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Shifting Income
Q:
Subject: S vs. C CorporationsHi Kerry,
Thanks for the article "S vs. C Corporations" I got a lot of information from it.
I have a question for you, in the section of Fiscal Year you mentioned " Toward the end of your personal fiscal year (12/31), you bleed off some of your taxable income to your C corp by paying it for something like rent or marketing services. In Jan, your corporation can pay it back to you." How I do that? If it possible you give me a detail sample?
I have a C corporation for several years, but never know any way to save tax. Please advice.
Thanks!
Best regards,
A:
Your big mistake has been in not working with an experienced tax professional who can show you how to properly utilize a corp to dramatically reduce taxes. This should have been done from before establishing your corp so that you could start saving money from that point on.
The income shifting techniques are not complicated and I have described many of the basic steps several times on my blog. However, you shouldn't try to set up the strategy on your own. The assistance of an experienced tax pro is essential.
Good luck.
Kerry Kerstetter
Labels: corp
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 8/10/2007 05:35:00 PM Send this post:
