Tax Reduction Letter - Tax Savings Trap Crushes S Corporation Owner’s Expenses

Article Date:

May 2010

Word Count:

526

Tax Savings Trap Crushes S Corporation Owner’s Expenses

Ronnie Craft owned 50 percent of an S corporation. Both he and the other owner took salaries of $50,000 a year from the S corporation.

The corporation adopted a resolution requiring Mr. Craft to pay for and supply his own office space and vehicles for use on behalf of the S corporation’s business. In other words, the corporation wanted Mr. Craft to incur employee business expenses while promoting and taking care of the corporation’s business, but the corporation was not going ... Log in to view full article.

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