Thad 135 Report post Posted May 3, 2006 This accountant has been in business for over 30 years and his Dad was an IRS auditor. He knows all the ins and outs. He's very aggressive as far as write-offs, etc. but has never lost an audit. He sets up the husband and wife as a corporation and they trademark the company name and lease that and *everything* else to the business. A lot of income is paid as royalties, truck leases, etc. This year I should make enough money at this to make it worth my while to retain him. Share this post Link to post Share on other sites
Paul Kassander 26 Report post Posted June 25, 2006 S corp has worked out well for me for my 13 years in business. The annual filing fee is $25.00 in WI which is pretty cheap insurance to keep from loosing your house in the event of an accident. The initial filing was pertty easy as well, It is definately worth checking out for all wash contrctors. That small "paper" separation between you and the business can be a huge relief if you, or an employee ever have an accident, that was the main reason I did it. Plus you can draw out the profits at the end of the year and only have to pay personal income tax on them, where if you take it in pay you have Social Security and Medicare tax, and it would increase your payroll numbers increasing your workers comp and unemployment. Share this post Link to post Share on other sites
