On 29 Nov 2014
Obamacare - Medicaid - Starting business - Risk free?,
Well, sat down with a CPA the other day - Call it Crazy was right.
Income earned is income earned as an LLC. So if I made 100k, I couldn't "pay myself" just $25k and have the business hold onto the other $75k. The guv sees my income as $100k and that's it.
However, if I incorporated as a class C corp, it's possible to do it where you only pay yourself $25k and the biz keeps the $75k - however you are subject to double taxation, which doesn't make sense financially at this time.
The CPA I met with didn't seem like the sharpest tool in the shed, so I'm going to meet with another one.
I'm wondering if (as an LLC), if I could park everything in pre-tax 401k's/IRA's and then my income is only the remainder. Therefore qualifying for medical subsidies.