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Joined 1 year ago
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Cake day: November 10th, 2023

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  • bighappy1970@alien.topBtoSmall BusinessPayroll Question.
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    1 year ago

    You can restructure as an S-Corp, then use Gusto or another payroll service to pay yourself on payroll (you must pay yourself on payroll in this case).

    IMO, this is a much better approach as you have documented W2 income so personal loans, mortgages, etc are much easier.

    You can also setup a solo 401k and roth IRA at Vanguard and the company can match 25% of your payroll so this gives you the potential to contribute more than 50K to your 401k per year - well worth it!!

    S-corp also has a much longer history of legal precedence compared to LLC so I have heard that legal outcomes are a bit more predictable (ask your lawyer about this)

    You can also start a new S-corp and have the LLC sell all of the assets to the s-corp to have a clean break. Lots of options.

    If you want to use Gusto when you change to an s-corp, you can use my referral code and we both get $100 https://gusto.com/i/dale545


  • bighappy1970@alien.topBtoSmall BusinessPayroll costs
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    1 year ago

    I use Gusto, and it looks like Gusto pricing will save you money over what you are paying now. My sister uses ADP for her company and she says it’s a bit more expensive.

    For me, Gusto is basically zero work and the switch was super easy. I have never had better support than when I had questions for Gusto. However, I just happened to switch over at the end of a quarter and found out that makes for a much easier switch compared to mid-quarter. If you like you can use my referral link and we both get $100 - https://gusto.com/i/dale545