Tax Discussion S-corp Vs Llc

[xrac]

haha its not cheating unless you get catch motto eh?

well he "seems" very knowledgable and believable, he came off as a successful cpa. But i thought there was something off about him talking about the advantages of llc vs s-corp.

he tried to get me to convert my s-corp then give a discount on my publications

I do not know any reason I would change an S-corp to an LLC.

 

[padthaiforlunch]

Yeah. Big lol at deducting dry cleaning expenses. Audit rates on s-corp is less than 1%. Audit rate for single member llc ~4%

I seriously doubt this guy is a licensed cpa. Run his name in the state database to confirm.

 

[iiinycboi]

Interesting though, I ran his name and he didn't pop up

 

[xrac]

Interesting though, I ran his name and he didn't pop up

Very interesting!!!!!!!!!!!!!!

 

[arnguy]

Maybe by stating he is a CPA he meant Cleaning, Pressing, and Alterations. That's why his name didn't pop up in your search for CPAs and why he suggested that you can deduct dry cleaning (ha, ha).

 

[iceco1d]

Everything important has been already said here...

1. You can elect S-corp taxation of an LLC.

2. LLC's do not have any tax advantages in terms of what you can deduct over an S-corp.

3. Dry cleaning is not deductible, unless it's an actual uniform.

4. It's important to note, that not all states/territories recognize LLCs (or S-corps for that matter).