Home Buying in 10705>Question Details

Lisa Huff, Home Buyer in 10705

Corp Salaries vs. Run Expenses Through Books and get much less salary

Asked by Lisa Huff, 10705 Tue Jan 4, 2011

I have done some researching and it appears that rather than run the expenses through the corporation, house rent, space, rent, cell phones, heat, electric, etc., it may be better to get a set salary and then apply for a loan. My partner, who has been doing this for years, does not like this idea, we both work at the business but during the winter months he works more hours, so not sure if it is that or more to it? This is my first S corp, I was in the corporate world before, so I am not as business savvy as he is. He also generally did not have partners, but needed financing, so hence, partner.

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Consider consulting with an attorney and or your tax professional, either party can advise as to what's best for your specific situation....also consider consulting with any qualified loan officer(s) and see what is recommended.
0 votes Thank Flag Link Tue Jan 4, 2011
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