Oh ! thanks so much ! you have no idea how helpful this is, I love this webiste, but please one inquiry about the same topic.
I will receive 1,200 dollars for my corp in about 2 weeks, however, the corp has invoices to pay for around 800 dollars in equipment soon. There will be another expense following that one for around 600 dollars. initially the 1,200 would seem like earnings, during that week my unemployment check will be issued..how does this work? do i have to wait until the end of the year to see what is really an earning in order to report it to the state of florida unemployment agency?
once again, thaks a lot !!
Quote:
Originally Posted by TaxGuru  No, you do not have to report the earnings as your own. The corporation would be filing its own separate corporation tax returns, and as an officer, if you have received any "Salary or Wages", then, you are required to report these on the first page 1 of the Corporation tax return, on Line 12, Compensation of Officer.
Since you have not received any earnings or salary from the corporation, you would not generally lose your unemployment benefit. I would not be concerned about losing these unemployment benefits, so long as the Corporation is not active and making a profit. |
