BadHatHarry
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Any IT Consultant working as an S-Corp and not using a Tax professional? Preferably as a husband and wife team, but sole owner is fine.
I would like to get some detailed information on how to setup and operate as an S-Corp, including how to handle payroll and tax issues. I would like to setup my own S-Corp and work CORP to CORP, and handle payroll and taxes myself. My wife will be doing all the paperwork, filing, finances, etc so it will be a 2 person corporation, I am thinking, 80/20% basis. These are just hypothetical #s. I would like to see if someone has similar experience and how they are managing it. Appreciate it.
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A standard corporation also works very well. I have that myself. If costs a wee bit to set up but is more convenient to keep business affairs separate from personal.
I did not see any value in an S-Corp either.
.... Thinkpads_User
I did not see any value in an S-Corp either.
.... Thinkpads_User
@BadHatHarry - Any update on this?
You can setup the LLC two ways: 1) as a sole-member (which would be just you) and business income/loss would be entered on your personal tax return, 2) multi-member LLC (you and your wife). The profit/loss would be determined for the company and then K-1s distributed, which are then entered on your personal tax return.
I have owned all three and see the value in each, but for a two person firm, try to keep it simple.
Many husband and wife businesses will also choose a multi-member LLC, since that's what insurance companies consider a "business" to sell you group coverage - it takes at least two owners. Doesn't matter if their married. The ACA threw a wrench in this, since there are no pre-existing conditions when seeking coverage. It's not as important as it used to be to jump from group to group coverage.