Thread: Write offs?
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Old 12-21-2012, 11:34 AM
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Join Date: Dec 2003
Location: Milford CT
Posts: 3,774
You get to deduct your payroll and if you are an employee of your company and your set up as a Corp then your salary is deductible. All profits and loses pass through to the owners. We often see a modest profit but then our accountant does his depreciation tables and we get some rather nice deductions passed through to the owners.

I guess the negatives are the amount of tax returns my partner and I have to complete each year. I have 2 personal one to the fed one to the state he has 2 personal one to the fed one to the state and the corp has 3 one to the fed and 2 to the state. Needless to say H&R block hasn't seen us ever.

Something that I think most people over look when it comes to salary's as a business owner. Is with the tax code and of course the perks that go with owning the business in what ever trade you have, it can give you a life better than the raw numbers would indicate.
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