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Originally Posted by Greenguy
WRONG! It's even BETTER if it's just 2 people in the company.
If you open a Profit Sharing Plan, the company has to put in the same amount for EACH employee. If it's just my wife & I, we can load up the plan with any extra money we have & not pay taxes on it. Almost ALL of my profit goes into this fund.
Plus you throw in that at the end of the year, my company's books show a balance of $0.00, all I pay is the fee for filing the taxes ($100)
Plus, just think of all the benefits of filling out forms & applications & putting down that you have a job, an employer, you have check stubs & W2's.
I can remember how funny the loan officer looked at me when I told him I was self employed & then had to drag in all this paperwork & statements & proof of income.
"Proof of income? Here's my last 4 check stubs, Mr Loan Officer."
I've done both - it's much better with the company.
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That don't sound legal, but i am not lawyer i just hope you don't get
audited. and what about the taxes on the stock your corporation?