Leasing a car can make sense in limited situations, but for most people it is a financially unfavorable decision. Below are the precise, non-generic reasons why leasing is usually a bad idea. 1. You never build ownership (no equity) With a lease, every payment is pure expense.After 2–3 years, you return the car and ownContinueContinue reading “Leasing a car can make sense in limited situations, but for most people it is a financially unfavorable decision.”
Tag Archives: investing
How You Pay Income Tax as an S Corp Owner.
An S corp is a pass-through entity, which means the corporation itself does NOT pay income tax. Instead, you (the owner/shareholder) report the company’s income on your personal tax return. Here’s exactly how it works: 1. The S Corp Files a Tax Return — Form 1120-S Your S corp must file Form 1120-S with theContinueContinue reading “How You Pay Income Tax as an S Corp Owner.”
Understanding Cost of Goods Sold (COGS) in the Trucking Industry.
In most industries, Cost of Goods Sold (COGS) represents the direct cost of producing or purchasing the items a company sells. But in the trucking industry, companies don’t sell physical products — they sell transportation services. That raises the question: Does COGS apply to trucking? The answer: Yes — but it looks a little different.ContinueContinue reading “Understanding Cost of Goods Sold (COGS) in the Trucking Industry.”
Understanding the Cost of Goods Sold (COGS) Account.
What Is Cost of Goods Sold (COGS)? Cost of Goods Sold (COGS) refers to the direct costs associated with producing or purchasing the goods a business sells during a specific period. This account is crucial in determining a company’s gross profit, which is calculated as: Gross Profit = Revenue – Cost of Goods Sold TheContinueContinue reading “Understanding the Cost of Goods Sold (COGS) Account.”
Can an owner of an S corporation be treated like a self-employed individual for self-employment tax purposes?
POINTS AND AUTHORITIES – SELF-EMPLOYMENT TAX AND S CORPORATION OWNERS I. Shareholders of S Corporations Are Not Considered Self-Employed for SE Tax Purposes Point S corporation shareholders, even if they are owner-operators or provide services to the business, are not treated as self-employed for purposes of self-employment tax on their share of the business’s income.ContinueContinue reading “Can an owner of an S corporation be treated like a self-employed individual for self-employment tax purposes?”
Points and Authorities related to self-employed taxes in the U.S.
Here’s a breakdown of Points and Authorities related to self-employed taxes in the U.S., citing the Internal Revenue Code (IRC), IRS publications, and relevant legal doctrines. These are typically used in legal briefs, so they’re presented in a formal structure. POINTS AND AUTHORITIES – SELF-EMPLOYED TAXES I. Self-Employment Tax is Mandated by Federal Law PointContinueContinue reading “Points and Authorities related to self-employed taxes in the U.S.”
Deeds, Deeds of Trust, Deeds of Reconveyance, Assignments of a Deed of Trust Liens.
Here’s a brief overview of each term and how they interconnect: Deeds A deed is a legal document used to transfer ownership of real property (real estate) from one party to another. It must typically be in writing, signed by the grantor, notarized, and recorded with the local county recorder’s office. Common types include: WarrantyContinueContinue reading “Deeds, Deeds of Trust, Deeds of Reconveyance, Assignments of a Deed of Trust Liens.”
The Concept of “Distinct” or “Reasonable” Investment-Backed Expectations in Regulatory Takings Law.
The concept of “distinct” or “reasonable” investment-backed expectations is a crucial element in the analysis of regulatory takings under the Fifth Amendment of the U.S. Constitution. A regulatory taking occurs when a government regulation limits the use of private property to such an extent that it effectively deprives the owner of its economic value orContinueContinue reading “The Concept of “Distinct” or “Reasonable” Investment-Backed Expectations in Regulatory Takings Law.”
Understanding the Difference Between a Lawyer’s Fiduciary Duty and Agent Duty to Their Client.
In the legal field, a lawyer has two main types of duties to their client: fiduciary duty and agent duty. While these responsibilities are closely related and often overlap, they are distinct concepts, each with specific legal implications. Let’s explore the definitions, scope, and key differences between fiduciary duty and agent duty in the contextContinueContinue reading “Understanding the Difference Between a Lawyer’s Fiduciary Duty and Agent Duty to Their Client.”
You must be logged in to post a comment.