“Are Corporate Advances to You,
the Owner, Loans, Dividends,
or Salary?”
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with all the details…
Do you operate your business as a C or S corporation?
Do you loan money to your corporation, or does your corporation loan money to you.
If you’re answering “yes,” to these questions you need iron-clad documentation that proves the loan is actually a loan!
Why is this so important?
With the S corporation, the loan that fails to be considered as a loan can result in taxable wages to you. Ouch!
With the C corporation, the loan that fails to be considered a loan, can result in taxable dividends to you the shareholder. Again… ouch!
I’ll tell you the sad Teymourian story.
Mr. Teymourian was building a home. His corporation made some big advances during this building effort.
The paperwork between Mr. Teymourian and the corporation was not correct, and that triggered big problems with the IRS.
The punch line: Operating as a C or an S corporation requires that you
document everything carefully and fully.
Failing to do so can result in a nasty IRS audit. Just ask Mr. Teymourian.
Seven questions you really need to answer.
And your answer to each question should be ”yes.” If you’re answering in the affirmative, you’re ensuring that your advances are treated as loans. NOT as dividends or salaries!
Go ahead. Read my new article and see how you’re answering the questions.
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“Are Corporate Advances to You,
the Owner, Loans, Dividends,
or Salary?”