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Solo w PC. Do I reimburse myself for all expenses paid?

I'm a solo with a PC. My PC is paying me a salary. My PC als...
.;;.;.;;;;..;;;.....
  05/18/17
just s corp yourself and deduct everything. for mileage u...
MoreDoughHi
  05/18/17
I'm already an S corporation. This is my first year as a cor...
.;;.;.;;;;..;;;.....
  05/18/17
You might want to look up how S Corps work, bro. It's a pass...
...,...,.,.,.,.,..,.,..,..,.,.,
  05/18/17
Loligator but got an A in corporations in law school, breh. ...
.;;.;.;;;;..;;;.....
  05/18/17
ljl at an A in corporations. cot damn lawyers are the fucki...
Maori woman performing defiant haka
  05/18/17
Make sure to set up a solo 401k at etrade (no cost). You can...
Diamond Dallas Chad
  05/18/17
tyty. what percentage of my gross/net do you think i should ...
.;;.;.;;;;..;;;.....
  05/18/17
rent (if work from home), car (mileage per irs above), compu...
MoreDoughHi
  05/18/17
do i just reimburse myself each month for all this shit? ...
.;;.;.;;;;..;;;.....
  05/18/17
The keyword you're looking for is "accountable plan.&qu...
Diamond Dallas Chad
  05/18/17
I did find this. I get that I just keep a log and reimburse ...
.;;.;.;;;;..;;;.....
  05/18/17
with an s corp you don't have corp taxes. just do a 1040.
MoreDoughHi
  05/18/17
the s-corp needs to file a return,Form 1120S.
.;;.;.;;;;..;;;.....
  05/18/17
yeah that's it. so he doesn't need to do personal taxes then...
MoreDoughHi
  05/18/17
No offense but you're talking out of your ass ITT.
.;;.;.;;;;..;;;.....
  05/18/17
i have a business and i deduct miles, internet and phone. i ...
MoreDoughHi
  05/18/17
you obviously have no familiarity with the "accountable...
.;;.;.;;;;..;;;.....
  05/18/17
true but who pays attention to taxes before april 10?
MoreDoughHi
  05/18/17
you've obviously never run a business and paid quarterly tax...
.;;.;.;;;;..;;;.....
  05/18/17
he's a solo he doesn't have payroll. besides adp/paychex doe...
MoreDoughHi
  05/18/17
generally, responsible people with S-corps, as the 1120s fil...
Sotomanchester McCheese
  05/18/17
home to courthouse = 30 mile roundtrip. take your caseloa...
MoreDoughHi
  05/18/17
I get that part. I mean do I have to itemize each category o...
.;;.;.;;;;..;;;.....
  05/18/17
if you're audited, yeah, you'll need to show the itemized li...
''"'"''"'"''
  05/18/17
on the s-corp's tax form each category of expenses is listed...
.;;.;.;;;;..;;;.....
  05/18/17
Just track all your expenses by category in an excel spreads...
Diamond Dallas Chad
  05/18/17
i actually signed up for xero. ive put my expenses in an exc...
.;;.;.;;;;..;;;.....
  05/18/17
hire an acct
A Jurisprudence is Performed
  05/18/17
horrible advice. turbotax that sit. not like he has 10ks and...
MoreDoughHi
  05/18/17
it may sound pointless, but do yourself a favor and scan you...
Taylor Swift is not a hobby she is a lifestyle
  05/18/17
why won't it be? if you're audited they need to prove fraud....
MoreDoughHi
  05/18/17
because it takes 30 seconds and can help you to avoid headac...
Taylor Swift is not a hobby she is a lifestyle
  05/18/17
I don't need receipts for meals under $75, right? What ab...
.;;.;.;;;;..;;;.....
  05/18/17
I don't know. I don't deduct meals.
Taylor Swift is not a hobby she is a lifestyle
  05/18/17
Why wouldn't you?
Benevolent Screed
  05/18/17
why don't you use a mac?
Len Bias's Coke Dealer
  05/18/17
...
kenny
  05/18/17
What can you deduct mileage for? Driving to see clients? And...
Ryan Klesko
  05/18/17
yes a debate can be made if you don't wear suits ever exc...
MoreDoughHi
  05/18/17
"debate" as in you hope they don't audit you?
Ryan Klesko
  05/18/17
...
MoreDoughHi
  05/18/17
...
MoreDoughHi
  05/18/17
...
Sotomanchester McCheese
  05/18/17
Pretty sure there are already adverse rulings on that. You'r...
Diamond Dallas Chad
  05/18/17
bro rule 11 contemplates changes in the law that ought to be...
MoreDoughHi
  05/18/17
...
.;;.;.;;;;..;;;.....
  05/18/17
clients, potential clients, networking meetings, getting sup...
.;;.;.;;;;..;;;.....
  05/18/17


Poast new message in this thread



Reply Favorite

Date: May 18th, 2017 1:40 PM
Author: .;;.;.;;;;..;;;.....

I'm a solo with a PC. My PC is paying me a salary. My PC also reimburses me for out of pocket expenses I pay with my personal credit card (postage, filing fees, etc.).

What about for other expenses I want my PC to deduct from the PC's taxes -- home office, mileage, utilities? Do I have have the PC reimburse me for the share of the home office, etc.? I'm totally confused how this works.

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33336563)



Reply Favorite

Date: May 18th, 2017 1:42 PM
Author: MoreDoughHi

just s corp yourself and deduct everything.

for mileage use the irs $.55/mile way more than actual gas and oil changes.

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33336575)



Reply Favorite

Date: May 18th, 2017 1:44 PM
Author: .;;.;.;;;;..;;;.....

I'm already an S corporation. This is my first year as a corporation. I'm not sure how this all works.

What does "deduct everything" mean -- from the PC's taxes?

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33336603)



Reply Favorite

Date: May 18th, 2017 2:05 PM
Author: ...,...,.,.,.,.,..,.,..,..,.,.,


You might want to look up how S Corps work, bro. It's a pass through. I assume you're a loligator.

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33336819)



Reply Favorite

Date: May 18th, 2017 2:35 PM
Author: .;;.;.;;;;..;;;.....

Loligator but got an A in corporations in law school, breh.

Wtf does pass-through mean?

I'm paying myself $30k a year and prob going to make $60-80k this year. At the end of the year I file a corporate return for the S-corp. Do the expenses get deducted on the S-corp's return?

Should I reimburse myself for them?

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337030)



Reply Favorite

Date: May 18th, 2017 3:26 PM
Author: Maori woman performing defiant haka

ljl at an A in corporations. cot damn lawyers are the fucking worst

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337462)



Reply Favorite

Date: May 18th, 2017 7:55 PM
Author: Diamond Dallas Chad

Make sure to set up a solo 401k at etrade (no cost). You can make a "profit sharing" contribution to the 401k directly from the business (capped at 25% of salary I believe). It's deducted on the 1120s as an expense. THIS IS NOT PAID TO YOU, IT GOES DIRECTLY TO YOUR 401K, MEANING NO PAYROLL TAXES ARE DEDUCTED AND YOU SAVE 15% OVER CONTRIBUTING THROUGH PAYROLL SALARY DEFERRALS. THIS PROFIT SHARING CONTRIBUTION IS IN ADDITION TO THE NORMAL $18K CAP. IT REDUCES YOUR MAGI, MEANING IT HELPS YOU GET UNDER THE CAPS FOR THE STUDENT LOAN INTEREST DEDUCTION AND LIMIT ON TRADITIONAL IRA CONTRIBUTIONS. BETWEEN THE PROFIT SHARING SOLO401K CONTRIBUTION, 18K SALARY DEFERRAL TO THE SOLO 401K, $5.5K TIRA CONTRIBUTION, AND DEDUCTING EXPENSES THROUGH THE ACCOUNTABLE PLAN, YOU CAN PAY ALMOST NO TAXES.

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33339439)



Reply Favorite

Date: May 18th, 2017 9:15 PM
Author: .;;.;.;;;;..;;;.....

tyty. what percentage of my gross/net do you think i should pay myself as a reasonable salary? if im only making 60k, 20k seems like a reasonable salary to me.

how much of a home office deduction is too much under the accountable plan?

doesnt the student loan interest deduction do me no good if im not itemizing my individual return?

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33340040)



Reply Favorite

Date: May 18th, 2017 2:06 PM
Author: MoreDoughHi

rent (if work from home), car (mileage per irs above), computer shit, cellphone/internet bill, suits, whatever.

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33336827)



Reply Favorite

Date: May 18th, 2017 3:25 PM
Author: .;;.;.;;;;..;;;.....

do i just reimburse myself each month for all this shit?

how does this all get accounted for when i do my corporate taxes?

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337447)



Reply Favorite

Date: May 18th, 2017 3:38 PM
Author: Diamond Dallas Chad

The keyword you're looking for is "accountable plan." The articles will explain exactly what you need to do.

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337550)



Reply Favorite

Date: May 18th, 2017 3:50 PM
Author: .;;.;.;;;;..;;;.....

I did find this. I get that I just keep a log and reimburse myself. But what happens to my corporate taxes?

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337636)



Reply Favorite

Date: May 18th, 2017 3:51 PM
Author: MoreDoughHi

with an s corp you don't have corp taxes. just do a 1040.

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337643)



Reply Favorite

Date: May 18th, 2017 3:52 PM
Author: .;;.;.;;;;..;;;.....

the s-corp needs to file a return,Form 1120S.

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337657)



Reply Favorite

Date: May 18th, 2017 3:55 PM
Author: MoreDoughHi

yeah that's it. so he doesn't need to do personal taxes then.

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337688)



Reply Favorite

Date: May 18th, 2017 3:55 PM
Author: .;;.;.;;;;..;;;.....

No offense but you're talking out of your ass ITT.

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337694)



Reply Favorite

Date: May 18th, 2017 3:57 PM
Author: MoreDoughHi

i have a business and i deduct miles, internet and phone. i don't make money off that business so it's a nice loss to offset my salary.

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337714)



Reply Favorite

Date: May 18th, 2017 3:59 PM
Author: .;;.;.;;;;..;;;.....

you obviously have no familiarity with the "accountable plan" which is the crux of this thread

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337730)



Reply Favorite

Date: May 18th, 2017 4:00 PM
Author: MoreDoughHi

true but who pays attention to taxes before april 10?

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337734)



Reply Favorite

Date: May 18th, 2017 4:03 PM
Author: .;;.;.;;;;..;;;.....

you've obviously never run a business and paid quarterly taxes and kept accurate books. just stfu please.

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337755)



Reply Favorite

Date: May 18th, 2017 5:33 PM
Author: MoreDoughHi

he's a solo he doesn't have payroll. besides adp/paychex does that shit.

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33338522)



Reply Favorite

Date: May 18th, 2017 5:44 PM
Author: Sotomanchester McCheese

generally, responsible people with S-corps, as the 1120s filing due date is March 15 and quarterly estimated tax payments are required

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33338594)



Reply Favorite

Date: May 18th, 2017 3:53 PM
Author: MoreDoughHi

home to courthouse = 30 mile roundtrip.

take your caseload, multiply 5 roundtrips (avg case, say) per case before taxes.

i.e. 30 miles * 100 * 5 = 15,000 * .55 = about $9k deduction

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337671)



Reply Favorite

Date: May 18th, 2017 3:55 PM
Author: .;;.;.;;;;..;;;.....

I get that part. I mean do I have to itemize each category of expenses for an "accoutable plan"

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337690)



Reply Favorite

Date: May 18th, 2017 4:06 PM
Author: ''"'"''"'"''


if you're audited, yeah, you'll need to show the itemized list and how much was reimbursed to which owner (I'm assuming you're the only one)

you can do this pretty quickly in a spreadsheet though man

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337789)



Reply Favorite

Date: May 18th, 2017 4:09 PM
Author: .;;.;.;;;;..;;;.....

on the s-corp's tax form each category of expenses is listed separately?

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337813)



Reply Favorite

Date: May 18th, 2017 5:26 PM
Author: Diamond Dallas Chad

Just track all your expenses by category in an excel spreadsheet and put the category totals into turbotax. It will give you an 1120s corporate return and a k1 form showing the business gain or loss. The k1 is then used on your personal return.

If you don't want to fuck around with the accounting much,make the money you pay to yourself from the Corp throughout the year a COMBINED distribution and reimbursement of expenses. Later on at tax time when you figure out what the expenses you reimbursed to yourself were, you can figure out what the actual split between distribution and reimbursement was. Gives you some extra flexibility after the fact if you forgot about a bunch of miles you drove that are needed to keep you from owing taxes.

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33338466)



Reply Favorite

Date: May 18th, 2017 6:52 PM
Author: .;;.;.;;;;..;;;.....

i actually signed up for xero. ive put my expenses in an excel spreadsheet and i'm putting them in xero too.

i see what you're saying but cant i just reimburse myself later for shit i forgot?

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33339031)



Reply Favorite

Date: May 18th, 2017 3:26 PM
Author: A Jurisprudence is Performed

hire an acct

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337454)



Reply Favorite

Date: May 18th, 2017 3:39 PM
Author: MoreDoughHi

horrible advice. turbotax that sit. not like he has 10ks and shit.

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337555)



Reply Favorite

Date: May 18th, 2017 3:41 PM
Author: Taylor Swift is not a hobby she is a lifestyle

it may sound pointless, but do yourself a favor and scan your fucking receipts. if you're audited, pointing to a credit card charge won't be enough.

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337565)



Reply Favorite

Date: May 18th, 2017 3:42 PM
Author: MoreDoughHi

why won't it be? if you're audited they need to prove fraud. no receipts and intent cannot be inferred.

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337570)



Reply Favorite

Date: May 18th, 2017 3:45 PM
Author: Taylor Swift is not a hobby she is a lifestyle

because it takes 30 seconds and can help you to avoid headaches down the road. it's better to have proof of your deductions than to put your faith in them not meeting their burden.

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337589)



Reply Favorite

Date: May 18th, 2017 3:51 PM
Author: .;;.;.;;;;..;;;.....

I don't need receipts for meals under $75, right?

What about $20 networking events and little crap like that?

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337648)



Reply Favorite

Date: May 18th, 2017 4:07 PM
Author: Taylor Swift is not a hobby she is a lifestyle

I don't know. I don't deduct meals.

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337802)



Reply Favorite

Date: May 18th, 2017 7:59 PM
Author: Benevolent Screed

Why wouldn't you?

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33339456)



Reply Favorite

Date: May 18th, 2017 3:48 PM
Author: Len Bias's Coke Dealer

why don't you use a mac?

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337611)



Reply Favorite

Date: May 18th, 2017 3:54 PM
Author: kenny



(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337685)



Reply Favorite

Date: May 18th, 2017 3:54 PM
Author: Ryan Klesko

What can you deduct mileage for? Driving to see clients? And I assume the suit thing was a joke.

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337681)



Reply Favorite

Date: May 18th, 2017 3:55 PM
Author: MoreDoughHi

yes

a debate can be made if you don't wear suits ever except for court that it's a uniform.

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337695)



Reply Favorite

Date: May 18th, 2017 3:57 PM
Author: Ryan Klesko

"debate" as in you hope they don't audit you?

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337708)



Reply Favorite

Date: May 18th, 2017 3:58 PM
Author: MoreDoughHi



(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337720)



Reply Favorite

Date: May 18th, 2017 3:58 PM
Author: MoreDoughHi



(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337725)



Reply Favorite

Date: May 18th, 2017 5:45 PM
Author: Sotomanchester McCheese



(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33338605)



Reply Favorite

Date: May 18th, 2017 5:28 PM
Author: Diamond Dallas Chad

Pretty sure there are already adverse rulings on that. You're a good poaster but know nothing about tax.

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33338483)



Reply Favorite

Date: May 18th, 2017 5:35 PM
Author: MoreDoughHi

bro rule 11 contemplates changes in the law that ought to be.

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33338538)



Reply Favorite

Date: May 18th, 2017 6:52 PM
Author: .;;.;.;;;;..;;;.....



(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33339034)



Reply Favorite

Date: May 18th, 2017 3:56 PM
Author: .;;.;.;;;;..;;;.....

clients, potential clients, networking meetings, getting supplies, etc

(http://www.autoadmit.com/thread.php?thread_id=3618628&forum_id=2#33337702)