NEWS FLASH:::: The IRS is increasing audits on the following Entities. "S" Small Corporations- Federal form 1120, mainly for the owners of the Corporation not take a Salary and paying the required taxes , Social Security, and Medicare tax. . You must take the Minimum Wage as required by your state, pay all taxes including withholding and issue a w-2 at the end of each year to yourself, truthfully it saves on federal taxes you otherwise would have to pay, and self-employment Taxes that is calculated at 15.3%. Individual Taxpayers with Schedule "C" Profit or loss from Business or Profession. excessive repairs over 15% of the gross. Remember you must depreciate any Major Repair (Engine, Transmission overhaul or replacement, or Truck accident repairs over 5 years at straight line depreciation, meaning equal amounts each year depending on the month it is completed. IF you have any questions please do not hesitate to call or email me at the information below Franklin Katz, RTRP, ATP, PA, PB
Frank's Tax & Business Service
315 E. King St.
Kings Mountain, NC28086
Local # 704-739-4039 Toll Free# 877-857-1040
E-Mail: [email protected])
Web: Filing Services
IRS Circular 230 Notice: Unless expressly stated otherwise inthis
transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by any taxpayer for the purpose of (1) the avoidance of any tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.
Frank's Tax & Business Service
315 E. King St.
Kings Mountain, NC28086
Local # 704-739-4039 Toll Free# 877-857-1040
E-Mail: [email protected])
Web: Filing Services
IRS Circular 230 Notice: Unless expressly stated otherwise inthis
transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by any taxpayer for the purpose of (1) the avoidance of any tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.