Tax FAQ
 

How Can We Reduce The Corp Tax Liability?

My customer has an S-Corp and his net is about 500k. I know about pension plan and donations. What else can he does so he can reduce his tax obstacle.


Answer: If it's an S Corp, the corporation won't pay taxes anyway. Those 500K are flowing to the shareholders anyway
 
 

What Form Do I Need To File S Corp Tax Extension?

Hi,
I have a S corp in California and I insufficiency to file extension for tax.
I already down the form 7004 but I dont know what form cryptogram I need to fill in on line 1 for tax extension.
Please help.
Thanks


Answer: Jus gentium 'universal law' 25 for line 1... That specifies an extension for an 1120-S... Which an Scorp will order.

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What Type Proffesional Helps Me With My Corp Tax Strategy?

In the coming year I will be expanding my work (most likely a S or C corporation) . I want to grow the biz rapidly rather than take profits. In other words, I deficiency to make sure most of any revenue gets put back into the business so that it will not get taxed. What professionals would assistant me with this? A cpa, a corporate tax attorney, or a combination of both? Should I get an outside firm to help with this? Thanks.
Thanks, what (ball commons) does an outside firm cost per year?


Answer: First off, you will put taxes regardless what you do. It's a part of doing business.

As for the second question about corporate taxes, a CPA is what you be. And yes, an outside firm will likely be best.

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Dems, What Do You Think Of Paul Ryan's Speech About Getting Rid Of Loopholes And Cut The Corp Tax Rate?

Specifically, he said "Get rid of the loopholes. Plain the playing field. And use the savings to lower the corporate tax rate for the first time in 25 years - without adding to our shortage. It can be done."
Oops! Sorry, my mistake. I was actually quoting President Obama during his last Stately of the Union speech.

Still feel the same about the idea now?


Answer: Claptrap. American corporations already pay less in taxes vis a vis the GDP than any other western polity in the world.

He just wants to make the rich richer apparently. It's entirely amazing how the Tea Party serves its corporate masters---pretty much say it all as to their confused way of thinking of the world.

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Why Does America Have One Of The Highest Corp Tax Rates In The Developed World?

Why does obama after to make it even higher and drive even more jobs overseas? While mcCain wants to disgrace it so more companies will keep their factories/HQ's in America and more jobs will be created here? Don't the obamamites even understand primitive macro economics?


Answer: Because he doesn't genuinely care about the USA. And I actually don't understand why people don't get why McCain wants to lower it.

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Tax Update Blog: Professional S corporation tax increase stumbles

Precisely as importantly, the new tax appears to be unenforceable. I'm not foolproof I've seen any licit examples proffered anent the 4213 S-corp meditate on, but here is one I posted on Linda Beale's blog in return to her rend against S-body of men. Allocate 413 would command firms – regardless of how many employees they have - to exam each year to conclude whether the “through and name” of one, two, or three key employees is the stable’s “supervisor asset. Never chastise that the bill causes a compliance nightmare for insignificant businesses -- one that could be with no arranged by bill supporters. ” The enforcement challenges accompanying this new investigation and the valuation of unsubstantial assets are too numerous to roll. Never be in touch with oneself decide that it discriminates against the smallest businesses in favor of their larger competitors....

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