Lawline.com Legal Tip of the Day: Advantages of an S Corporation ...

Saturday, August 27th, 2011 at 6:44 am ?

Thinking about starting a small business? Consider forming it under an S Corporation. These can be preferable to an LLC for tax purposes. Under an S Corporation individuals are only liable for self employment tax on their ?reasonable salary.? Under an LLC, self employment tax applies to a wider category?revenue minuses expenses. Finally, Lawline.com faculty member George Cornell mentions that self employment tax does not apply to passive income like real estate.
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Home loan professional Rob Spinosa of www.themortgagedictionary.com takes a close look at mortgages and the self employed. In this short video, he covers the definition of self-employment, the requirements for getting a home loan approval as a self-employed individual, and also the documentation that will be requested by your mortgage lender if you are self employed. The various types of business entities are discussed; sole proprietorship, partnership, LLC, S corporation and C corporation. If you?re not sure if you?ll qualify for a home purchase or refinance because you don?t get a paystub or W-2 form, Rob will help with listing the tax return information you?ll need to show an income and employment history. Rob goes over all of this within 3 minutes and helps you understand the loan process. For more information or to begin the pre-approval process, contact Rob Spinosa at rspinosa@rpm-mtg.com or by phone at 877-270-5959. Rob is a mortgage banker at RPM Mortgage in Mill Valley, California, just north of San Francisco. He is able to assist anyone in the state of CA, and can be found on social media platforms as below www.facebook.com www.twitter.com www.linkedin.com
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