Re: Accountant Suggests S-Corp
Have to add-you may not have to bring the earnings to zero but then you be taxed at the corporate rate which is lower than the individual but herein lies the problem:
If you pay the corporate tax rate on the retained earnings---as an example $30000--what can you do with the earnings? You personally can't use them as they belong to the corp[oration--if you do use them,at the very least you will again be taxed on your receipts which amounts to double taxation on the $30000.
Get rid of your accountant-I've elected Subchapter S Status and its been awhile but you cannot and will not escap[e taxes. KISS [img]/images/graemlins/smirk.gif[/img].
regards,
carlo
|