There have been many changes in the tax laws over the last year, but most of the tax code is the same.
Here are 7 tax advice articles I wrote last year that apply equally to this year:
- 7 All Time Tax Concepts
- S Corporations Wages and Distributions: Basic Tax Planning
- Taxes 101: What Filing Status Should You Use?
- 5 Rules for Keeping Your Tax Records and Avoiding the 4/15 Goose Chase
- 5 Tips for Preparing Form 1040, Schedule C
- 5 Slam Dunk IRS Audit Red Flags
- Estimating Schedule “C” Expenses Using BizStats
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2 responses so far ↓
1 Marcia // Feb 27, 2010 at 3:21 pm
I am part of a 2 person S-Corporation. Both employees are drawing wages. My question is this…the organization is a consulting business, and my wages are based on the amount that we are billing the client and the number of hours I work (I receive less than the total amount billed; the balance goes to the corporation and will be used for distribution.) Is this okay? I am a professional, and meet the requirements under FLSA – is it okay that my consulting wages are calculated in a hourly manner and the other owner does not (she draws a salary, and does not actively consult.)
2 Peter // Feb 27, 2010 at 4:33 pm
Marcia,
Only distributions are required to be in proportion to the percentage of shares owned by the S corporation’s shareholders. Wages can be uneven.
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