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When you fill out the FAFSA, any grants you qualify for will be included with your financial aid package from the school. If you still think you need more grants, check to see if you meet the criteria. There are some grants available for children of soldiers killed in action, as well as grants for those who intend to become teachers. You can also apply to different educational foundations for grants to help you attend school based on what you want to do when you finish or based on the need you have. Check the criteria for these types of grants and make sure you meet it before moving forward with your application. 4. Work Part-Time or Saving Another way to reduce your need for student loans or to close a college funding gap is to work part-time. If you can make more finding your own job, rather than working on a work-study basis, you might be able to reduce your future obligations. You can look for work on-campus or off-campus. As you look for work, carefully consider what you need to do in order to be successful at it.
Owner salary Often in a small, struggling company with cash-flow issues, the owner will forego his own salary in order to be able to pay his employees. However, in an S-corporation set-up, the owner must pay himself a reasonable salary as an employee. And by reasonable, the IRS means comparable to industry norms, not an incredibly low wage to simply adhere to the letter of the law without following its spirit. Passive income restrictions S-corporations cannot be treated as investment trusts. No more than 25% of total company gross receipts can be derived from passive activities, such as real estate investing. The bulk of the income in an S-corporation must come from active participation in the production of goods or services for customers. In order to set up an S-corporation, you must first charter your business as a corporation in the state where your headquarters is based. Once that is completed, you must elect S-corporation status by filing Form 2553 Election by A Small Business Corporation with the IRS, which all existing shareholders must sign.