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#1
02-02-2012, 06:25 AM
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From LLC to INC
What are the advantages and disadvantages when going to INC(S-Corp) from LLC? I am sole prop. I'm mainly concerned about filing, getting more(income tax) back if possible. I am also aware of the ability to offer shares to non members if I'm INC. I have been filing(standard joint) with my wife as a sole proprietor and we have been getting earned income, but wondered if going INC would hurt us or help us.
I know this is a question for a CPA, but was just wondering if anyone had any similar experiences that could help me out a little with some insight. Thanks!
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Ford F150 ex cab 12x6 Trailer 5x8 Trailer (1) Zero Turn (1) Husqvarna Packpack Blower (1) Stihl stick edger (1) walk behind edger (2) weedeaters (3) handheld blower (4) walk behind mowers (1) attachable aerator (1) 22" hedge trimmer 
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#2
02-02-2012, 01:53 PM
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15 percent self employment tax.
with INC, you should be able to avoid that......IF.....IF.....you pay yourself a reasonable salary based on the job you do. The rest of the profit will trickle down and you will report it on your personal taxes, assuming you do the s-corp. C-corp you don't want. the profits from the business you will just pay your normal tax rate as long as you pay yourself that reasonable salary I just mentioned.
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By the time you can make ends meet....They move the ends. _________________________ Grass Scapes Greensboro NC
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