Home Business Taxes: 5 Things You Should Know

Posted by MMarquit under Taxes
From http://www.allbusiness.com 4851 days ago
Made Hot by: steeldawn on January 12, 2011 8:01 pm

Tax time is fast approaching. Here are 5 things you should know as you get ready to pay taxes on your home business income.

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Comments

Written by MMarquit
4849 days ago

I'm not a tax professional, so I don't know all the ins and outs, but I think that a C-Corp is the only organization where you can divvy things up so that you receive dividends. And then you are taxed at the appropriate rate. At least, that's what I get from http://taxes.about.com/od/taxplanning/a/incorporating_3.htm. I suggest you speak with a tax professional about your options. :)

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Written by businessavante
4851 days ago

Miranda, can we in the US pay ourselves in dividends like they do in Canada? The tax-rate there is lower on dividends, and the 1st $40k is untaxed.

businessavante

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