When setting up a business and deciding on entity type, most people are looking for 1) liability protection and 2) tax savings – specifically lowering self-employment tax liability. For small businesses, the two best options are the LLC or the S-Corporation, and many tax or legal professionals seem to advocate for one team or the [...]
Posts Tagged ‘Payroll Tax’
LLC vs. S-Corporation, Round 1
Posted in Partnerships and LLCs, S-Corporations, Sole Proprietorships/SMLLCs, tagged entity selections, Limited Liability Company, LLC, Payroll Tax, real estate businesses, real estate rentals, S-Corporation, self-employment tax, Single-Member LLC, single-owner business, SMLLC, tax savings on May 1, 2009 | 4 Comments »
Reasonable Wage For S-Corporation Shareholders
Posted in S-Corporations, Tax Planning, tagged distributions, IRS audit, Oregon unemployment tax audit, payroll, Payroll Tax, reasonable wage, S-Corporation, S-Corporation shareholder wages, year-end planning on October 9, 2008 | 3 Comments »
For those of you with S-Corporations, now is the time of year to look at your wage for the year-to-date as well as start the planning for 2009. A “reasonable wage” needs to be paid to more than 2% shareholders in S-Corporation, and there is still time to make changes without incurring payroll tax penalties.
This [...]
PDXCPA Twitter Tax Updates
- Worker, Homeownership, and Business Assistance Act of 2009 - great CCH summary now available: http://bit.ly/3Sf5O3 1 week ago
- Great new tax question and answer site - http://www.taxqueries.com/ 1 month ago
- IRS faces challenge on sole-proprietor expense deductions http://sbne.ws/r/32Y7 1 month ago
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Recent Posts
- Worker, Homeownership, and Business Assistance Act of 2009
- New Tax Q&A Website – TaxQueries.com
- Update on S-Corporation Failure to File Penalty
- Office In Home and Mileage Deductions
- Travel Expenses and Business Planning Trips
- Oregon Income Tax Increases – Sales Tax in Disguise?
- Single Member LLC Owner Liable for Unpaid Employer Payroll Tax
- Oregon 2009 Individual Income Tax Increases
- Oregon Business Tax Increase Update
- Loans from S-Corporation Shareholders
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