Hi All, My father is opening his third business and has asked me to take on the accounting for it (yes, I’m qualified) as he won’t be as hands on in business #3 as he is in #1 and #2.
Since this will be a second source of income for me that I don’t need he asked me to research if there is a way to pay me tax exempt. Ie, if I open a 501-3c or something similar and get paid through that can I set the money aside for my child’s college fund (I’m not interested in setting up a 529 account)
I’m wondering if there’s a separate entity I can establish so I’m not an employee but rather a contractor to be smart with my obligations.
Haha promise there’s no tax scheme. He was recently audited by the state and there were no findings and his accountants for business #1 and #2 have told him he doesn’t need them bc his books are so clean. He’s just trying to save his kid some money
To your point about being held liable, the more research I do the more I’m with you here and think I need an LLC to separate this from my personal finances.