You might not think there would be a lot of confusion deciding what is a business and what is a hobby. The truth is there is so much difficulty telling the two apart Congress created an entire section of the Internal Revenue Code devoted to “Activities not engaged in for profit” or more commonly called [...]
morePosted by: Wray Rives, January 3, 2010
Comments: 6
S corporations are corporations that elect to pass corporate income, losses, deductions and credits through to the individual shareholders for federal tax purposes, similar to a partnership.
Shareholders of S corporations report their share of income and losses on their personal tax returns and pay tax at their individual income tax rates. This allows S corporations [...]
Posted by: Wray Rives, November 18, 2009
From Kevin:
"I'm not sure how best to record 'salary' payments to myself in Outright. Any suggestions?"
Our response:
"If you are a sole proprietor, it's called an owner's draw and doesn't technically impact your profit or loss, so wouldn't be recorded in Outright.com. Now, if you happen to be an S-Corp and have placed yourself on salary, [...]
Posted by: admin, April 28, 2009
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