Recent content by Tyson

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    USA S-Corp Questions

    1) I don't know what that TaxCaster software is, but based on your numbers I'd estimate that incorporating your business in that manner would save you about $8,500 in FICA taxes. However you'll also pick up a lot of other expenses and workloads; you'll need to start paying state annual filings...
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    USA S-Corp - Two Shareholder's Profit Distribution after Salaries

    So A and B both have salaries of $40k. Let's say profits are $10k. $6,600 is attributed to A and $3,400 is attributed to B. What are you wanting to change here?
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    USA Cost to outsource accounting for Small Business

    The reason why you are having trouble finding the answer to this question is because it is not so clear-cut. It depends on what kind of business you would be running, the size of the business, and what kinds of services you would need help with. I would suggest researching the types of services...
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    USA 351 357 LLC to S-Corp

    You can't switch from an LLC to an S-Corp. They are different things. An LLC is a legal entity (found on the state level). An S-Corporation is a tax entity (found on the federal level). You have both a legal entity and a tax entity. It's possible to be an LLC taxed as an S-Corporation. By LLC...
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    USA Can S corp owner pay S/E taxes when filing form 1040?

    S Corporations need to pay reasonable wages and also file form 941s at least quarterly (depending on tax liability amount). There's probably some way to go back and reclassify the $20,000 as wages, but there will be penalties. I recommend he/she hire an accountant to help them sort out their...
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    USA Single member S Corp taxation - flow of income, does this look right?

    I am not very experienced with this sort of thing, but I already see lots of problems. This "deduction on supplies", is this for COGS? Line 2? If so the 1125-A form is required. Service industries can also have COGS accounts. Or are the supplies a line 19 item? I don't know what the "supplies"...
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    UK Is this an operating or non-operating expense/income?

    From your explanation, it sounds like non-operating income and expenses to me.
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    USA personal liability for corp income tax

    There can be. Especially in cases where there is intermingling of company finances with personal finances.
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    Question ( I need answer very fast )

    This will depend on what kind of work and how much work you will need the accountant to do for you. If it will be a small company and not too many transactions, then maybe around $300/month.
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    USA Question about tracking income/expenses across different states

    I think the hours worked are taxable in the state where the hours are worked. I'm not sure though. Until you find out though, it wouldn't hurt to keep track of how many hours were dedicated to each project, right?
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    UK Please help

    Sounds like quite a mess. I recommend hiring an accountant (the accountant?) to help you sort it all out.
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    USA Parent lending me money

    Yes all states. Here you go: Current AFR for long-term loans is approaching 3%:
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    USA Parent lending me money

    Also something to keep in mind, in the US, any loan amounts between family members of $10,000 or greater need to have interest charged at the applicable federal rate or higher.
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    How to account for donated products (retail business)?

    This CPA used an expense account called "Donations". See this article: