Got nice IT Consulting Contract - to Incorporate?

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whodini said:   1 Setup an S Corp - you can do this yourself
2 Pay yourself a reasonable wage - just look up some job postings from non-profits(universities, governments, charities) in your area for similar skillsets. Print and save those in case the IRS later inquires.
3 Pay your wife some 1099 wages for secretarial work, so she can fund her own solo 401k.
4 Pay your kids so they can start their kiddie Roth IRAs.
5 Fund your own solo 401k-- only on wages paid to you-- plus your S-corp can kick in some matching amount.
6 There are some Section 179 accelerated depreciation on equipment you can look into
7 I would use a payroll service such as Paychex or similar, to handle employment taxes, and a CPA to prepare tax returns.

BTW, tell the woman to get off her sabbatical butt or you'll change to a new religion that doesn't observe a sabbath

Thanks whodini, the woman tells me that after busting her butt for last 15 years it needs rest and also she wants to take care of young family.. Cant argue with that or actually to preserve marital Bliss cant argue at all

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