Rhickey wrote:
- quote -

Different point. It's high price offices in the high rent
district of the city across the river.

ChEAr$,
Harlan Lunsford, EA n LA
Tue 8 Mar 2005

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"ed" <ed[at]edcosoft.com> wrote:

- quote -

Small point. It's Premium Offices

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#1 What is the best way to pay myself? How is this done? In
a sense, I'm curious how to avoid paying taxes as much as
possible. I'd also like some information on how the process
is done, because I have no experience running a corporation.

If you make a substantial profit the IRS will expect you to
pay yourself a salary, which is what someone doing your
chores would get paid. YOu will have to deduct SS taxes and
withhold for FET and file a form 941 every quarater and pay
the other 1/2 of SS taxes. (this is instead of the SE
taxes you paid as a sole propriator).

#2 When are taxes due and what is required of me? I usually
have H&R block file my taxes, are there any special
deadlines or forms that I have to fill out during the
business year?

forget H&R block for 1120 Corporate taxes unless you go to
their Executive Offices.

The deadlines and instructions are in the instructions for
IRS form 941 as you have to give the withheld payroll taxes
to the IRS.

Frankly, if you have to pay a CPA to do this for you you're
better off staying a sole propriatorship.

ed

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"foodfightr[at]gmail.com" <foodfightr[at]gmail.com> wrote:

- quote -

These are questions you should have asked before having the
attorney form the S corporation for you. You need to be sure
that the "hirees" are really subcontractors (if you control
their hours and what they do they're employees; if you just
tell them what product you want them to give you and when,
and they decide how to get it done they're subs). And you
are an employee of your corporation in any event. The
company needs to pay yourself a reasonable salary for the
work you do. That requires filing regular payroll tax
reports. Contact your state Department of Revenue; many of
them offer new business classes on a regular basis.

--
Tom Healy, CPA
Boulder, CO
Web: http://www.tomhealycpa.com

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Hello, I recently had an attorney file to form an S
Corporation. I am the sole owner of the corporation and have
no employees. All people who are "hired" by the business are
sub contractors. Please help with the following questions:

#1 What is the best way to pay myself? How is this done? In
a sense, I'm curious how to avoid paying taxes as much as
possible. I'd also like some information on how the process
is done, because I have no experience running a corporation.

#2 When are taxes due and what is required of me? I usually
have H&R block file my taxes, are there any special
deadlines or forms that I have to fill out during the
business year?

Thanks again.

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