Tax Shelter Help

[OttoGraf]

Anyone here have a s-corp set up? Has it dramatically reduced your tax liability? I've thrown this question out to a few agent and the answers are 50/50.

Any other helpful ideas to keep in mind regarding this topic?

Thanks for any help!

 

[Thad.Sipple]

Are you a baller?

Do you gross 225k per year or more?

Won't protect you really and won't save you in taxes unless you bling and then it still depends on expenses.

 

[Gooner]

Like I told you...talk to an accountant. You're about to get advice from a bunch of numbskulls! ?

We set my 'insurance' business as a LLC. FWIW

 

[OttoGraf]

Like I told you...talk to an accountant. You're about to get advice from a bunch of numbskulls! ?

We set my 'insurance' business as a LLC. FWIW

Lol, I am not "yet" a baller. Sorry Goon, I'm still new here

 

[gymguy]

as it was stated before, you should consult your cpa.

This sums it up pretty nicely. You can save a large amount on taxes especially if you make a lot.

S Corporation Advantages and Disadvantages from a CPA

 

[Gooner]

Are you a baller? Do you gross 225k per year or more? Won't protect you really and won't save you in taxes unless you bling and then it still depends on expenses.

You've gone and lost your damn mind.

 

[Thad.Sipple]

You've gone and lost your damn mind.

I really wanted to give tax advise.

Hey anyone need legal advise?

 

[Gooner]

I really wanted to give tax advise. Hey anyone need legal advise?

Cornelius will be along shortly to pimp legalshi t.