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I think it's a horrible thing, but I guess if you want something, now, you have to get it right then. Haha!
♥... |
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Patrick | Is it legal to hire yourself as an employee of your own corporation? |
...and does anyone know of any other cool tricks you can do with a corporation? |
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Feeling Mutual
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The shareholders elect the Board of Directors of a Corporation.
The Board of Directors elects the officers of a corporation.
The Officers hire the managers of a corporation.
The managers hire the other employees.
So pretty much, yes.
There may be some restrictions in state laws, such as in my state, the President cannot also hold the office of Corporate Secretary.
If you file with the IRS as an S-Corp, the corporation does not have to pay Federal Income Taxes. |
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Gem
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You HAVE to hire yourself as an employee of your own corporation under US tax laws if you want to be paid.
It is not a "cool trick", it is one more way for the government to tax you and screw you over.
My husband owns a small corporation and here are some of the "benefits".
We pay unemployment taxes (8.5%) on our wages, but are NOT allowed to draw unemployment, ever.
We have to claim the money the company spends on our healthcare as wages, even though our employees have the exact same insurance and don't claim the money the company spends as income.
We pay workers compensation insurance on my husbands wages and he is not eligible to collect it.
Wow, laugh a minute cool tricks. Double taxation and BS is what it is. |
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robert h
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If your are the md you are the company so you can just pay your self a salary and then the taxes on this all other funds would be that of the business.
Other tricks depend on the nature of the business and the premises if you have a car that you could say was for business eg an mpv or pick up the cost of this could go through the business.
You should try to say as many costs as possible are due to the business I know of someone who says the first £400 pound they pay themselves is for expenses per week. |
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sexy grandmother
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Is it legal to hire yourself as an employee of your own corporation?
And paying your wife for sex?????? |
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Serge M
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Yes, incorporators often become the company's employees. It is one way to avoid the double taxation of corporate income. Instead of paying dividends to the shareholder/owner, the corporation pays a salary, which is an expense and reduces net income. The salary has to be reasonable in exchange for the work performed, otherwise if the IRS decides that it is excessive, part of it may represent a dividend.
Other things that benefit the owner of a corporation are protection from personal liability, health insurance coverage paid by the corporation, which is deductible as an expense, and a lower income tax rate on corporate income if it is below a certain amount such as $100,000.
As for paying your wife for sex, that's between husband and wife. If she demands payment she is a prostitute. If it is a game between them, let them have the fun. In any case, the payment is not deductible. |
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white.wendell@sbcglobal.net
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No. That's called "ghost employee" |
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