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Posted on 4/20/14 at 9:56 am to hawkeye007
Bad timing building & changing to 1099. Over the years we have "side-stepped" the issue this way. Our business was an S-Corp. Salaries were paid, employment taxes paid, quarterly reports filed and income reported on a W-2. Never had a problem obtaining mortgages. If their is additional profit, it flows through to you on a K-1 & you do not pay self-employment tax on the K-1 income.
If the business is a LLC, the LLC can elect to be taxed as an S-Corp. Same result. The Obama administration is trying to close this loophole for an LLC in the 2015 budget, so this option may not be available very much longer.
Sounds like you may have to live with the higher rates for awhile & than refinance in a few years. Good luck - let us know the out come.
If the business is a LLC, the LLC can elect to be taxed as an S-Corp. Same result. The Obama administration is trying to close this loophole for an LLC in the 2015 budget, so this option may not be available very much longer.
Sounds like you may have to live with the higher rates for awhile & than refinance in a few years. Good luck - let us know the out come.
Posted on 4/21/14 at 6:27 am to hawkeye007
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This post was edited on 5/7/14 at 8:08 am
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