Any small business attorneys out there? Have some questions about starting a business

[DeacinBama]

Yeah Quickbooks is plenty flexibile and advanced enough for your needs, and I can't imagine you actually saving time/money not using quickbooks or gusto for payroll and instead filing quarterly reports yourself. Basic payroll for QB is like $20/month. I'd have your CPA prepare your K-1

I’m planning on doing both a cash balance plan and individual 401(k). I already have someone to administer these, but I need a way to track the contributions and the resultant tax implications. Is that something Quickbooks can handle? I’ve also heard it’s notorious for messing up W2s.

 

[deacdiggler]

Agree - S corp is good if the goal is to avoid SE tax on profits but your corporate return should be prepped by a CPA.

 

[2&2 Slider To Leyritz]

We have used SurePayroll for close to 20 years. It is all online, pretty cheap (a few hundred dollars a year), and handles all of the employment tax filings, W2s, and retirement contributions. It gives a summary statement that you can pull down at any point for the tax year and you just plug the numbers into TurboTax for the S-corp return.

 

[Louis Gossett Jr]

Also easily allows you to directly drop pregnant employees from the payroll.

 

[2&2 Slider To Leyritz]

Much easier if you don't hire them in the first place.

 

[bojanglefunk]

Make sure you are clear with your CPA as to whether you have an intent to grow and sell your business vs. your intent is to run a lifestyle business with an exit as a secondary thought before checking the s-corp box. QSB treatment can be a huge differential on an exit and you will lose that ability if you check the box.

 

[DeaconCav06]

Just know that it’s significantly more expensive to defend something after the fact than it is to get the work done correctly on the front end.