You should look at forming an S-corp when your net income from the business starts to approach the amount of a “reasonable salary” for the work you do.
Many of the business clients I work with are either side businesses, or side businesses that are turning into "real" businesses. I've written before about the struggle of taking a side business and turning it into something more. Today, I'm going to write about the choices a business owner has with their side business when they [...]
From the Archives: Take the Money and Run? The Tax Consequences of Winning a Home in a Giveaway, Part 2
What are the tax consequences of winning HGTV dream home? Lots of tax owed, for one thing.