A few days ago, I got a call from The Tax Club after joining the Academy program. This is my first time that I think about having a business so I had alot to learn from that call.
Up to that point I had heard mostly of "Sole Protiertoship" and "LLC". The guy from Tax Club explained to me on being an "LLC/S. Corp". He said that with S.Corp I will have to pay less taxes on my business and have more deductions. He explained that without S.Corp , you could pay up to %50 in taxes to the IRS.
I don't know about you but I sure don't want to work hard only to share %50 with Uncle Sam. He said that it would cost about $1135 to sign up through them. I already have money invested with the coaching so I am not just going to give someone that kind of money.
I did some research in the forums but I only remember seeing "S. Corp" in one post on the "LLC" thread. How come no one is talking about this? I haven't even done one deal and I am mainly trying to start of with "assignment of contract" because I have no money.
Mostly I feel like starting of as a sole proprietor and then once my business takes of then sign up for S. Corp. At the same time , I don't want to pay so much in taxes with the little money I make in the first few years.
What do you guys know about S. Corp? Are most of you already established and is why I don't see this mentioned much? I need to know of if I should spend that kind of money even if I never done a deal yet. Thanks in advance.
FAILURE IS NOT AN OPTION!
I WILL NOT BE POOR ANYMORE!