Spouse's voting for the other guy?

[Care4all]

Please care. look it up.

An S corporation pays no corporate income taxes because the shareholders of the corporation pay the tax on their share of the profits on their individual tax returns.

If an S corp has 3 shareholders, like mine, 45%,45% and 10% and posts a profit of 100K each 45% owner pays the tax on 45k and the 10% owner pays tax on 10k. That money is claimed on their individual tax return not a separate corporate tax return and it is taxed at their individual tax rate which actually in most cases turns out to be MORE income tax than would be collected on a corporate return.

So don't worry, Uncle Sam takes a big wet bite out of the asses of S corp shareholders as well.

Now, do you see why the statement "most US corps. pay no taxes" is a red herring?

no, i don't see it or do not understand what you are trying to show me skull...please try again?

the GAO INCLUDED S corporations in the total corporation category right? i mean, it said that 25% of the Big Corporations paid zero in Corporate taxes giving a different figure than their 63% not paying corp taxes?

but the small companies, filing s-corp status on taxes is my understanding of a smaller corp but honestly, uncertain on that...???

Individual business owners are not s-corps, they are not corporations of any sort, so they would not be included in this figure from the GAO, right?

i dunno, i am obviously missing something...????

 

[Skull Pilot]

no, i don't see it or do not understand what you are trying to show me skull...please try again?



Individual business owners are not s-corps, they are not corporations of any sort, so they would not be included in this figure from the GAO, right?

i dunno, i am obviously missing something...????

Any business can be an S corp as long as it has no more than 100 shareholders. Just because a business is a privately held entity and not publicly trades does not mean it is not a corporation.

Skull Pilot, Inc is a regular corporation under the laws of the US that happens to file sub chapter S. If you look up what SP, inc paid in corporate taxes, you would see $0 while technically I paid no federal corporate taxes, I did pay taxes on my share of the profits on my individual income tax.

What the whole corps. don't pay crowd doesn't seem to get is that the money that corporations make is taxed. Big corps pay dividends to stock holders which is taxed, stockholders pay cap gains taxes just because a corp pays out its profits and does not pay income tax on its revenue does not mean there is all this income out there that is not getting taxed.

 

[Care4all]

Any business can be an S corp as long as it has no more than 100 shareholders. Just because a business is a privately held entity and not publicly trades does not mean it is not a corporation.

Skull Pilot, Inc is a regular corporation under the laws of the US that happens to file sub chapter S. If you look up what SP, inc paid in corporate taxes, you would see $0 while technically I paid no federal corporate taxes, I did pay taxes on my share of the profits on my individual income tax.

What the whole corps. don't pay crowd doesn't seem to get is that the money that corporations make is taxed. Big corps pay dividends to stock holders which is taxed, stockholders pay cap gains taxes just because a corp pays out its profits and does not pay income tax on its revenue does not mean there is all this income out there that is not getting taxed.

so, s-corps file 2 returns or more depending on how many own it? one for the s-corp and a separate one for the individual that got an income from the corp?

if you got no salary from the scorp, (if that is even possible?) you would only have to file for the scorp to the irs and not an additional individual return???gawd, i apologize for being so ignorant on this....

care

 

[Skull Pilot]

so, s-corps file 2 returns or more depending on how many own it? one for the s-corp and a separate one for the individual that got an income from the corp?

if you got no salary from the scorp, (if that is even possible?) you would only have to file for the scorp to the irs and not an additional individual return???gawd, i apologize for being so ignorant on this....

care

OK

Let's say that MyCorp, Inc. Is an S corp. It has 4 equal shareholders. Each shareholder is an empolyee of the corp. They all receive a 50K per year slary that is part of the company's operating expenses. And which they claim on their individual 1040's. So they pay tax on that money and receive a W2 form just like you.

Now let's say MyCorp had a great year and showed a profit of 400K after all expenses were paid. Each shareholder would file an additional form with their 1040's IRS form 1120S to report their share of the 400K profits in this case 100K each. So in total each shareholder pays taxes on 150K of income and the corporation itself paid none.

Even though MyCorp paid 0 dollars in tax on its 400K in profits, the tax on that money was indeed paid

 

[Contessa_Sharra]

I can still remember the first date I had with the wife. Right before dinner looking at the menu I asked her what her party views were. I liked her response and the rest is history.


Thinking back if she would have said the other party, I very well may have got up and left her ass there.

Do you still punch her out on a regular basis?

 

[Care4all]

OK

Let's say that MyCorp, Inc. Is an S corp. It has 4 equal shareholders. Each shareholder is an empolyee of the corp. They all receive a 50K per year slary that is part of the company's operating expenses. And which they claim on their individual 1040's. So they pay tax on that money and receive a W2 form just like you.

Now let's say MyCorp had a great year and showed a profit of 400K after all expenses were paid. Each shareholder would file an additional form with their 1040's IRS form 1120S to report their share of the 400K profits in this case 100K each. So in total each shareholder pays taxes on 150K of income and the corporation itself paid none.

Even though MyCorp paid 0 dollars in tax on its 400K in profits, the tax on that money was indeed paid

ahhhhhhhhhhhhhhhhhhhhhh, finally, the light bulb went off....i understand that part now...thank you!

i guess i was stuck, because my girlfriend owns an s-corp, covering 3 shoe stores, but she owns it only with her husband who is listed as an officer but really is not involved in the corp, which could be legal, not certain on that?

not owned with other strangers...well, i guess i was just confused....did not realize they would also file individual income taxes, didn't realize they would pay themselves, thought the money stayed within the s-corp...

also, when she first bought the stores, she owned it individually, not until she saw a tax lawyer did she incorporate is what i think happened...cuz of some tax savings that way...but before she s-corped the business, was it through her individual taxes that she filed income taxes and no other tax submissions required???

the stores do about $2.5 million gross now...

net, i dunno? She quit a job as a vp for a Global shoe Corp. paying her $300k to start this business so i would imagine she nets more than that...? about 3 years ago she got caught up in the alternative minimum tax that hit her with an addition 10k....she went to see a tax accountant that made certain thaqt wouldn't happen again!

ok, now that i know how it works, i will reread all that's been put out there with a better understanding...starting from square one!

 

[Jeepers]

ok, now that i know how it works, i will reread all that's been put out there with a better understanding...starting from square one!

No worries care.. looks like companies dont make any money.. looks like Obama wont be able to raise taxes on these corps cause they are tax free businesses anyway... looks like Skull shouldnt worry at all about his taxes going up because he in his argument has removed his main argument for voting against Obama...

 

[Skull Pilot]

No worries care.. looks like companies dont make any money.. looks like Obama wont be able to raise taxes on these corps cause they are tax free businesses anyway... looks like Skull shouldnt worry at all about his taxes going up because he in his argument has removed his main argument for voting against Obama...

wrong because if you read my examples of how BHO is going to raise taxes on the corporations i do business with you will see that indeed i will be paying more just to run my business.

and what about the accelerating descent of the line between rich and poor?

First it was 250K then it was 200K then it was 150K and now according to Bill richardson it's 120K

[youtube]G88ebXY2uaI[/youtube]

looks like my taxes are going up