StartupsCPA.com was founded by Chad Shultz, a Florida Certified Public Accountant and a Certified QuickBooks ProAdvisor. Chad has been working with small business owners for 20 years. Chad started StartupsCPA to offer StartUps a better way of processing the day to day accounting. This accounting platform will allow small business owners more time to concentrate on their core business. That's StartupsCPA, your cloud based accounting office. Call us at 904-400-1238 or email. We would love to talk with you.
Personal Funds are loans to the Company or Equity Contributions. This does not change your net income or what is taxable to you as the owner. If the Business nets $100, then you pay tax on $100. You can chose to pay yourself back with the $100 or not.
The income should be reported by the individual or business that provided the service and earned the income. If the 1099 is in your name, you could ask the issuing Company to change to the S-Corp if that is who earned the income. In the future, have a written agreement between your S-Corp and the Company you are providing service. Also, provide them with a Form W9, so they know where to report the 1099 income at year end.
Doesnt matter for Federal Income Taxes, Only State Income Taxes. You will have to report the income in the State where you generate the income and reside. So report the income in California. But, If you do conduct business in Montana then you would have to complete a Non-Resident Tax Return.
Quickbooks Accounting Auditing Financial Reporting CPA Corporate Tax Income Tax Tax Tax Preparation