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Posted on 3/8/17 at 9:49 pm to gsvar2004
Get a badass CPA, not a message board.
Posted on 3/8/17 at 10:02 pm to gsvar2004
You may have to eat some taxes one year or just file a return with no deductions, close on home, amend.
Posted on 3/8/17 at 10:07 pm to gsvar2004
Congrats on the eventual audit
Posted on 3/8/17 at 10:14 pm to gsvar2004
Talk to a lender. Some deductions can be added back in as income. Also debts paid by your business can be removed from your debt to income ratio.
Posted on 3/8/17 at 10:19 pm to the LSUSaint
quote:
Make yourself an S Corp. Pay yourself w2 salary, pay withholding taxes monthly or quarterly, and still claim the deductions against the company. At the end of the year, pay yourself a bonus which totals the leftover cash on hand. Basically, you save 15% self employment taxes on all of the w2 money.
An S corp is absolutely the way to go for anyone who is self-employed.
Posted on 3/8/17 at 10:20 pm to novabill
Debts such as loan payments? The shittiest part is that we have no debt other than 1 vehicle and our home. No other loans and I have no debt on the business. So the debt isn't the issue it's the "lack of income"
Posted on 3/8/17 at 10:32 pm to the LSUSaint
quote:
Make yourself an S Corp. Pay yourself w2 salary, pay withholding taxes monthly or quarterly, and still claim the deductions against the company. At the end of the year, pay yourself a bonus which totals the leftover cash on hand. Basically, you save 15% self employment taxes on all of the w2 money.
Wont work for 2016, but you can starting now
That's exactly what we do
Posted on 3/8/17 at 10:41 pm to gsvar2004
I deduct as much as legally possible.. outside depreciation why wouldn't I? I section 179 all eligible assets to lesson my tax burden..
Posted on 3/8/17 at 10:49 pm to the LSUSaint
Not really. You dont save the 15% self employment tax by paying yourself a W-2 salary. They take approx 7.5% out of your W-2 paycheck for FICA and then your company has to match the FICA withheld from your paycheck (aka payroll tax).
You avoid self employment tax by paying yourself a small salary, then giving yourself a dividend based on company's profits (either quarterly or annually). You don't get hit with self employment or payroll taxes on dividends.
ETA: dividend = K-1 income
ETA2: re-read your post...maybe its different for an S-Corp. I'm not really familiar with S-Corp because my business is an LLC
You avoid self employment tax by paying yourself a small salary, then giving yourself a dividend based on company's profits (either quarterly or annually). You don't get hit with self employment or payroll taxes on dividends.
ETA: dividend = K-1 income
ETA2: re-read your post...maybe its different for an S-Corp. I'm not really familiar with S-Corp because my business is an LLC
This post was edited on 3/8/17 at 10:52 pm
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