[Rhodes22-list] Tax Advice?

[Michael Meltzer]

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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