Money Snatchers

lazyl7 asked: If I am running an IT consulting business through a corporation can i buy things such as Business Suits under the business. Providing me with a tax deduction.
Hi, I had a quick look on the ATO website and found this.
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An expense must be directly related to earning assessable income to be deductible.
** I [...]

Joy asked: The fiscal year of the corporation is 3/1, I was told the corporation tax due 5/15. can I file my personal tax by 4/15 or I have to wait after the corporation tax is done? thanks.
How about the profit of the corporation? Does it have anything to do with the my personal tax? [...]

cleanair asked: What happens if a publicly held corporation suffers a loss for a year. Does that loss get deducted from the taxable income of the following year? I am confused.

Karen asked: West Corporation has $50,000 which it plans to invest in marketable securities. The corporation is choosing between the following three equally risky securities: Alachua County tax-free municipal bonds yielding 6%; Exxon bonds yielding 9.5%; GM preferred stock with a dividend yield of 9%. West Corporation tax rate is 35%. What is the after-tax [...]

n545ck asked: Is a corporation # the same as that corporation’s tax ID number? This is for the purpose of tax deductible charitable donations.

mikearscott asked: Looking to close a contractors company over the next month, it currently has around £15K in it and a corporation tax liability of around £5K at end of May. Can you please give me ideas of minimising the £5K liability, should I be taking a dividend, a high salary – (say £5K) [...]

cocchiuzzi asked: I am just starting a corporation and am not quite sure how much corporations tax I have to pay, how often I should pay it, and how to calculate the amount. Can anyone give me some advice or specific links?

Kitty girl asked: We have two New York S corp. Every year it seems that something gets left out and we end up with penalties. CPA not too helpful . Can someone tell us what are the tax forms to be filed for a New York S-corporation?

Marcus asked: I am in the process of setting up a web-based business, which I will probably incorporate in an offshore tax haven to avoid a lot of tax and admin. I will be looking to have a permanent base of operations, though, probably in New York, and was wondering about what I will [...]

tomghile123 asked: I have a real estate business in Florida under S Corporation. I live in California and work full time for a major corporation and earn wages income in California. My questions are:
1. Will I be able to write off my losses (if I lose money) on my CA state and federal taxes?
2. Do [...]