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enigma

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  1. The one thing that I have not seen mentioned, get a Non-Compete from the guy for at least 1 year and XXX number of miles from your location.
  2. Wrtie-off's. As a C-corp you can write off medical insurance, set-up benefit plans, take sec 179 write-off's. etc. Read Tax Savvy for Small Business and Deduct It! Lower Your Small Business Taxes for a good starting point.
  3. File a FCBA complaint citing that you never received your statement.
  4. http://www.irs.gov/businesses/small/articl...=128422,00.html IRS Reviewing Personal Service Corporation Tax Computations NOTE: This headliner is current through the publication date. Since changes may have occurred after the publication date that would affect the accuracy of this document, no guarantees are made concerning the technical accuracy after the publication date. Headliner Volume 97 August 12, 2004 The Internal Revenue Service recently began contacting corporations that do not appear to have used the applicable personal service corporation tax rate in computing their 2002 and 2003 tax liability. The taxable income of "qualified personal service corporations" is subject to a flat tax rate of 35 percent instead of the graduated rates available to most corporations. A corporation is a qualified personal service corporation if it meets both of the following tests: 1. Substantially all of the corporation’s activities involve the performance of services in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, or consulting, and 2. At least 95 percent of the corporation’s stock is owned by employees performing services for the corporation, retired employees, the estates of employees, or other persons acquiring stock in the corporation by reason of the death of employees. Personal service corporations that receive a letter and Revenue Agent Report will have 30 days to either agree or disagree with the proposed tax increase. The tax increase will be the difference between the flat 35 percent rate and the tax shown on the original return. Taxpayers who do not agree may appeal the determination by providing a written statement that they do not agree, the reasons for disagreement, and the law or other authority that supports their position. Detailed guidance on the examination process and appeal rights is included with the letter. For additional information on personal service corporations and corporate tax rates, refer to the following sources: * Instructions for Form 1120, U.S. Corporation Income Tax Return * Publication 542, Corporations
  5. So true. I an clessed as a PSC, but I have a C-corp that is my holding company that holds my lease, buys my computers office supplies, etc.
  6. Yes, because the profits/losses flow through to your personal 1040.
  7. http://www.thenewspaper.com/news/12/1296.asp Federal Appeals Court: Driving With Money is a Crime Eighth Circuit Appeals Court ruling says police may seize cash from motorists even in the absence of any evidence that a crime has been committed. US Court of Appeals, Eighth CircuitA federal appeals court ruled yesterday that if a motorist is carrying large sums of money, it is automatically subject to confiscation. In the case entitled, "United States of America v. $124,700 in U.S. Currency," the U.S. Court of Appeals for the Eighth Circuit took that amount of cash away from Emiliano Gomez Gonzolez, a man with a "lack of significant criminal history" neither accused nor convicted of any crime.
  8. However, on a C-corp that is a service business such as lawyer, accountant, computer, engineer and a few others, the tax rate is an automatic 35% not starting at 15%.
  9. http://news.zdnet.com/2100-9588_22-6099998.html
  10. enigma

    LLC or Corp

    My C-corp holds all my LLC's assests for protection. C-corp fringe benefits, such as group life, health and disability insurance, are deductible expenses by all corporations and the value of these benefits is not included in the taxable income of shareholders in a C-corp. Corporations generally enjoy more tax advantages concerning contributions to retirement plans than LLC's. Advantages enjoyed by corporations generally are unavailable to LLC's or subject to substantial restrictions and limitations.
  11. enigma

    LLC or Corp

    An LLC does not have all the write off's a C-corp has. I have a C-corp as a holding company which owns 51% of my LLC. I can write off benefits through the C-corp that cannot be written off through the LLC.
  12. My paper statement shows a payment due of $10.50 but online it shows $11.00. I paid the $10.50 just to see what happens. If you read the TOS on the website you will see that you cannot rely on that information nor can you print the online statements as proof of anything. You have to actually have to have the statements they send you.
  13. Dispute it with the CRA. If it comes back verified, then you can add FCRA violations too.

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