Your LLC is up and running. You’ve figured out the benefits to being taxed as an S-corporation and have placed yourself on the payroll. Not to be unreasonable, you took steps to make sure your salary would be acceptable to the IRS should they choose to review it. Now that your company is profitable, how do you get that profit into your pocket without creating tax headaches?Here are four facts you need to know about distributions from an S-corporation. 1. &nb […]
Category Archives: Distributions
Cash Flow, Cash Management, Distributions, Practice Management
Can I Deduct Business Expenses Made With My Personal Rewards Card?
It has taken you years to progress through the rewards channel. When you remember the flights before preferred seating, being the last passenger to be called onto the packed airplane you shutter in horror of returning to that level of incivility. The overhead storage was packed leaving no option but to gate check your bag or worse, have it thrown in with all the other luggage to be lost upon arriving at your final destination. (And you know what its like to go without a […]
Every profession has them. Names, words, jargon or acronyms that only people in the profession use. The words are designed for insiders to communicate with insiders. The mere mention of the words keeps outsiders at bay.Tax accounting has more than a few. Amortization, bonus deprecation, MACRS, any phrase containing the word “section” and of course, the word “basis”. The insider jargon makes accounting all but impossible to unders […]