I have an at home based business. that actually provides a beauty service. I sell no product. But I have a designated room in my home for this. i dont have a corp or llc or s corp. i just work from home doing my service., to be more specific i do eyebrow threading. its an alyernative to facial waxing. I want to know whats the best way to take advantage of deduction with this type of business. I also get alot of payment thru cash. si what should i do before tax time to get the greatest return and avoid red flags and audits.
I dont own my home i rent, i have a designated room for this purpose, & I am not in india i am in the US. usually my husband and i do joint filling with him as the sole bread winner, Iam stay at home mom. But I started this, side work and it has turned out very well for me. so hearing about all the benifits of home based business, i wanted to see what i could do. would selling product be a way to legitmize my earnnings

I own an S-corp and am the only employee. Last year I had a 6-month contract in Boston and I live in Austin so I should have a huge Per Diem deduction but I am not sure whether I should claim it in my business taxes or my personal.

As a bonus if someone knows how to calculate the Per Diem rate for my Boston contract I would really appreciate it. Any help will be greatly appreciated!
I paid for almost everything out my personal accounts. Very little was paid for directly from the corp accounts.

How should I file my 2009 taxes in order to have the greatest chance of being approved for a home loan? I have been self-employed since 2004 but I was also employed full-time for another company until 10/07. My 2004-2005 taxes were filed under an LLC S-Corp. 2006 taxes under sole-proprietorship and W2 for my full-time employer. 2007 & 2008 I used Turbo Tax Home & Business as a sole proprietor. I’m going to a reputable accountant, tax consultant, and mortgage broker next week for more advice but would like to prepare myself with any other questions before doing so. My business has made a profit since I started it in 2007 but as many business owners do, I’ve had enough deductions to show very little profit. I’m concerned the banks won’t like this. I can show a great profit for 2009 if I need to in order to get a loan as my company really does make a good profit. I hope this makes sense. Does anyone have any answers that might help. I currently do my taxes myself but will a lender want a professional office to have completed my taxes? Thanks

My buddy and I own an LLC (taxed as an S-Corp). Can you deduct business expenses (such as phone) and health insurance premiums AND the standard deduction?

Also, do distributions/dividends have to be distributed equally (if we each own 50%, per say) can he take 60%, and I take 40% of distributions?

Thanks in advance.

I have started an S-corp. I plan to pay myself a set amount once a month for payroll. By the way…do I need to fill out a W-2 for myself? So each month from that set amount I will deduct the 7.65% and the Federal tax from my gross pay and cut a check for the net to myself. Then each month I will need to send the IRS (by automatic draft) payroll taxes (is this the 7.65 from the company or the 15.3 for both the company and myself? What form do I use?). Then quarterly I will pay est. Federal tax for the salary I receive. For this I can take a draw from the company but it must be paid through my personal account, not business account. I will need to keep accurate payroll records for which there is software available (Quickbooks, etc.). I just wanted to clarify that I have the correct understanding of payroll and taxes. I would really like not have to use a CPA for a 1-person business, except for the yearly taxes. I appreciate any words of wisdom.

I have an LLC which is being taxed as an S-Corp. When applying for the SUV tax deduction, can the vehicle be purchased under my name or does it have to be owned by the business to qualify?

My S-Corp closed this year at a loss and I was not sure if I am REQUIRED to report this on my taxes. My husband and I had NO earnings from the business and about 00 from employment elsewhere. I don’t need the loss to help my deductions since we made so little this year. Can I just file the 1040 EZ?

For the last two years I had incorporated myself and was working as independent contractor, getting 1099 in my company’s name. Next year I will be working for w-2 (is this good or bad).
If I do not disolve my corporation, can I pay its overhead from my w-2 income and deduct it as business loss? If I do so, will hundred percent of my business loss allowed as my deduction to lower my taxable income?
I have a S-Corp. I am not trying to evade taxes just trying to determine if it is best to disolve the corporation or if I could have the insurance on the corporation paid and have the expense for the referral deducted as individual loss.

My father and I have started our own small business. Its home based and we are serious. Should I start my own corporation? If I am not mistaken, there are five different business structures;
Corporation
Incorporation
L.L.C
S-Corp
Sole Proprietary
Which business structure would be the best for my business? I would like to start a corporation for tax deductions. Please list as many advantages and disadvantages. It would be a great help if you could list your source for me to visit and do a little investigation for myself. Serious answers only please and many thanks in advance to all whom answer.

I have an at home based business. that actually provides a beauty service. I sell no product. But I have a designated room in my home for this. i dont have a corp or llc or s corp. i just work from home doing my service., to be more specific i do eyebrow threading. its an alyernative to facial waxing. I want to know whats the best way to take advantage of deduction with this type of business. I also get alot of payment thru cash. si what should i do before tax time to get the greatest return and avoid red flags and audits.
I dont own my home i rent, i have a designated room for this purpose, & I am not in india i am in the US. usually my husband and i do joint filling with him as the sole bread winner, Iam stay at home mom. But I started this, side work and it has turned out very well for me. so hearing about all the benifits of home based business, i wanted to see what i could do. would selling product be a way to solidfy my earnings???