[Rhodes22-list] Tax Advice?

[Slim]

As an employee of my S-Corp, wouldn't I have to pay unemployment,
disability, split my SS?  No way I could put 40% of my income away.
Slim

On 11/12/06 8:56 AM, "Michael Meltzer" <mjm at michaelmeltzer.com> wrote:

> You should be an LLC or and s-corp(I like s-corp) just to protect your
> family, a Keyo<sp> account under the s-corp will permit about 40% of your
> income to go to your pension plan(think it is limited around 50,000), beat
> an IRA by far. Because you employee of the s-corp you are allow to have
> employ befits(1099 still limit health insurance to 50%?), and slim if you
> missed these simple ones you left a lot more on the floor, get a good
> accountant(and these are not looking over the shoulder issues). The
> supmecourt all ready ruled that tax advice is not illegal
> 
> -mjm
> 
> -----Original Message-----
> From: rhodes22-list-bounces at rhodes22.org
> [mailto:rhodes22-list-bounces at rhodes22.org] On Behalf Of Slim
> Sent: Sunday, November 12, 2006 4:09 AM
> To: Rhodes22-list
> Subject: [Rhodes22-list] Tax Advice?
> 
> My company pays taxes.  I run a company of one.  I'm the chief, cook and
> bottle washer.  I file as a self-employed independent contractor and pay
> taxes every year.  I'm sure I could find a crooked accountant to figure out
> how to show a loss every year.  Am I being stupid not to?  Is it worth
> looking over your shoulder for the next 7 years?
> 
> I could form a S-Corp and avoid some taxes and other liabilities and be
> eligible for group health but there's some up-front expense that I'm not
> sure I'm ready for.  I don't know.
> 
> I invest in my SEP IRA (mutual funds) and also my ROTH IRA.
> 
> Any advice?
> 
> Slim
> 
> On 11/11/06 9:28 PM, "Brad Haslett" <flybrad at gmail.com> wrote:
> 
>> MJM,
>> 
>> You are correct.  Companies don't pay taxes.  They build the cost of taxes
>> in to the cost of their goods and services and the consumer pays the
> taxes.
>> When companies distribute profits, the shareholders (who are the ones who
>> pay taxes to begin with) are taxed again.  It really is that simple.
>> 
>> Brad
>> 
>> 
>> On 11/11/06, Michael Meltzer <mjm at michaelmeltzer.com> wrote:
>>> 
>>> There is a simpler problem, the only people who will pay taxes will be
>>> people with w2 income, everyone else including the company will figure a
>>> way
>>> out of it. It really that simple
>>> 
>>> -mjm
>>> 
>>> -----Original Message-----
>>> From: rhodes22-list-bounces at rhodes22.org
>>> [mailto:rhodes22-list-bounces at rhodes22.org] On Behalf Of Philip
>>> Sent: Saturday, November 11, 2006 8:59 PM
>>> To: The Rhodes 22 mail list
>>> Subject: RE: [Rhodes22-list] Taxes.
>>> 
>>> Bill,
>>>   Not distribution but re-distribution.  I don't like anyone taking from
>>> me
>>> to provide to others.  That should be charity.  I like to enjoy the
> fruits
>>> of my labors, and I resent others enjoying the fruits of my labors when
>>> they
>>> are not entitled to them.
>>> 
>>> Philip
>>> 
>>> 
>>> -----Original Message-----
>>> From:   rhodes22-list-bounces at rhodes22.org
>>> [mailto:rhodes22-list-bounces at rhodes22.org]  On Behalf Of Bill Effros
>>> Sent:   Saturday, November 11, 2006 2:37 PM
>>> To:     The Rhodes 22 mail list
>>> Subject:        Re: [Rhodes22-list] Taxes.
>>> 
>>> Philip,
>>> 
>>> It's always a distribution of wealth issue.
>>> 
>>> Bill Effros
>>> 
>>> Philip wrote:
>>>> I don't mind paying my fair share and I don't care if it is going to the
>>>> Constitutionally authorized appropriations.  I resent paying when it
>>> becomes
>>>> a distribution of wealth issue.
>>>> 
>>>> Philip
>>>> 
>>>> 
>>>>  -----Original Message-----
>>>> From:         rhodes22-list-bounces at rhodes22.org
>>>> [mailto:rhodes22-list-bounces at rhodes22.org]  On Behalf Of
>>>> R22RumRunner at aol.com
>>>> Sent: Friday, November 10, 2006 2:37 PM
>>>> To:   rhodes22-list at rhodes22.org
>>>> Subject:      [Rhodes22-list] Taxes.
>>>> 
>>>> Brad,
>>>> 
>>>> I am neither conservation or liberal. My wife swears I'm a closet
>>>> conservative, but I deny all.
>>>> I am glad to have the opportunity to pay taxes. As a citizen, I accept
>>> the
>>>> responsibility and make every effort to make my tax returns as accurate
>>> as
>>>> possible.
>>>> 
>>>> 
>>>> Rummy
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