posts by email. Penny saved is penny earned! Its very important for a business owner to record every small transaction in business in an appropriate manner. Easy to understand accounting softwares like ProfitBooks can make it simple and can also save money lost in taxes which could have been saved.
1:33 am All true and we’ll written! Used some of these and they worked for my small business. Thanks for the article, appreciated. roger stalker | March 12, 2018 at 1:35 pm I really appreciate this article. I will be looking forward to become an LLC with S election. I think I still need to do more research.
Thank you. Marlaine Noel | May 6, 2018 at 7:24 am I have an S corp and I may make a donation to a 501c. The donation has an appraised value of 20k. I was told the law is changing and donations to 501c’s will not be deductable. Is this true and also if it is not true is there a limit on how much you can donate ? This is an excellent post.
Thanks so much. | June 20, 2018 at 1:33 am All true and we’ll written! Used some of these and they worked for my small business. Thanks for the article, appreciated. roger stalker | March 12, 2018 at 10:23 am According to my accountant, Distributions from an S corp. should not exceed the value of the paid salary, in other words a 50/50 split, or else the IRS may not deem the lower salary “reasonable”, and therefore risk IRS penalties.
Thomas Spitters | March 7, 2018 at 12:13 pm Do you provide information for a S corp please. FOLO | March 9, 2018 at 9:11 pm Being the president of a small S corporation for the last 45 years, I am continually looking for ways to minimize my taxes. The “10 Ways to Lower Taxes for Small Business Owners" Coralia Stratton | October 24, 2017 at 12:01 am What I took from this: keep AGI under 200k, reimburse within an accountable plan, fringe benefits and loans to self by company, employee fringe benefits in place of raises, retirement plans to shelter profit, delay billing at end of year, buy fixed assets and claim depreciation, pay yourself something with an S-corp election.
Thank you for the good start. Harry Berman | March 6, 2018 at 10:23 am According to my accountant, Distributions from an S Corp vs just a Schedule C for sole member LLC. Also, if changing from an LLC to an S vehicles owned by the LLC may be charged sales tax on the transfer to S Corp. Just
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