Craig 0 Report post Posted February 16, 2007 Hello all.Just returned from having the taxes done. I had to show money made before I incorportated as an S-CORP. I claimed the money before I incorporated as self employment, operating as a consultant. I had paid my normal percentage plus a self employment tax (OUCH). Also, I was less a few credits, added income, one less exemption, too. I did set the money aside, thank god, about 50% of my earnings. Question, can I lease a car, (ADAM'S BMW), for business, (RE), and not get reimbursed and deduct the leasing fee from my regular income? Maybe that's why Adam bought that BEEMER... Are there other suggestions I can take to help the bleeding? Next year it shouldn't be to bad. But I have a new mission. Craig Share this post Link to post Share on other sites
813equities 0 Report post Posted February 18, 2007 Hello all.Just returned from having the taxes done. I had to show money made before I incorportated as an S-CORP. I claimed the money before I incorporated as self employment, operating as a consultant. I had paid my normal percentage plus a self employment tax (OUCH). Also, I was less a few credits, added income, one less exemption, too. I did set the money aside, thank god, about 50% of my earnings. Question, can I lease a car, (ADAM'S BMW), for business, (RE), and not get reimbursed and deduct the leasing fee from my regular income? Maybe that's why Adam bought that BEEMER... Are there other suggestions I can take to help the bleeding? Next year it shouldn't be to bad. But I have a new mission. Craig I'm subscribed...I'd love to hear more about this. 50% Craig? Holy crap! Share this post Link to post Share on other sites
Craig 0 Report post Posted February 18, 2007 Hello all.Just returned from having the taxes done. I had to show money made before I incorportated as an S-CORP. I claimed the money before I incorporated as self employment, operating as a consultant. I had paid my normal percentage plus a self employment tax (OUCH). Also, I was less a few credits, added income, one less exemption, too. I did set the money aside, thank god, about 50% of my earnings. Question, can I lease a car, (ADAM'S BMW), for business, (RE), and not get reimbursed and deduct the leasing fee from my regular income? Maybe that's why Adam bought that BEEMER...thiAre there other suggestions I can take to help the bleeding? Next year it shouldn't be to bad. But I have a new mission. Craig I'm subscribed...I'd love to hear more about this. Its my general tax bracket plus a 15% self employement tax. Next yearll have all my write offs through the s corp. Its my full time job and my wifes income killed us . Share this post Link to post Share on other sites
