Welcome!

I have S Corp and bid on a job. The agree upon terms were C2C. After
winning the job my contract holder says they cannot go C2C because the
client will not allow it! So they offer me a compromise which is 50% of the
wage on a W-2 and 50% on 1099 invoiced from my S Corp.

I am a bit confused on tax ramifications, but I think I am getting taxed
from both ends.

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With two pay checks remaining before I am laid off. Would I hurt myself if I went exempt on my taxes. 9/22/11

I have bought the 2009 model car for lets say 9000 USD cash. in KBB its retail is sold for $14500. any risk in using $14500 for depreciation cost basis?

Thank you.

Hello Linda,
This website has been amazing. Thank you for it.

Have a beginner's question so please bear with me.

To deduct the interest on car loan when using the standard mileage method, do you really need to have loan or you can just count the yearly interest at 3 or 4% of the market value and use it in total deduction for car expense without taking actually any loan?

any help would be greatly appreciated.

Hello,
I own an S-corp and had to stay 2 1/2 years overseas to set up the suppliers and production. I had the frequent visit to US every 8-10 months for taking care of the part of the business. I had moved with the family there and returned to US with them also. How can deduct all possible expenses that occurred (at least for last year) in this overseas stay.

Thank you

A friend of mine told me of your web site. Thank you for all. the wealth of information I have learned from this site in one day is more than an all day seminar on s-corps. I apologise ahead of time if my questions seem simple. we have a family farm. we just became a s-corp and it has been a learning experience. It is my husband and in-laws and I who are the s-corp. we grow walnuts. my question is we are to pay a salary to each of us. we had a profit from last year of 100,000.00 we should pay a monthly salary to each of us of about 1500.00 i estimated. we are going to pay quarterly taxes on our profit i was planning on using the salary to pay the quarterly taxes. my mother in law thinks we should take a annual salary and keep it in the bank and just pay out of it. I feel that it is a flag for the irs. shouldn't you pay salaries monthly.
thank you for any advice and help you can give me. I am not a book keeper, tax consultant or farmer. My day job is advocate for the elderly and disabled. this is causing some real riffs in our family
Leslie