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09-27-2015, 11:26 AM #1
- Join Date
- Sep 2015
- Posts
- 40
Financial Planner/Accountant and Bookkeeper Familiar With Industry
..
Last edited by downtownfunding; 07-11-2017 at 12:43 PM.
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09-27-2015, 02:47 PM #2
- Join Date
- Sep 2015
- Location
- Miami, FL
- Posts
- 189
Financial Planner/Accountant and Bookkeeper Familiar With Industry
S-Corp has to do with how you file your taxes as a corporation. You could be a Inc, Corp or LLC and still file as an S-Corp
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09-27-2015, 04:45 PM #3jotucker1983Guest
Well, a couple of things:
1.) You might want someone local to you I assume, correct? Just research any local professional that specializes in small business tax returns and they should be able to assist. Look for at least 10 - 20 years of professional experience, they should either be a licensed CPA or an EA, and they should have at least a Master's in Taxation or Master's in Accountancy. And again, their specialization is small business tax returns.
2.) An LLC would be simpler, but with an Subchapter S Status filing, it will allow you to potentially save some money on the FICA taxes. However, you don't need to setup an S-Corp for this advantage, you could just have the LLC taxed as an S-Corp.
Find you a local professional as mentioned above and they can sit down to explain all advantages, costs, required paperwork, estimated tax filings, payroll requirements, etc.
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09-27-2015, 07:51 PM #4
Financial Planner/Accountant and Bookkeeper Familiar With Industry
With an S corp your profit or loss carries through to your personal taxes thus avoiding "double taxation"
Straight corp you get taxed on both levels...corp and personal
Single man shop could easily go sole prop. with a DBA or LLC
There are different protections on each structure also. Do some research there is tons of info out there.
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09-27-2015, 09:13 PM #5
- Join Date
- Oct 2014
- Posts
- 257
Financial Planner/Accountant and Bookkeeper Familiar With Industry
If you are participating on another company's paper with YOUR OWN money you should just open a personal bank account and report the "income" as an investment. (Hence you should always show a loss or small profit)
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