----- Original Message -----
From: Jeffry Houser
To: CF-Community
Sent: Friday, October 17, 2003 7:20 AM
Subject: Re: Texas corporation question
Theoretically that is possible.
If you a single person corporation, you probably won't be able to avoid
taxes completely. You'll either have to do some sort of profit sharing
thing (in which case you won't have anything to live off of if the Corp is
your only business) or you'll have to give yourself a salary, which would
be an expense for the business.
I'm not a lawyer nor an accountant of course. So, I suggest talking to
each one before starting a business.
A few years back I put a lot into business expenses mainly software and
office furniture. However, items like your weekly grocery bill and Harry
Potter memorabilia will not fall under valid business expenses.
At 06:05 AM 10/17/2003 -0500, you wrote:
>Subject: Texas corporation question
>From: "brob" <[EMAIL PROTECTED]>
>Date: Fri, 17 Oct 2003 04:56:01 -0500
>Thread:
>http://www.houseoffusion.com/cf_lists/index.cfm?method=messages&threadid=10104&forumid=5#92456
>
>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
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Aaron Skye, Guitarist / Songwriter <mailto:[EMAIL PROTECTED]>
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