One more time, I am not a tax lawyer though :)
brob writes:
> So if you give yourself a salary, then you have income taxes.....is there a limit as to how much u can pay yourself? :)
> ----- 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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> Jeffry Houser, Web Developer <mailto:[EMAIL PROTECTED]>
> Aaron Skye, Guitarist / Songwriter <mailto:[EMAIL PROTECTED]>
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