Taxes - NCH - Page 23

Taxes August 30, 2005

Are Officer Salaries Mandatory?

I’ve been involved in a lengthy discussion/debate with several CPA’s over the last week or so on the question of proper compensation for corporate officers and directors. What had been presented to me as fact was the position that the IRS requires all corporate officers to take a salary. I disagreed, and demanded the tax […]

Taxes March 10, 2005

LLC Tax Basis

For an LLC with flow-through taxation, basis is a very important consideration. Members of an LLC can deduct certain losses of an LLC allocated to them to the extent of their tax basis in their LLC interest (subject to a few limitations). A member’s tax basis can never be less than zero, even though it […]

Taxes March 4, 2005

Charitable Giving Statistics

Taxpayers with Adjusted Gross Income between $15,000 to $30,000 averaged charitable contributions of $1,890. Taxpayers with AGI between $30,000 and $50,000 averaged $2,006 in charitable contributions. Taxpayers with AGI between $50,000 and $100,000 averaged $2,530 in charitable contributions. Taxpayers with AGI between $100,000 and $200,000 averaged $3,875 in charitable contributions. Taxpayers with AGI over $200,000 […]

Taxes February 16, 2005

Dealing with medical expenses

Anyone who has prepared their own tax return is probably familiar with the rule that out-of-pocket deductions are generally only deductible if they exceed 7.5% of the adjusted gross income (AGI). But for taxpayers who are subject to the Alternative Minimum Tax, medical expenses are only deductibe in excess of 10% of their AGI. This […]

Taxes February 14, 2005

Avoiding Tax Penalties

FAILURE TO FILE A RETURN. There is a 5% penalty for unpaid taxes per month (or fraction thereof) for failing to file a tax return. The maximum penalty is 25%, with a minimum penalty of $100 or %100 percent of the required tax shown on the return if the return is not filed with 60 […]

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Are Officer Salaries Mandatory?

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