It's the law: Athletic officials need a license to call

[jdw3018]

Originally Posted by Skarecrow

I have had a S Corp for years, and really the only real benefit I find is maybe some protection via the corporation from personal losses should there be a suit of any kind....I have to pay employer's share of W-2 taxes, Withholdings, Medicare, FICA...all of the normal....as a Schedule C, you have to pay your SE taxes....my accountant tells me there is a substantial savings to the S Corp, but I really haven't seen it....I THINK!

You need a good interview with your tax man to decide what to do...I keep thinking of going back to the Schedule C, but I do like it that he does my books....

With an S-Corp you have to pay yourself a salary, and the taxes on that is no different than the taxes for a sole proprietorship (I mean, they're different, but they add up to the same amount in bottom line terms to you).

However, with an S-Corp you don't have to take your entire income as salary, and any income taken at the end of the year beyond that salary is treated as a dividend and taxed as such. That's where the savings come in.

In my opinion, to take advantage of the S-Corp (which includes additional fees and is a more complicated filing process) you have to have a decent amount of income. But it definitely pays to consult your accountant.