RE: Calculating your daily/hourly rate

[Michael Wyland <michael -at- sumptionandwyland -dot- com>]

Sion:

If you're looking at an S-Corp or LLC, definitely check on the tax advantages for either with a qualified professional.  Here's one web link to begin with: https://www.listenmoneymatters.com/llc-vs-scorp/.  

Our two-person consulting firm did not go with an S-Corp or LLC because we were able to accomplish our goals with a general partnership.  Doing so harmed our ability to deduct 100% of health insurance premiums, especially in the '90s, but it saved us a lot of corporate paperwork.  Our CPA essentially said that, for us, which business entity to choose was basically a wash.

Michael L. Wyland
Sumption & Wyland
818 South Hawthorne Avenue
Sioux Falls, South Dakota  57104-4537
(605) 336-0244 or (888) 4-SUMPTION

Web site:  http://www.sumptionandwyland.com
LinkedIn Profile: http://www.linkedin.com/in/michaelwyland

"I never considered a difference of opinion in politics, in religion, in philosophy, as cause for withdrawing from a friend." - Thomas Jefferson to William Hamilton, April 22, 1800

-----Original Message-----
From: techwr-l-bounces+michael=sumptionandwyland -dot- com -at- lists -dot- techwr-l -dot- com On Behalf Of Alan Houser
Sent: Wednesday, September 4, 2019 2:09 PM
To: techwr-l -at- lists -dot- techwr-l -dot- com
Subject: Re: Calculating your daily/hourly rate

I would tend to disagree. Form an S-Corp or an LLC and pay yourself a low but defensible salary. Profits are taxed at the more favorable capital gains rate, and are not subject to social security/medicare tax.

-Alan

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