Allyn

What Happens to Money Left in an S Corp?

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What Happens to Money Left in an S Corp? S corp shareholders report income, gains, and losses from the corporation on their individual tax returns and pay taxes at their ordinary income tax rates. They avoid double taxation on any income or earnings from the corporation. S corps can distribute profits to shareholders, retain them … Read more

What Should I Name My Farmhouse?

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How to Name Your Farm or Farmhouse Naming Your House A word or suffix describing your dwelling is a good place to start. Here are some descriptors: House, Home, Cottage, Lodge, Chateau, Villa, Barn, Loft, Hideaway, Retreat. You can find farmhouse name suggestions here. Consider the house type when choosing a name. You should look … Read more

What Tools Did a Cabinet Maker Use?

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Tools Used by Cabinet Makers Saws Power tools Chisels Sandpaper Wood glue Nails Screws Dowels Custom Cabinetry Visualization Process The custom cabinet maker uses pc CAD software to draw a practical, scaled model of the custom cupboard unit, including the material and color. Becoming a Cabinet Maker No degree is required to become a Cabinet … Read more

Do Sole Proprietors Pay Business Taxes?

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Overview of Sole Proprietorship Taxes A sole proprietorship is owned and run by one individual. The business itself does not pay income taxes. Instead, the owner reports all profits or losses on their personal tax return and pays taxes at their personal tax rate. A sole proprietor must also pay self-employment tax, which funds Social … Read more

How Do I File an LLC Annual Report in Oklahoma?

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Filing Instructions and Deadlines File online through the Secretary of State’s portal. Provide your name, email, and entity’s filing number. Keep signed operating agreements but don’t file them. Penalties and Important Dates Failing to file on time leads to a $50 penalty. Reports must be filed by the end of the formation anniversary month. Business … Read more

How Do I Set Up a Dog Grooming Parlor?

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How Profitable Is Dog Grooming Business? Dog groomers running their own business earn a median salary of about $15 per hour, or $30,000 per year. However, depending on the number of dogs you book and the consistency of your bookings, you could make anywhere from $45,000 up to $100,000 or more per year. Starting a … Read more