Confused about S Corps?
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When a business fails, the investors take losses as capital losses on their taxes, which, as we all know, have limits on how much you can deduct each year (generally up to $3,000 per year). But there’s a special tax rule called Section 1244 that lets some investors treat their loss as an ordinary loss instead. Ordinary losses are better for tax purposes since you can directly deduct them against other income on her tax return. So the big question is : Can S Corporation

Things happen and sometimes we mistakenly pay our business expenses with our personal credit cards. Can we still deduct those expenses even though they were paid from personal funds? The answer is yes - but you need to know an accounting workaround. Let’s break it down step by step so it’s easy to understand. So, what is the issue? Before 2018, you could deduct unreimbursed business expenses on Form 2106 of your personal return. It wasn’t a full deduction, since only the part

Many business owners choose an S Corporation for its tax advantages, but few realize how much upkeep is involved until they’re already in...