[verdverm]

1. Use loans for any money you put into the Corp. I have a legal doc I can share if you email me (in profile)

Do get an accountant. Think of it as IRS insurance that costs around $200 / month that also gets you both corp and personal returns automated. I do my own bookkeeping and hire an accountant once a year for taxes only. They will typically include a quick audit of the books. Finding one is hard and I haven't kept one between two seasons yet. They can so answer 2 and 3 with certainty. Afaik, you will pay income taxes on all profits as any you don't distribute via payroll pass through to individual. It's more about legal protection than its tax benefits

[jblake]

Thanks, I will email you. Not a bad idea on the accountant, but finding (a good) one is indeed the hard part. How do I even vet that? I hate "hiring" for something I don't know a lot about. As for tax benefits, my understanding is I will save ~4,500 on self-employment taxes (because I pay myself 100k... $130k-100=30 difference... social security caps at around $130k), plus no longer pay medicare 2.9% on anything past 100k. Additional taxes include state payroll things like UI, but it's not a lot. So it could be worth $10,000+ in saved taxes to be an S-Corp instead of a Sole-prop.... was my conclusion.