Hmmm....well, as for the 401k, every time we have looked into that, the
costs for maintenance far outweighed any advantages. You can't do your
own maintenance as far as I understand it, and the companies that do
charge some very hefty fees. We also have been advised against the
rental of home space (and supporting utilities) being used as an
expense/income, because if the area used for biz is, typically, a former
spare bedroom, and (for example) a child or grandkid can wander in and
play on the computer(s), then the IRS will put the stink-eye on counting
that as a biz'ness area. I'm not saying no one does that or that you
shouldn't, just that everything I've received (regarding 401k and
writing off portions of the home for biz use) is a negative. (Besides,
it also gets REALLY messy if you sell your house. Oye!)
But the actual incorporation, and the annual returns (although expensive
to have to pay for two return preps every year) and the payroll (you'll
have to set up a full-blown payroll system, we use Quickbooks, and remit
taxes, unemployement taxes, etc.) is pretty straightforward once it is
set up.
What I have successfully avoided so far is dealing with collecting and
remitting sales tax.
Mike
-------- Original Message --------
Subject: Re: [NF]: Pennsylvania Sales Tax
From: Paul McNett <[email protected]>
To: [email protected]
Date: 3/7/2014 1:21 PM
I know, I know. ;)
And, being able to have the corporate vehicle, the household getting
rental income and the corp side writing the rent as expense, my
employer paying into my 401k, etc. etc.
And also, these days corporate clients want to deal with other
corporations, not individuals, and this actually is starting to hurt
my opportunities, so I gotta do something soon.
Thanks for telling me it is easier than I'm thinking. Because I'm
tempted to just go get regular employment.
Paul
On 3/7/14, 11:03 AM, Mike Copeland wrote:
Paul, I'm sure you figured you would hear this from someone, but we
Inc'd back in 1999 and it was a lot easier than i anticipated. There are
many advantages, not the least of is that things are more clear cut
(divided) in pretty much every aspect of life and work. And, you get the
instant payoff of a deduction in your payroll tax!
Mike Copeland
-------- Original Message --------
Subject: Re: [NF]: Pennsylvania Sales Tax
From: Paul McNett <[email protected]>
To: [email protected]
Date: 3/7/2014 11:50 AM
On 3/7/14, 9:10 AM, Jim Harvey wrote:
I'm going to be providing some computer programming services
(creating and
maintaining programs I wrote in VFP while employed) for my former
employer,
and have created an LLC for this purpose.
Kudos for doing this upfront. When I went independent in 2000, I
deferred this decision (LLC, SCorp, ?) and never found time or
inclination to revisit it, so I'm still filing as sole proprietor.
Now, I'd like to hire an employee, but I really can't until I fix my
legal status, which I just can't seem to find time for.
Whenever it happens, it's going to be a mountain of work extricating
my business stuff from my household personal...
Paul
[excessive quoting removed by server]
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