Real Property Taxes

Part of the Video Series Tips for Filing Taxes

Viewing videos requires the latest version of Adobe's Flash Player.
Get the latest Flash player.

Curious about property taxes? Learn about real property tax in this free video clip about business tax deductions.

Rating:
Views: 256
Comments: 0 (comment now)

Favorited: 0 | Add to Favorites

Tags: tax help, taxes
Bookmark at:

All Videos in the Series, Tips for Filing Taxes

Member Comments

Video Transcript

Real Property Taxes
We were talking earlier about whether I should incorporate and I mentioned sub-chapter S corporations and I'm going to go into that a little more in this segment. I'm Tom Choisnet, enrolled agent. Regarding the sub-chapter S election, what that does is take the profit or loss of your company and flow it through to you as an individual. It's a means where by you can take a salary for your operation and have those extra profits returned to you in the form of dividends so that you don't have to pay self-employment tax on that. So, if you put your salary at a realistic level, it can help shelter some tax in that matter. What's important is that when the corporation is formed, the sub-chapter election should probably me made at that time. If you change to that organization later on, you must do it within seventy-five days of the beginning of the fiscal year or the calendar year of the corporation, that's March 15th for Calendar Corporation. The sub-chapter S corporations are very effective in the early years of a business where operating losses are commonplace, that way they flow through to you and you can shelter other income. Hope that gave you a little insight as to how to use your sub-chapter S election. Thank you!

About the Expert

Expert: Tom Choisnet has been in self-employed tax practice for over 40 years, and he has been an enrolled agent since 1968. He has prepared over 35000 tax returns. Read More