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  1. S

    $500K Opportunity - Need help with taxes

    TAXES | REGS 
    It sounds as though the best approach, will confirm with tax accountant, is going to be to setup an LLC and be taxed like an S-Corp. Set a reasonable salary, pay self employment tax on that, and then take the rest of the net profit as a distribution which will avoid the self employment tax on...
  2. S

    $500K Opportunity - Need help with taxes

    TAXES | REGS 
    What I mean is, and correct me if I'm wrong. To determine self-employment tax, it is based upon the total net profit of the business. So in for example we do $500K and the startup cost is say $70K (website, lawyer/CPA professional services, medical insurance, etc.) then my self-employment tax...
  3. S

    $500K Opportunity - Need help with taxes

    TAXES | REGS 
    I appreciate all of the detailed feedback. Is there any reason to not take all of the proceeded from the business? For example, I will be a one man business. Engagement is going to be a 1 year engagement for a fixed amount and I am fine with just doing my own thing for this one year and then...
  4. S

    $500K Opportunity - Need help with taxes

    TAXES | REGS 
    Definitely going to speak to a tax planner as things become more realistic. My vision for this is to continue doing this until the client doesn't resign. Could be 1 year, could be 3, could be 5+ but if it makes sense financially, I don't see any other company with the ability to offer a...
  5. S

    $500K Opportunity - Need help with taxes

    TAXES | REGS 
    You are correct. I would selling/providing consulting services. I just ran quick numbers in a "tax calculator" and if I have an input of $430K as my "gross income" (this would be my business profit) and only take a standard deduction (which I'm assuming I wouldn't with all the deductions I can...
  6. S

    $500K Opportunity - Need help with taxes

    TAXES | REGS 
    I have a former client in my network who I've kept in touch with and mentioned to her that I am looking to leave my job. She brought up a $500K opportunity and wants me to deliver it on my own. I'm in shock because I was just going to jump to another company, but this has me intrigued and I...
  7. S

    Laid off, presented with a golden opportunity

    INTRO 
    Definitely going to a professional for final review and such, but just trying to learn myself so I am at least slightly educated before going to them.
  8. S

    Laid off, presented with a golden opportunity

    INTRO 
    The type of service I'm providing is fairly minimal from an administrative purpose. All I need to do outside of the service is invoicing, which I already did myself for my past employers. I am not looking to do advertising expenses at the moment because if I go through with this, the fees are...
  9. S

    Laid off, presented with a golden opportunity

    INTRO 
    I was laid off and as I was making my clients aware, one suggested that I start my own company and he would work with me directly. The engagement would be a 1-year fixed fee + expenses reimbursed engagement. The fees exceed my current salary by 2.5X and seems like a no brainer but before I...

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