Hi all, wanted your input with my situation here.
Wanted to work as an independent contractor for an IT company, and want to get one of my rental property under a company.
Should I be opening a sole proprietary corp or LLC for this situation.
If LLC which state should I open one with , I understand each state has specific rule and some more friendlier towards home owners than renters.
If I reach out to a CPA what qualifications should I be looking out to answer all my questions?
TIA

like
Posting as :
works at
You are currently posting as works at

For a S-Corp you have to have at least 1 employee that is not yourself. You also need to be able to pay yourself on payroll. Some people find all the extra work required in a S-Corp not worth it, and if revenue is under a certain amount, a LLC makes more sense.

I would recommend talking with a good business tax accountant/attorney, to find out what the best options are for you.

like

I'd open two LLCs...it's just an accounting nightmare mixing unrelated shit up like that.
You can choose to have one or both LLCs taxed as an s-corp so you can shield some of the income from FICA but it's often not worth the extra expense of running payroll, filing an 1120S and so forth.

Related Posts

likefunny

Have about 100k in cash, wanted to get into market. Any recommendations on One time buy vs dollar cost average? If DCA, what’s recommended schedule- weekly or monthly?

like

I max out my 401k.How do I do a backdoor Roth? Can I open a traditional IRA thru vanguard and fund it with post-tax money and then roll it over into a Roth IRA? I’m confused about the steps to take.

like

My father took a home loan, and the same home is kept as mortgage.
I'm paying arround 22k emi for the same but unable to exempt tax as the loan is on my father's name.

I googled a lot how to transfer it but neither gift deed nor sale deed would work as the property is on mortgage that's under bank's ownership (until loan is fulfilled).
Tax is also getting deducted, I'm paying hefty emis.
What can I do?
Please advise 🙂

likefunny

Currently renting for ~ $1500/mo in a low COL city. My lease ends in Dec and am looking to purchase a property and get into rental game. I have $40K in bank, but I’m not sure what my max investment should be or will be approved for. Would it be feasible to keep renting and also try to rent out a purchased rental property given my liquid cash?

like

Does anyone here have a Tesla? Should I do it???...

like

What are some side hustles you’re doing? I’m looking for ways to make additional money.

like

Does Boston Consulting Group have the following?
- HSA
- After tax contributions to 401k w/ in plan Roth conversion

I’m joining in a few weeks and doing some planning on how to adjust my existing accounts/strategy.

Thanks!

like

How does one get into trading from positions elsewhere in the bank? What would impress you most about candidates attempting to do so?

like

Crypto, any idea about Shiba Inu?

like

Fellow EY Fishes - is anyone here have the investments in other countries (specially India). I got the independence email telling me I need to get rid of my mutual fund investments and I am not ready to do so. What are the options that I would have .. any guidance is appreciated. TIA

like

Have never invested outside of 401k. Think I may start being able to put ~$500 in the market each month. Where / how do I start?
Happy to provide more details about my situation if its helpful.

like

I maxed out my Roth IRA contribution thinking I'd be safe from the income limits however my wife brought way too much $$$ than anticipated this year. It's a good problem to have but not sure what I need to do with my Roth IRA for the year 2021. Impossible to get a hold of Merrill to discuss options.

like

Is it mandatory to declare income tax in CGI.Otherwise they will cut extra tax?

like

Let’s finish this up strong! What are your year-end self development plans?!
We have our last session of the year of our group/guest financial education cycles at our Downtown Toronto office this Saturday. We go through our first financial education session that we talk about basic to higher level of financial information; from saving, investing, risks and returns, registered accounts, etc. There is no cost and no obligation. If you are interested to attend in-person or via Zoom, let me know.

Post Photo
like

Question for Sales leaders who’ve said “I did an analysis and concluded we just need more at bats”.

Does it feel like you’re saying something useful? Or are you also writing a book titled “In order to get rich you just need more money”?

likefunny

Laaa laaaaaaa lala wait till i get my money right (just accepted a PE offer woo)

likefunnyuplifting

UK - thinking of a buy to let in either Birmingham, Liverpool, Manchester - any recommendations on either /areas where you can get something under £140k.

like

Looking for a new credit card - currently use Apple Card as my daily. It’s ok. Interested in Chase Sapphire Reserve, but unsure the annual fee is worth it without being able to go to restaurants or travel a ton. Suggestions?

likesmarthelpful

I get why property is so expensive in Manhattan: it's an island. But in the Bay, it's like it's an unforced error

like

More Posts

Does anyone have compensation advice for an HRG with 6 years of HR experience in Boston,MA.

like

Is it ok to switch to Big data tech stack like Hadoop, Hive, Python after 7 years of experience from .Net technologies ? Which of the two field is good for long term perspective.

like

@deloitte or @pwc which is good for Salesforce?
Which has better perks/benefits?

like
like

The new actors are amazing, much better than the younger ones. The older Rhaenyra in particular is wonderful!

like

Does Visa Inc typically offer sign on bonuses with roles?

like

I heard from my head that there is a lot of slowdown in VW Germany... There is Hiring freeze, level freeze and all ... And soon that will spillover to india. So be prepared for very less hikes in coming cycle :( Also automotive sector in general is struggling with tesla laying off 10% workforce recently. Maybe time to make a move? What do you say fishes?

like

When the Hike letter comes at Amazon ? Can I expect some Hike if I joined in Oct 2021?

like

Alternatives to The Hate U Give that still has a #blacklivesmatter theme?

like

What do most people invest in for their Roth IRA portfolio? I’ve heard target funds and ETF’s..which one is better?

Anyone working for Grant Thornton account

Promotions announced in EY India. Any one in GDS received the call till now ??

At EY GDS,

Almost always is a good rating or it is given to all generally in practice?

What are the advantages and benefits of having gold standard rating?


TIA

like

Guys, need help with salary expectations at Salesforce for technical support manager - service cloud. What is the pay band for this role? My current ctc fixed is 21.5 LPA with 10.7 years of experience. Have given 3 rounds till now. How much can I expect for this role in Hyderabad?

like

Can I have some likes so I can DM please

like

Additional Posts in Overemployed

Anybody working in consulting and OE?

likehelpful

Chatter about a recession have anyone considering obtaining an additional job?

like

Currently an HR Generalist looking for a second remote job. Does anyone know of any opportunities? I’m currently freelancing as well.

like

Ok, I’m in. What are the salaries of some of the jobs you guys are doing, and the daily demands (hours and typical time of day you need to be “online”)? Are we talking working 2 90k jobs or the second job is a $35k data entry side gig?

like

Does j2 background check decline you if they see you’re still employed with j1?

like

Did you change anything on your resume when you have 2 FT jobs?

like

Currently have J1 as current employer used The work one for my BC. I looked at Equifax/ The work one to see if J2 uses that service, fortunately they don’t.
Question - if J2 runs a BC for J1 and Finds out I am still employed isn’t that a red flag?

like

How do you manage your LinkedIn with a few full time jobs and each company asking you update your LI profile to reflect the job?

like

Anyone OE who is a people leader in both? I currently manage 1 person and interviewing for J2 but would have a team of 4ish analysts. Any advice?

like

Anyone with two full time roles run into the issue of having conflicting meetings? What do you do?

like

I would like to hear from any UX Program Managers who are willing to share their experience.

How difficult is it to juggle a remote role with a hybrid role?

My current role is hybrid with at least two days a week in office. However, with the potential economic downturn, I'm considering holding on to the role to supplement my income.

I'm new to the overemployed movement, so I'm evaluating the feasibility of holding onto the hybrid role and the remote position.

like

Anyone willing to share what assets they're investing in with the extra money from being overemployed?

like

How do you handle if both j1 and j2 offer health insurance or 401k? Do you decline if they’re the through the same provider?

like

Current Strategy Consultant trying to find a 2nd remote job. Does anyone have any good recommendations for a 2nd job that is remote but not overbearing?

likesmart

I wish I was overemployed. Searching for gigs, but nothing yet. Any tips on how to get one or more extra jobs?

Anyone willing to explain the basic steps of getting a J2 as a consultant or contractor? Do I need an LLC first? Do I do paperwork then find clients or wait till I have clients first?

like

Does anyone have any insight on picking up a J2 while working for the US Federal Government? Does holding a high security clearance play a role in maintaining a J1&2; as in, will periodic clearance checks for J1 hit on J2?

like

If you leave J2 and get another (new) J2, does the first J2 show up on new J2 background check? Assuming these are w2 roles. If so, how do you explain that? 🧐

like

Could I pull off asking my manager from J1 for approval of freelancing on the side? It’s quite common anyway for designers I think. And then my j2 can be “freelance” even though it’s full time?

like

I really want to get a second job but I am scared of losing my current one. Both companies are in same field, although not direct competitors so I know it’s technically “not allowed” however, this is the only way for me to get that $$ since I am not paid all that well.

Of course I won’t tell a single friend/coworker. Only my partner. And I don’t post work stuff on social media.

Realistically what are the ODDS of being caught? Is there a legal/HR process with which they could find out??

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal