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    OneSolution's Avatar
    OneSolution Posts: 54, Reputation: 1
    Junior Member
    		  
    #1

    Feb 25, 2012, 10:29 AM
    H1 corporation & Tax Expenses Deduction
    Hi
    I am on H1. I donot wish to apply for green card.

    Now I know that I can start a C corporation in usa. I would like to start one. And I know I cannot work fulltime on it but can play a managerial role. ( I expect to attend meetings with client twice a month or travel on weekends to ensure business)

    My question was,
    If I open a Corporation, Can I file my business expenses on my tax return? Can I claim my business expenses?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 28, 2012, 04:08 PM
    No, you cannot, not in any practical way, because such expenses would be ITEMIZED deductions subject to a 2% floor, so it is UNLIKELY you will exceed the standard deduction, especially if you are married and filing jointly.

    Just have the C corporation reimburse you for your expenses. That IS allowed under U.S. tax law.
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