Discussion:HELP! growing out of a Sch C business

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Revision as of 20:15, 31 March 2007

Discussion Forum Index --> Tax Questions --> HELP! growing out of a Sch C business

MsTwizz (talk|edits) said:

31 March 2007
Hey everybody,

I think I'm in over my head on this one. It's a simple Schedule C, but my client's business is growing fast. She owns a very successful hair salon. When I figured her taxes this year, she owes $27,000! There's no way! Last year, she earned only $100,00 less and only owed $3,600!!!! I am thinking of taking it to another tax accountant, have them look it over, and let me know what they think? and I am willing to pay for that. Is this wrong? Would any of you be interested in checking my figures?

Also, I am wondering if it is time that she turn her business into a S- corp or C corp (she may be making too much money to be an S-corp). The Self-employment tax is killing her!

Thanks!

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