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    3 Replies Latest reply on Mar 19, 2011 10:03 PM by bm911tax

    Filing Taxes Home Business

    onesource Newbie
      This is my first year filing taxes as a c corporation for a home based business, what is the best method and if what should I look out for to make sure that I'm writing everything off correctly. Open to any sugguestions and or ideas................ does anyone know of any extra info. What should I file my business with my personal taxes? Thanks in advance
        • Re: Filing Taxes Home Business
          nytaxguy Wayfarer
          C-corp is a separate tax return from the individual 1040. Perhaps more complicated but not as difficult as most people think. You probably want to get in touch with an accountant. Have you considered changing over to an S-corp? S-corp income although reported on a corporate tax return, flows thru to the individual 1040. The S-corp does not pay taxes, except for a minimum franchise tax in states like NY ($100). I t is not too late to change over to an S-corp for 2008, but it requires IRS and state approval.

          I am a CPA and am willing to help out.
          • Re: Filing Taxes Home Business

            Hey! Keep it simple. The tax guy sounds like he knows his stuff. Why a C corp. ?, what kind of bucks are we talking? I'm a Tax Mgr for one of the big three, but I buy own soft ware for corp and personal and state. A 4 year old can do taxes. The trick is understanding what each rule or law ect means. Read a chart of accounts, look at a sch c, look at a sch A. If you can't do that call taxguy. 

            • Filing Taxes Home Business
              bm911tax Adventurer

              Many times a C corp would be appropriate.  It will depend on type of business, and tax planning.  You certainly need a good tax accountant.