Cheating myself??????

Discussion in 'Business Operations' started by eggy, Feb 28, 2001.

  1. eggy

    eggy LawnSite Senior Member
    Posts: 943

    I have a question, maybe a dumb question......I have been a SP for three years now. However on all my taxes the bookeeper has done we never have included me paying myself a paycheck? If I become a corporation and pay myself a paycheck that will e another deduction right?
     
  2. OBRYANMAINT

    OBRYANMAINT LawnSite Senior Member
    Posts: 555

    when you incorporatr it adds a lot more paper work to the mix yes possibly more deductions but yes more expense as well it cannot be answeredas easy as your question too many variables if your going to stay by yourself incorporating may not be the best....ask accountant and tell him your future plans
     
  3. Majestic

    Majestic LawnSite Member
    Posts: 42

    The advantages as a sole propieter are you can accesss your accountant anytime you need to where as if you are Inc. I understand that you give yourself a pay check but if you need anything over and above then the rules are a whole lot different as to what and how you can take it.might be what you earned but govt always plays a rule.I take my money by putting my wife on payroll,its legal and a right off.Hurry up if your not already married and you can get your new found wife on the books.
     

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