I had a CPA set up my corporation and after I was left in the dust to fend for my own. A few months in I’m realizing I’m a bit over my head and now as tax season approaches, I think I should get back with my CPA.
But I also started using Gusto for paying myself as an employee on payroll and it seems to be going fine but I’m curious what exactly Gusto provides. If I were to say to my CPA, “give me the works, I’ll pay you to do it all!” what aspect of running the business would he take from Gusto if I decide to give it up. Bookkeeper payroll service? Would a CPA be annoyed that I’m using Gusto?
Also what is the list of what I need? Bookkeeper, CPA, insurance agent…?
Just trying to learn here before it gets out of hand. Thank you.
Why a Corp vs an LLC as scorp? I researched both and it seemed to me that a single member LLC with SCorp filing status would work best for the image and direction I wanted to take. I pay myself a salary as a w2 worker and this will be my first year working with a cpa for taxes to help me get set on the right foot. I do my own book keeping.
Gusto is providing:
- transferring money from your business checking account to your personal one (debatable if necessary, but helpful for paper-trail purposes)
- withholding and paying taxes to your state and the feds
- filing all of the required (payroll) tax paperwork with the state and feds. Depending on your state, this could be a lot
If you ever intend to hire an employee, keep your current setup. If you’re only ever going to be a sole proprietor, I’d still keep your current setup. This sub is full of “I haven’t paid taxes in X years, how screwed am I?” posts, and automating your own payroll is a great way not to get into that situation.
Depending on your business, a bookkeeper/PA might be helpful - in which case they’ll be employee #2 and you’ll be glad you’re incorporated and have a payroll service already. Definitely find an insurance agent so you can get liability and maybe Errors-and-Omissions insurance (again, industry-dependent).
Your CPA will not be annoyed you’re using Gusto for payroll. You can even delegate access to them so they can pull whatever reports they need come tax time, which will save the CPA time and you money.