Job details

Tax management for S-Corp

Posted

28 days ago

Only freelancers located in the U.S. may apply. U.S. located freelancers only
Hello. We are an S-Corp in California. This year we did about 1.5 million accrual profit but our taxes are on a cash method and we will likely have about $600k in profit.

I'd love to chat with a tax CPA or tax attorney about the following topics:

1. What is a reasonable salary that we must pay ourselves given the information above. Does our tax profit drive that or does accrual profit drive it?

2. What kind of benefit does the QBO offer. It seems like you still pay more taxes vs. just taking a distribution.

3. Isn't it doubly disadvantageous to pay yourself in an S-Corp because you have to cover the employee AND employer portion of FICO/SS taxes?

4. We are on cash accounting. If I take out cash from one business and invest it ("purchase") inventory in another business that is also in S-Corp on the tax cash method, will I be able to use those losses in the new entity to offset any gain in my current business?

5. Can you walk me through all the layers of tax estimated amounts (salary vs. distributions) in California? For example if we have X in salary and X in distributions.

Thanks!
  • Less than 30 hrs/week
    Hourly
  • Less than a month < 1 month
    Project Length Duration
  • Expert
    I am willing to pay higher rates for the most experienced freelancers Experience Level
  • $59.00-$103.00
    Hourly
  • Project Type: One-time project

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  • Last viewed by client: 28 days ago
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About the client

4.95 of 45 reviews
  • United States
    Northridge 11:53 pm
  • 340 jobs posted
    24% hire rate, 10 open jobs
  • Member since Jan 17, 2015