Q. What is the deadline for filling my Corporate Tax Return?
A. Filling date is March 15th . You may file an automatic 6 month extension . If any tax is due it must be paid when filling the extension.
Q. As a small business person, what are the benefits of establishing my business as a corporation?
A. Two major benefits are personal and tax liability.
Q. Why do I need to take W-2 wages from my Corporation?
A. IRS regulations require reasonable wages must be paid to any stockholder (owning 2% or more stock) providing physical labor within that Corporation.
Q. Can stockholders write off their personal vehicles for business, and at what percentage?
A. If there is proof of business use thru an Auto Log, which will determine the percentage allowed.
Q. Could stockholders pay health insurance thru their Corporation?
A. Yes providing and limiting to W-2 wages that the stockholder receives. You must own no less than 2%
Q. How much can I put into a pension?
A. That will depend on the structure of the pension and the amount of W-2 wages.