Posted by JHyre in Ohio on April 23, 1999 at 10:08:15:
Lots of ideas, little time to post in such detail- the question you ask is HUGE. Search for my name and “Celebrity Deathmatch”- I made a long, pertinent post under that name. One of these days, I’ll write a standard answer to your question. It has been addressed by me and others many times.
John Hyre
Need help structuring businesses to pay less taxes - Posted by Dave Smith in Dallas
Posted by Dave Smith in Dallas on April 21, 1999 at 12:16:25:
I have read tons of books on inc.,setting up trusts,LLC’s,
etc. and they all pretty much say to do something different,
so needless to say I am in a funk. Does anyone know of any
atty’s,RE CPA’s,or anyone else in the DF/W area who could
help me structure myself correctly.
I have a phy.rehab business working with handicapped people
that is structured as an S corp-Pay too much tax! I
also have 4 rentals that are IN MY NAME and I also do
Mortgages as a Jr.Partner for a Mtg.Co. that pays me as
a 1099 (I also pay myself as a 1099 in my S Corp). I’m
very confused right now and after listening to Robert Kiyosaki at the RE Conv.realize I need to change some things
before I make the governtment a whole lot richer and myself
a whole lot poorer. Anyone know anyone who knows their
stuff and can help me out. Please help.
Thanks a Million,
Dave Smith in Dallas
Re: Need help structuring businesses to pay less taxes - Posted by The Baze
Posted by The Baze on April 21, 1999 at 19:21:38:
Dave,
I’m confused as to why you 1099 yourself from your S-Corp. How do report that income, on Schedule C? Why not just take non divident distributions from your corp? Keep in mind though, you need to pay yourself a reasonable wage, and have some withheld. Or make estimated tax payments. Otherwise you’re looking at having K-1 income that you haven’t paid tax on. Additionally, the IRS will sometimes consider some of your distributions to be wages, in which case you’re responsible for the FICA, FUTA, & SUTA.
Tom Bazley
Re: Need help structuring businesses to pay less taxes - Posted by Dave Smith in Dallas
Posted by Dave Smith in Dallas on April 21, 1999 at 21:23:10:
I started the company in Dallas and expanded to Houston
where my Dad lives-and he handles the contract Therapists down there,does billing,etc. So we pay ourselves 1099 and then at the end of the year we get
a dividend(bonus). To tell you the truth I don’t know
why we do it that way–his cpa suggested to do it like
this. You got any ideas?
Thanks,
Dave
Re: Need help structuring businesses to pay less taxes - Posted by Dave Smith in Dallas
Posted by Dave Smith in Dallas on April 22, 1999 at 21:11:06:
Do I take it that noone has any ideas on this matter?
Dave Smith in Dallas