My name is Julian Joppy, and I am the President of JAJ Tax. I specialize in advising/consulting small businesses and investors through tax planning, tax structuring, and tax strategies to identify available opportunities businesses can utilize to reduce their tax liability. Additionally, I work with business owners to automate bookkeeping and payroll systems, create tax savings systems, forecast/strengthen lending power for real estate or other business lending needs, and provide experience and guidance to aide in well-informed business/investment decisions.
I am an Enrolled Agent (EA), and I have been a tax advisor and accountant for over seven years. I earned my Bachelor's Degree in Business & Accounting at Penn State University and graduated Summa Cum Laude with a 3.79 GPA, which was the top 6% of my class.
I strive to save time and money for our clients while providing them with a skilled and experienced professional in their corner with their best interests at heart. If I take you on as a client, I will work diligently to meet your needs and exceed your expectations.
S-Corporation's must pay their officer's reasonable salaries based on the work provided to the company. So this depends on what services are provided, what the company does, where the company and/or officer-employee are located, what gross and net income are expected and a few more points to determine the best salary for your company. This is completely individualized and needs to be treated as realistically as possible to hold up to the IRS in the event of an unlikely audit.
My job, as a small business tax consultant and strategist, is to prepare you and educate you while maximizing your tax savings, maximizing all legal deductions, providing you with tax plans for your business, and more. While simultaneously ensuring that you are following all guidelines and never have to worry about an audit, but can defend yourself at all stops should you ever undergo one.
Please feel free to reach out for a call should you want to develop an individualized plan for your salary and run some tax planning your small business!
I am well-versed in taxes, business consulting and teaching best practices, and I have been in this field for many years.
To answer your question, you can log the funding to the C-Corp as a Loan from Owners (liability account). This would require a loan agreement, and the agreement must cover details of the loan to the company including a fair market interest value to be paid back to the owner. I have an excellent template for this type of agreement you would need to draft. With this documentation and treatment of the loan, when you distribute money from the company back to the owner, it would not be considered dividends. Therefore, it would not be taxable to pay the owner back his/her funding.
I'd love to discuss this in more detail over a call. This is a pretty complex subject with the setup and ongoing treatment so I'd be happy to go into more detail with you! Also, we can cover the chart of account and other best practices.
I am well-versed in taxes, business consulting and teaching best practices, and I have been in this field for many years.
To answer your question, you can log the funding to the C-Corp as a Loan from Owners (liability account). This would require a loan agreement, and the agreement must cover details of the loan to the company including a fair market interest value to be paid back to the owner. I have an excellent template for this type of agreement you would need to draft. With this documentation and treatment of the loan, when you distribute money from the company back to the owner, it would not be considered dividends. Therefore, it would not be taxable to pay the owner back his/her funding.
I'd love to discuss this in more detail over a call. This is a pretty complex subject with the setup and ongoing treatment so I'd be happy to go into more detail with you!
Small Business Consulting Tax Accounting Tax Law Corporate Tax Income Tax Tax Preparation