Anyone considering changing from employee to Corporation for tax purposes? Same company/ job, just different status-filing...

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IIRC, not only does the tax situation change, but also the possibility to receive benefits. You’d have the mirror the benefits you receive from your company in your new, C/S Corp and then receive those same benefits through the new Corp entity. Obviously you’d have to charge the original business the difference which I imagine would total out to more than your current salary. The paperwork would be a big time sink if you didn’t have someone to offload the financials too, which again, you’d ideally have to account for in the pay from the original business. Doubt they’d agree to it when it’s easier and cheaper for them to just employ you directly. *this is all from memory and I doubt I fully understood all of the implications when i first looked into them. Someone in finance would definitely have a better understanding on this.

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I looked into this but was under the impression that you couldn’t do so as a full time employee. Am I wrong?

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You would most likely need to “leave" your company (along with the benefits of FT) and go freelance. I’m sure there would be some eye rolls and negotiations with this process. The benefit (correct me if I’m wrong) is up to 20% of your taxes back for “pass thru corporations” I.e. sole proprietor corps

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Thanks! Given the new federal tax law double taxes NYC residents, feeling like the value may be worth the effort... maybe. Need to do the math

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My advice: Hire an accountant

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Or move. Great agencies in tax friendly states hire great talent too!

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Ain't nobody trying to move out this city. This is where the money is made for hustlers. This is where tax breaks matter

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☝️ hahahahaha

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Wonder if there are policies in place/ if it's different by company

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