Hello! MS3 married to realtor here, as a realtor my wife is taxed purely as a 1099 worker so we are paying both sides of FICA on all of our income at this point. we are discussing creating an S corp to reduce this liability but have several questions. expected income 2021 around 100k (hopefully). we plan on taking a 50/50 split w2/distribution to keep the IRS happy.
1. Can you do this without an accountant and/or is it a dumb idea to do it without an accountant. i am fairly financially literate, do our taxes currently, and keep close tabs of our finance/investments.
2. Can i continue using online tax software (H&R, turbotax, ect...)
3. What are some good legal resources to summarize what is legally required of the S corp in terms of w2 paperwork, etc?
obviously the first year of doing a new financial structure like an S corp involves lots of learning on the way, but id like to learn in a way that doesn't involve making the IRS mad at me.
any other advice/input is welcome! ive learned when it comes to finance the questions you dont know to ask are the biggest deal.
Thanks!
1. Can you do this without an accountant and/or is it a dumb idea to do it without an accountant. i am fairly financially literate, do our taxes currently, and keep close tabs of our finance/investments.
2. Can i continue using online tax software (H&R, turbotax, ect...)
3. What are some good legal resources to summarize what is legally required of the S corp in terms of w2 paperwork, etc?
obviously the first year of doing a new financial structure like an S corp involves lots of learning on the way, but id like to learn in a way that doesn't involve making the IRS mad at me.
any other advice/input is welcome! ive learned when it comes to finance the questions you dont know to ask are the biggest deal.
Thanks!
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