Tax Advantages of S Corporation

The tax advantages of an S Corporation vs sole proprietorship or partnership is typically in the Self Employment tax. With a sole proprietorship or general partnership, all profits are in one bucket that flows out to the owner for taxation. The owner is taxed for income tax and self employment tax. Income tax depends on Read more about Tax Advantages of S Corporation[…]

What are my tax duties as a non-resident-alien and LLC owner

What are my tax duties as a non-resident alien and LLC owner? Answer by Wray Rives CPA CGMA: First off I need to give you a disclaimer that taxation of non-residents by the US is a complex topic.  I am going to give you general answers, but you really should contact a US tax professional Read more about What are my tax duties as a non-resident-alien and LLC owner[…]

What is the difference between C Corp and S Corp

S Corporations and C Corporations have a number of differences. From a tax perspective the key differences are: S Corporations Limited to one class of stock Limited to 100 shareholders All shareholders must be US individuals or certain trusts and estates Generally no income tax at the corporation level Taxable income flows through to the Read more about What is the difference between C Corp and S Corp[…]

How you distribute losses on a K1 for S-Corporation shareholders

How to you distribute losses on a K1 for S-Corporation shareholders? Answer by Wray Rives CPA CGMA:   There are a number of issues and facts to consider with S Corp losses. Not Earned Income/Not Passive Income – The flow through income from an S Corp is not earned income, but it is not necessarily Read more about How you distribute losses on a K1 for S-Corporation shareholders[…]