Apr 10, 2024
2:52:24pm
2:52:24pm
I elected as an S-Corp, but they only approved starting 9/1/2023, so I had to
do an 1120S for Sept - Dec, and then a Schedule C for Jan - Aug. That was a pain, and it screwed me over because I bought and depreciated a car in November but couldn't do the full Section 179/Bonus depreciation because the business income was split between the S-Corp and the Schedule C.
You are right that it needs and overhaul, but there are so many tax breaks available to business owners that I'll hang on to that as long as I can.
You are right that it needs and overhaul, but there are so many tax breaks available to business owners that I'll hang on to that as long as I can.
- Previous username
- workindev
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- Skeptical Optimist
- Joined
- Aug 2, 2006
- Last login
- May 18, 2024
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- 79,310 (4,250 FO)
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Apr 10, 2:34pm
Apr 10, 2:48pm
Apr 10, 2:54pm
If you simplify the tax code then you just make it easier to avoid taxes. The only real way to fix it is to get rid of
Apr 10, 3:05pm
Apr 10, 3:16pm
Apr 10, 4:15pm