This company claims the following: LLC- TAX WRITEOFFS UPTO 80% HAVE TO TAKE A SALARY YOU HAVE TO FILE IT WITH YOUR PERSONAL INCOME YOU CAN STILL BE LIABLE FOR WHAT THE COMPANY DOES WHEN YOU DIE THE COMPANY DIES IF YOU HAVE KIDS THIS COULD REDUCE OR DISQUALIFY YOUR CHILD FROM RECEIVING FINANCIAL AID IF YOU’RE A ONE OWNER LLC YOU’RE STILL CONSIDERED A SOLE PROPRIETOR YOU HAVE LIMITED SHARES TO ISSUE YOU’RE A HIGHER IRS TARGET FOR AN AUDIT LENDERS AND INVESTORS STILL WANT YOUR PERSONAL GUARANTEE C-CORPORATIONS- UP TO 100% TAX WRITE OFFS YOU DON’T HAVE TO TAKE SALARY YOU DON’T HAVE TO FILE PERSONAL INCOME TAXE AS LONG AS YOU DON’T TAKE SALARY EASIER TO RAISE FUNDING THRU THE SALE OF STOCK IF YOU DIE THE COMPANY CAN STILL BE IN OPERATION. YOUR CHANCES OF A TAX AUDIT ARE LOWER LENDERS AND INVESTORS THEY PREFER THEM THEY CAN HAVE THEIR OWN PERSONAL CREDIT FILE WITH OUT A PERSONAL GUARANTEE YOU CAN DISTRIBUTE PROFITS MUCH EASIER TO OTHER INVESTMENT VEHICLE IT’S EASIER TO TRANSFER THE COMPANY TO SOMEONE ELSE Where is your proof? There are no provisions in the IRC that will allow personal expenses to be deducted on either corporate or individual federal income tax return. Google Disguised Income and Constructive Dividends commit If you are a C Corporation, what you are doing is distributing the profits of the corporation on behalf of a shareholder, which will require that you issue a Form 1099-DIV at the end of the year for all such profit distributions. If you are an S Corporation, such payments would also be considered a distribution of profit, even though S Corporations don’t usually issue a Form 1099-DIV for such a transaction. In an S Corporation, the shareholder must report his/her share of the profit on his personal return anyway, whether or not the profit is distributed via cash payments or payments of personal expenses. The biggest problem with doing this in a corporation is that you are not acting like a corporation. A corporation is a separate legal entity. And therefore, it really should not be paying the personal expenses of the shareholders. Should someone take legal action against the corporation, and this type of activity is discovered, someone could easily point to these personal payments as proof that this so-called corporation is not really a corporation, and you would then lose the benefit of limited liability. This is known as “piercing the corporate veil” and you definitely don’t want to go there. Regardless of the legal consequences, also keep in mind that you cannot treat those personal expenditures as a business expense, no matter what kind of legal entity you own. So just because you happen to write a business check to pay for groceries doesn’t turn that into a deductible business expense. If you own a business, why not run it like a business? Does Microsoft pay the personal expenses of Bill Gates? Keep your books clean. In a sole proprietorship, if you need to withdraw money from the business to pay personal bills, transfer the money to your personal account first and write the check from there. In a corporation, issue yourself a paycheck or a dividend check, but don’t muddy the waters by treating your corporate account like it’s your own personal expense account.
Managing Lawyer Izzy Yetnikoff was an outrageous exercise in futility, exertion and cash for me. Legal counsel Izzy Yetnikoff has brought
Anthony Cavaluzzi and his bother Nathan Cavaluzzi opened a company by the name of Profit Management Solutions (ProfitManagementSolutions
Sean Cooley is one extremely shady and dangerous individual currently on the loose in Los Angeles, he is always high and always looking
With all due respect to Sean Cooley’s strange and shady way of life and just mostly to be accurate with what I am writing and not
The Southwest Wildlife Conservation Center (SWCC), falsely claims to be a “Conservation Center” and an “animal sanctuary,” when it is in
I contacted scam-rescue.ca experts for Crypto recovery. They were really professional at first but as soon as they received the payment,
After getting scammed out of $329.00 from guns-warehouse.com, a simple search of some of the verbiage in the website popped up 4 other
John Sutton is loser trash, complete scum of the earth low life idiot turd monger asshole bastard Wife Beater Threw hot water on a poor woman Bloomsburg PA
WARNING JOHN SUTTON IS A DOMESTIC VIOLENCE PURPITRATOR HE BEAT A WOMAN THEN TREW HOT WATER ON HER. HE WAS CHARGE WITH FELONY ASSAULT.
This complaint and/or review was posted on Defaulters.com on 12:06 pm, December 03, 2018 (CST) and is a permanent record located at: https://www.defaulters.com/scam/business-credit-america-review/.
The reviews & complaints posted about Business Credit America was submitted by a member or guest on this website. Any and all opinions and information are published as is. Defaulters.com does not edit or remove any aspect of the report and is simply a consumer grievance free-speech platform. As such, Defaulters.com cannot be held liable for the complaints and reviews posted about Business Credit America as per Section 230 of the Communications Decency Act.