happy conversations with the IRS over it I can answer this question, as
long as you bear in mind that I am not a tax attorney and your mileage may
vary.
Food as in groceries is not deductible.
Business meals may be partially deductible if they are "reasonable and
usual" for your type of business. Percent varies by circumstances.
A laptop way be deductible if it is a business tool that is reasonable and
usual. I would think that this would be the case for a software developer.
I have not had this particular discussion with the IRS.
hope that helps
Dana
brob writes:
> Hey i was wonderin if u own a business and you use company money to buy food or like a laptop, you can write those off as expenses right? And would it be possible to do it so much that the company dont make any profit. Therefore nothing to be taxed on, since they only tax profits right? err yeah you know what i mean hehe
> ----- Original Message -----
> From: Doug White
> To: CF-Community
> Sent: Friday, October 17, 2003 4:21 AM
> Subject: Re: Texas corporation question
>
>
> Texas does not have income taxes either personal or corporate.
>
> What they do have, however is called the "Franchinse Tax" which is based on the
> amount of capital and surplus.
>
> DESCRIPTION:
> The Texas franchise tax is a privilege tax imposed on each corporation and
> limited liability company chartered/organized in Texas or doing business in
> Texas. For franchise tax purposes, the term "corporation" also includes a bank,
> state limited banking association, savings and loan association, limited
> liability company, professional limited liability company, a corporation that
> elects to be an S corporation for federal income tax purposes, and a
> professional corporation.
>
> DUE DATE:
> A corporation's initial report is due one year and 89 days after the
> corporation's beginning date in Texas. Thereafter, annual reports are due each
> May 15.
>
> RATE:
> Greater of .25% (.0025) per year of privilege period of net taxable capital or
> 4.5% (.0450) of net taxable earned surplus. For the initial report, the net
> taxable capital rate is prorated over the initial period. .
>
> ----- Original Message -----
> From: "Dana Tierney" <[EMAIL PROTECTED]>
> To: "CF-Community" <[EMAIL PROTECTED]>
> Sent: Friday, October 17, 2003 3:00 AM
> Subject: Texas corporation question
>
> | Anyone know anything about corporate taxes in Texas? I thought there
> | weren't any but if I am reading the state's website correctly there seem to
> | be taxes, though not a corporate income tax per se...
> |
> | Dana
> |
>
>
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