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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16544
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I have just accepted a job offer with a contracting firm to

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I have just accepted a job offer with a contracting firm to perform IT Project management for one of their clients. They will not do 1099 personal but require I form an LLC or S-Corp. Being that this is in the middle of the year am I able to set myself up as an s-corp employees and pay myself wages (W2) and also be officer with dividend disbursement for the remaining of 2013? Much of what I read said you have to file status by Jan 31 to qualify for 2013 s-corp advantages.

If I start my S-Corp now am I able to take advantage of all the benefits for the remainder of the year?


BTW - I do plan on getting a CPA but they cannot see me for a week minimum and I have to provide an answer to the contracting firm Monday/Tuesday

MyVirtualCPA :

Welcome to JustAnswer.com - how are you today? My name is XXXXX XXXXX MyVirtualCPA and I'm a licensed CPA ready to assist you

Customer:

great, thank you

MyVirtualCPA :

You're fine to incorporate in the middle of the year.

MyVirtualCPA :

You just have to notify the IRS of your intention to be taxed as an S-Corporation by filing IRS Form 2553 no later than the 15th day of the third month following your date of incorporation

MyVirtualCPA :

So it's not Jan 31 that you have to file this form

Customer:

ok. that is good to know. What is a good reference book to read to get familiar with what deductions and how to properly take them to minimize tax implications

MyVirtualCPA : a
MyVirtualCPA :

JK Lasser's Tax Deductions For Small Businesses

Customer:

can I lease a car and fully charge it off to my s corp form communitng to the client site?

MyVirtualCPA :

The car can only be used for business purposes - you can write off the lease charge and other expenses related to the car or you can deduct mileage but not both.

Customer:

Thank you! That should get us through until we can arrange for a CPA

MyVirtualCPA :

Okay I'm glad I could help. If you would, please rate my service as "excellent" so that I may receive credit for assisting you today

Megan C and 2 other Finance Specialists are ready to help you
Thanks, Doug for your positive rating. Please come back and visit MyVirtualCPA for any of your tax finance, or social security needs. It was a pleasure working with you today.