All Forum Posts by: Will Newton

Hello! married to realtor here, as a realtor my wife is taxed purely as a 1099 worker so we are paying both sides of FICA on our income at this point. we are discussing creating an S corp to reduce this liability but have several questions. expected income 2021 around 100k. we plan on taking a 50/50 split w2/distribution to keep the IRS happy.

1. Can you do this without an accountant and/or is it a dumb idea to do it without an accountant. i am fairly financially literate, do our taxes currently, and keep close tabs of our finance/investments.

2. Can i continue using online tax software (H&R, turbotax, ect...)

3. What are some good legal resources to summarize what is legally required of the S corp in terms of w2 paperwork, etc?

4. If an accountant is required/recommended do yall have any good recommendations locally that can manage the S corp portion for us? I am more than comfortable running my families finance, taxes, and retirement stuff but the S corp portion is our of my knowledge base.

obviously the first year of doing a new financial structure like an S corp involves lots of learning on the way, but id like to learn in a way that doesn't involve making the IRS mad at me.

any other advice/input is welcome! ive learned when it comes to finance the questions you dont know to ask are the biggest deal.

Thanks!