Re: My new CPA says I should file as a corporation???
Did your cpa mention that if you file as a sub-s corp. and you make a profit you will have to pay yourself a reasonable salary and thus have to pay, you guessed it, payroll taxes. Now you don't have to pay all your profits as a salary, some of it you can take as a tax free distribution. This is where the tax savings lie.
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I've been told by a CPA that poker players, like athletes, cannot incorporate themselves.
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Raymer did this the year he won the WSOP. Not sure about atheletes either. I can see it for team sports because they technically work for the team, but not like skiing, or skateboarders who bascially work for themselves. Maybe I'll research this at work.
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