Looking for advice on S-Corp

I hate to say this,

But,

Your asking truck drivers for legal advice?????

How do you know that a LLC wont suite your tax needs better?

Spend the 250, just make it worth your time and have a nice long list of questions for him when you go in.

 

The tax ramifications of an S Corp are that you are shielded to some extent like you are with an LLC.

However, the income or loss on the S corp flows through to the stockholders. It is a corporation with assets that require a separate checking account and you cannot just remove money without accounting for it. This is the same for the LLC as well.

You have restrictions on the S corp for employee salary and benefits.

What is the reason you want an S corp?

I assume you have been listening to some of the trucker radio programs.

 

My Accountant took care of all the paperwork and filings to get my S-Corp established. It was very easy and took just a few weeks to get all my papers from the government and the state. That was 5 yrs ago and everything has worked out as expected with taxes and income. All my earnings go through my corp. as does my wifes real estate commissions. The tax benefits have helped us tremendously.

 

I can probably guess where and how.

I have prepared manhy of these returns over the years.