Jump to content
View in the app

A better way to browse. Learn more.

Surly Horns

A full-screen app on your home screen with push notifications, badges and more.

To install this app on iOS and iPadOS
  1. Tap the Share icon in Safari
  2. Scroll the menu and tap Add to Home Screen.
  3. Tap Add in the top-right corner.
To install this app on Android
  1. Tap the 3-dot menu (⋮) in the top-right corner of the browser.
  2. Tap Add to Home screen or Install app.
  3. Confirm by tapping Install.
Football ... Basketball ... Baseball ... Other Sports ... Futbol ... 🤫995🤫 ... Gambling ... Movies & TV ... Music ... Hobbies ... Lulz ... Food & Travel ... Daily Texan ... Business & Markets ... Cloak Room ... Help ... For Sale ... Board Discussion ... Advertise... Tailgate Donations

Featured Replies

Ok I'm getting murdered for taxes this year and my wife doesn't really care to look into this issue because I always end up paying the short fall of taxes owed.

I need help with what is best for her situation. 

She is an external financial consultant for a bank. They pay her hourly a certain wage. I ask her what she is and she says she is self employed....she has no desire to change anything.

Is LLC or S corp better for her? She has no employees only her.

What is considered reasonable compensation for her job title. Since the bank pays her a certain wage does this even matter? 

We are doing our taxes right now and I'm tired of this being such a non issue for her. I'm going to start doing the research myself. Any help appreciated.

 

A C-corp can rent office space from you. Real estate rental income is, in general, not subject to SE tax (or at least didn't used to be). May not apply to an S-corp. Consult a CPA. If you are renting your car to the corp, you can deduct expenses (mileage or depreciation, interest, insurance). Not sure these days what kind of depreciation you can claim on a $50k auto. It could include a recapture clause upon sale of vehicle or house. My knowledge of tax law is dated. Franchise taxes are zero below a certain income level.

Back in the day, the few CPAs I knew were very aggressive about deductions on their personal returns.

Edited by Irish Wrist Watch

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...
Football ... Basketball ... Baseball ... Other Sports ... Futbol ... 🤫995🤫 ... Gambling ... Movies & TV ... Music ... Hobbies ... Lulz ... Food & Travel ... Daily Texan ... Business & Markets ... Cloak Room ... Help ... For Sale ... Board Discussion ... Advertise... Tailgate Donations

Configure browser push notifications

Chrome (Android)
  1. Tap the lock icon next to the address bar.
  2. Tap Permissions → Notifications.
  3. Adjust your preference.
Chrome (Desktop)
  1. Click the padlock icon in the address bar.
  2. Select Site settings.
  3. Find Notifications and adjust your preference.