My clients often ask me to help them choose the best entity for their business. Many just assume it should be an LLC, even when there is no good reason to have one. Others have been talking to relatives and friends who routinely recommend an S Corporation. Others don’t bother to ask me until they …
Author Archives: brucecritchley
Employee or Independent Contractor?
I first came upon this issue some years ago, when I produced an independent motion picture (Pterodactyl Woman From Beverly Hills – look it up). I had no experience with filmmaking, and had never run a business before, so we paid everyone – actors, artists, drivers, electricians, etc. – with 1099s, treating them as independent …
Your S Corporation – A Checkup
In my experience, a lot of people don’t pay enough attention to their Subchapter S Corporations until tax time, when it’s sometimes too late to correct errors or oversights. You formed the S Corp because of the benefits you would get from it, so it would be a shame to operate it in such a …
Buying a House … Residence vs Rental Property
A common question my clients ask is “Should I buy a house?” A logical extension of the question is “Should I live in the house, or would I be better off renting it out?” Actually, the question is more often phrased “What are the tax benefits of buying a house?” This can result in a …
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Do I Need an LLC?
Whenever a client tells me they’ve formed, or plan to form an LLC, I ask… Why? Especially if they don’t have partners in their business. The question takes a lot of people by surprise, because they just assume they need a company to start a business, or they think it’s the only way to achieve …
Maybe You Should Have an S Corp – A Tax Planning Discussion
Who May Benefit This article may benefit you if: Your income is over $157,500 ($315,000 if married filing jointly),and You are: Self-employed, or A partner in a partnership or a member of an LLC that is taxed as a partnership Suggestion: You may spare yourself some reading by jumping to the two examples I provided …
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Bruce Critchley Tax 