Best corporate structure

[raghusimhas]

I have been scouring this website all day today and I am really looking for some recommendations for someone who could advise us. Essentially we are looking for the type of corporate structure we should have for a tax advantaged strategy for a side gig that my spouse is doing as a 1099 contractor in addition to a W2 job. I also am a W2 employee. Our goal is for us to set a corporate structure for a 1 person shop that allows for us to make employer contributions to tax deferred accounts and minimize federal and state taxes. And being new to this area, it has been a challenge to look through s-corp versus c-corp versus sole proprietorship. Any advice or recommendation of a CPA or another message on here that addresses this would be very very helpful. Thank you in advance!

[jacoavlu]

sole proprietor. That means you don’t need anything fancy. 1099 income and related expenses goes on schedule C. Start a solo 401k

anything more fancy will cost you more fees and also cost you more taxes

[raghusimhas]

Thank you!

[jfoxcpacfp]

To expand a bit onjacoavlu’s answer, an S-Corp (or LLC, for that matter) does not allow a physician practicing medicine any more asset protection or deductions than does a sole proprietor. You can find the list of tax strategists who buy space to be promoted on WCI here. I would hope they all are aware of and practice adherence to the tactics and principles promoted on WCI - at least, you will have a higher chance of getting appropriate advice than you will in the broad market.