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You need to be speaking to a qualified accountant, not a general audience such as this forum. The correct answer for you depends on your specific and unique circumstances, no one-size-fits-all answer.
Where are you located? Perhaps someone in the forum can help by recommending a good accountant or tax lawyer in your area. Fill in your profile completely and you'll find this forum can be a great resource for
you once we know who and where you are all about.
I plan on doing just that. I posted this to learn what other have done. It will help me when I do talk to an accountant to compair the answers they give with what I learn here. I found your suggestion on filling my profile out to be useful so that I have done. I am located in King, NC near the sity of Winston-Salem.
That's great, Lynn. I wish you good luck. You'll find that as an S Corp, it takes a real pro to protect your tax liability because business income filters down to you personally as individuals. In other words, in addition to your salary you
pay yourself, your S Corp also generates a K-1 form which basically results in your business profits having to be reported as personal income. So that's where a good pro-active accountant comes in---one who actually guides you and gives
advise as opposed to just robotically doing your tax paperwork for you. My company has been doing this for many years, and it took me awhile to get it right CPA-wise. I'm not in NC, so unfortunately I can't refer anybody locally, but you shouldn't have trouble finding someone locally. Ask other business owners--if they're happy with their CPA they'll be happy to share the name.
A little personal plug while we;'re on the line. When you're up and running and ready to set up your payment processing system, please give us a call. We'll discuss some cost effective programs such as iphone, Blackberry, and/or laptop
programs to process your payments with that a lot of folks won't tell you about because they like to make the $$ selling software and processing equipment. These are good solutions that cost litle or nothing up front. And have a peek at our website www.MerchantServices-help.com Again, good luck to you. I know it's exciting but nerve wracking to get a new biz off the ground.
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My wife and I will be directors of and "s" corp. service business. She will have controlling shares. We will also be the corporate officers (me - President, she - Secretary/Treasurer) and will both be drivers for the service we provide. Question is : Do we get paid through declared dividends, through and owners draw, or as employees, or a combination of these. We are looking for lowest tax liability of course. We will be looking to add employees as business grows in the future.