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Inmate Central Inmate Central, where civil and family-friendly discourse about off-audio topics (other than religion and politics) is welcome. |
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In Reply to: Pssst! posted by E-Stat on October 6, 2021 at 07:16:24:
When I formed an S Corp, my taxes went down about 70%, it was a real eye opener. One of the biggest factors was how much you could put into a Single K (which is pretty much the same thing as a 401K). A few years later, many of the advantages also became available to sole proprietors.
One thing that helped was getting an understanding of the options we have. I had been doing my own taxes, but initially had an accountant do the S Corp taxes. When I started doing both taxes, it opened up even more opportunities. I believe that accountants can be very good at guiding us, but my experience was that it was more looking back than forward. Factoring these things into your future plans seems to help a lot.
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Follow Ups
- RE: Pssst! - fredtr 10/6/2114:15:24 10/6/21 (1)
- Indeed! - E-Stat 14:18:00 10/6/21 (0)
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