----- Original Message -----
From: Dana Tierney
To: CF-Community
Sent: Friday, October 17, 2003 9:01 AM
Subject: Re: Texas corporation question
uh... you *are* kidding right?
brob writes:
> The reason i ask this is because i want to give myself a salalry high enough as to report a lower profit cos i hate that fricken 40% tax deal
> ----- Original Message -----
> From: Dana Tierney
> To: CF-Community
> Sent: Friday, October 17, 2003 8:45 AM
> Subject: Re: Texas corporation question
>
>
> assuming it did not disappear in the last wave of tax changes -- remember I
> am not a tax lawyer and I was just unable to find any mention of it in the
> schedule C instructions -- I am pretty sure it was either $400 or $500.
> Probably $400 since that is the cutoff for paying Social Security taxes.
>
> brob writes:
>
> > Well how much profit do u have to make in order to live by the rule.
> > ----- Original Message -----
> > From: Dana Tierney
> > To: CF-Community
> > Sent: Friday, October 17, 2003 8:31 AM
> > Subject: Re: Texas corporation question
> >
> >
> > IRS has somethign called a hobby rule... you cant deduct stuff for a
> > business that lost money two out of the last three years, or something like
> > that. I am actually not seeing this in the instructions, but I remember it
> > from past years
> >
> > Dana
> >
> > Kevin Graeme writes:
> >
> > > To a limited extent, yes. But there are rules for how much you can deduct
> > > for various things. When you go over those limits you generally have to
> > > prove that you really needed to buy 25 computers, three cars, and a house
> > > not for resale for the operation of a sole-proprietership (that's a
> > > completely made up example.) Also, in some states a business must be
> > > profitable over time or lose the business license and face IRS scrutiny.
> > >
> > > -Kevin
> > >
> > > ----- Original Message -----
> > > From: "brob" <[EMAIL PROTECTED]>
> > > To: "CF-Community" <[EMAIL PROTECTED]>
> > > Sent: Friday, October 17, 2003 4:56 AM
> > > Subject: Re: Texas corporation question
> > >
> > >
> > > > 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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