Tax question

Discussion in 'Business Operations' started by The landscaper, Apr 1, 2006.

  1. The landscaper

    The landscaper LawnSite Senior Member
    Posts: 845

    I was talking to my accountant today and he was telling me that I could set up my company as a LLC, taxed like a S corp. Then he said I could get around self employment taxes by just taking draws on from the company. He also told me I could pay an employee and give him a 1099. How does this sound.
     
  2. 6'7 330

    6'7 330 LawnSite Bronze Member
    Posts: 1,822

    I do believe it time for you to consider a new CPA.If you take your present one's advise, you might be landscaping the prison yard.
     
  3. The landscaper

    The landscaper LawnSite Senior Member
    Posts: 845

    What parts of it or both?
     
  4. The part about setting it up like a llc or S corp is right the restI'd be very scared ABOUT.
     
  5. 6'7 330

    6'7 330 LawnSite Bronze Member
    Posts: 1,822

    Zero self employment taxes and 1099ING employees.
     
  6. The landscaper

    The landscaper LawnSite Senior Member
    Posts: 845

    Can you get around "some" self employment taxes?
     
  7. The landscaper

    The landscaper LawnSite Senior Member
    Posts: 845

    Why would he tell me something like that, is there maybe tax benefits there?
     
  8. lawnservice

    lawnservice LawnSite Senior Member
    Posts: 589

    accountants are like landscapers....some know what they're doing...some dont
     
  9. Daily Lawn/Landscape

    Daily Lawn/Landscape LawnSite Senior Member
    Posts: 694

  10. The landscaper

    The landscaper LawnSite Senior Member
    Posts: 845

    kinda scary how someone could be so far off.
     

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