Looking to start an S Corp - Lawyer or Accountant?

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Looking to start an S Corp - Lawyer or Accountant?

Angel Sanchez
Greer, SC · Member since 2018 · 9 posts · 3 votes

I need help with filing for an S Corp. I'm all about saving some money where I can, but I've heard that if something is wrong on the filing it may delay or prolong the process and getting in contact with the IRS or state reps can be difficult.

My brother and I purchased a property 50/50. We've been remodeling since November but I've been thinking of filing for an S Corp for tax purposes.

Should I contact a lawyer or accountant? 

Does anyone have any recommendations for SC Upstate?

Also, can we file what we've already spent on remodeling for tax year 2018? I've been keeping the books using Wave apps accounting and have reports showing our share of contributions.

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Daniel HymanBusiness Member
CPA · Milwaukee, WI · Member since 2016 · 2k+ posts · 1k+ votes
7y

@Angel Sanchez

An S-corp can be a valuable tax saving entity, but it is not for everyone. All too often, we see investors create entities that they don't need which ends up: 

A) Costing them more money in accounting and tax fees than necessary and 

B) More time dealing with admin headaches. 

Speak to a knowledgeable tax advisor about YOUR specific situation. Most will provide a complimentary consultation. But don't wait too long. Tax season is already here. 

My Online Accountant572 Reviews
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  • Stanley Bronstein
    Attorney, CPA, Broker & Author · Scottsdale, AZ · Member since 2018 · 532 posts · 488 votes
    7y

    @Angel Sanchez  Start with a knowledgeable CPA to figure out what you can do and what you can't do. Once done, a competent CPA will quite often be able to file your S Corp and properly register it with the IRS.

    However, I've seen many occasions where I've had to go in afterwards and clean up the mess from improper filings.

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  • Kenneth GarrettPro Member
    Investor · Florida Panhandle/Illinois · Member since 2016 · 4k+ posts · 3k+ votes
    7y

    @Angel Sanchez

    The s-Corp requires filing for articles of incorporation and corporate by-laws. Although a good cpa could probably prepare those docunents, I think it is advisable to have an attorney who specializes in this area. Your cpa should provide direction on how you are saving money on taxes. You should review what the purpose of the s-Corp is. Conducting fix n flips should be owned through an s-Corp while rental properties should be held in an LLC. Check Mark Kohler on you tube he is a cpa and Attorney. Valuable free information on this topic.

    Good Luck.

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  • Bill HamptonBusiness Member
    Accredited Investment Fiduciary, AIF®, Financial Planner, Tax Strategist, Real Estate Investor · Atlanta, GA · Member since 2012 · 2k+ posts · 977 votes
    7y

    @Angel Sanchez, I can help you with your situation. Let me know if I can be of assistance. 

    404-482-3170
    Hampton Tax and Financial Services LLC4.7106 Reviews
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  • Daniel HymanBusiness Member
    CPA · Milwaukee, WI · Member since 2016 · 2k+ posts · 1k+ votes
    7y

    @Angel Sanchez

    An S-corp can be a valuable tax saving entity, but it is not for everyone. All too often, we see investors create entities that they don't need which ends up: 

    A) Costing them more money in accounting and tax fees than necessary and 

    B) More time dealing with admin headaches. 

    Speak to a knowledgeable tax advisor about YOUR specific situation. Most will provide a complimentary consultation. But don't wait too long. Tax season is already here. 

    My Online Accountant572 Reviews
    WebsiteView Page
    1Reply
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