Thread: Taxes?
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Old Thu Nov 08, 2001, 04:09pm
Mark Padgett Mark Padgett is offline
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Join Date: Aug 1999
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I have an advantage since my wife operates a home business (she is a medical transcriptionist and also brokers work to other transcriptionists) so a few years ago we incorporated into an S-Corp. My accountant handled all the paperwork and it really wasn't very expensive at all. I run all my referee income through the corporation and am an employee of the corporation, so I draw a salary. The main advantage is the ability to receive stock dividends from the corporation instead of taking the income in salary. Dividends are taxed at a different rate. Of course, we have some expenses we would not have if we weren't set up this way, such as a payroll service. But over the years, we have saved a ton in taxes.

See your tax advisor to determine if this would be worthwhile for you.

BTW - it's fun working for a new rec league and, when they ask for my Social Security number, I give them my Federal Tax I.D. instead.
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