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----- Original Message -----
From: "brob" <[EMAIL PROTECTED]>
To: "CF-Community" <[EMAIL PROTECTED]>
Sent: Friday, October 17, 2003 8:28 AM
Subject: Re: Texas corporation question
| 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
|
| --
| Jeffry Houser, Web Developer <mailto:[EMAIL PROTECTED]>
| Aaron Skye, Guitarist / Songwriter <mailto:[EMAIL PROTECTED]>
| --
| AIM: Reboog711 | Phone: 1-203-379-0773
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