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Originally Posted by PersianKitty
I have an S-Corp.... saves a bit on the payroll taxes over an LLC.
And yeah on the Sep IRA thing...but in my case it all comes off on the corp side.. it was $41K for 2004 and was $40K in many of the years before that.
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Actually you can be an LLC and elect to be taxed as an S-Corp.
That's what I do.
On the SEP IRA thing, don't the contributions have to come from your salary and are only allowed to be a certain % of your salary?
I thought of doing the SEP thing, but in order to max the contributions I'd have to turn all of my income to salary and lose the break I get on payroll taxes by taking a small salary and the rest of the $$ as a dividend.