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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    Patrick McKenzie‏ @patio11 30 Apr 2013
    • Report Tweet
    • Report NetzDG Violation

    Structure as an S-Corp with W-2 payments to yourself to save ~$3,200 on e.g. $50k income due to those tax credits. #microconf

    3:39 PM - 30 Apr 2013
    • 1 Retweet
    • 16 Likes
    • ☃ Michael Wills Stephen K. Ryan Glover 🐢 Diego Henrique Justin Richard aaron van ruler Erik Dungan Amy "Social Distancing" Hoy
    5 replies 1 retweet 16 likes
      1. New conversation
      2. Amy "Social Distancing" Hoy‏ @amyhoy 30 Apr 2013
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        Replying to @patio11

        @patio11 @cameronkeng if you can save that much by using an s-corp and w-2 payments, why is a pass-thru better?

        2 replies 0 retweets 0 likes
      3. knwang‏ @knwang 1 May 2013
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        Replying to @amyhoy

        @amyhoy @patio11 @cameronkeng I'm curious too. People also say you can be a LLC but "taxed" as a s-corp.. adding to the confusion

        2 replies 0 retweets 0 likes
      4. 2 more replies
      1. Zee (He/Him)‏ @zspencer 30 Apr 2013
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        Replying to @patio11

        @patio11 Loving your live tweets of #microconf, btw.

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      1. trcull‏ @trcull 30 Apr 2013
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        Replying to @patio11

        @patio11 One caution: the IRS expects you to pay yourself a market rate salary, so don't add the "S" to your LLC until reliably profitable

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      2. Jesse Mecham‏ @jessemecham 30 Apr 2013
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        Replying to @patio11

        @patio11 Even better is setup as LLC but elect to be taxed like an s corp. best of both worlds (there are admin disadv to scorps) #microconf

        1 reply 0 retweets 0 likes
      3. Griffin Caprio‏ @gcaprio 30 Apr 2013
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        Replying to @jessemecham

        @jessemecham @patio11 Also, non-US citizens can’t be owners in S-Corp, so you have to do an LLC if need be.

        0 replies 0 retweets 0 likes
      4. End of conversation
      1. Christian Smith‏ @anvilhacks 30 Apr 2013
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        Replying to @patio11

        @patio11 an S-Corp is too much hassle for $50k in income and the wrong structure for many an enterprise. Better advice: get a good acct...

        0 replies 0 retweets 0 likes
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