Discussion:170k income need help on tax planning.
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Discussion Forum Index --> Accounting Questions --> 170k income need help on tax planning.
| 10 May 2008 | |
| I tried to abstract my questions in one sentence:
"150k-170k company income (b4 payroll) for one owner S-corp. what is best way to pay least amount tax/ss/medi out with 25% profit sharing contribution and $15k self-employed 401k contribution considered?" Well, has to be two sentences, sorry. If needed, ownership can be changed into 2, i.e., all thing follow the law is possible since I control everything in the company. Thank you for your help!!! | |
| 10 May 2008 | |
| Best way to pay least amount of tax - consult a tax professional. | |
| 10 May 2008 | |
| LOL, dude, that's what I'm trying to do here.
make some useful points, :-) | |
RoyDaleOne (talk|edits) said: | 10 May 2008 |
| Most of the posters who give good and correct advice on this forum are tax professionals and make a living selling by the advice they provide, therefore, I hope you understand why most of us will most likely not respond to this question. Sorry.
You are free to ask and the posters are free not to respond. Good luck. | |
| 10 May 2008 | |
| I agree with Uncle Sam. Very useful point for Nemo. Consult a professional. IRS sharks love to eat up little fish! | |
| May 11, 2008 | |
| Nemo, I'm guessing you charge for your services in order to generate that $ 150-170k income.
Exactly why do you think "we" on the forum (who make our living assisting clients with questions like yours) OWE you a free answer? Uncle Sam gave you the best advice, & remember the old adage of "you get what you pay for" | |
| 11 May 2008 | |
| Paying professional is not a problem. I'm wondering if anyone here would like to help?
What kind of rate should I expect? Thanks! | |
| 13 May 2008 | |
| First thing to look for is someone who is very comfortable with tax planning and not just doing returns. Look at the total picture if you can: corp., indiv., estate, over time.
In your question there are assumptions that may be wrong: keeping SS low? This is a trap I see where people invade the retirement plans (started with the best of intentions) for personal uses, and also minimize social security. They are in for a shakey retirement. There is also some research out that the more wealthy do benefit from SS. I do not believe SS will go bankrupt, the body politic decides in the end. We may decide on more butter, and less guns. etc. For big picture: read some of the articles at http://www.esplanner.com/ That is excellent financial planning software too. In addition, a professional with BNA (separate company from Esp) tax planning software has made a financial committment to do serious tax planning: something to look for. Many, many other issues you may want to examine over time with a professional. | |
