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Old 03-22-2008, 08:44 PM
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unique student/business tax question.

I'm a college student studying overseas, living in Colorado, and funding my way through a humble business operation [web/distributed software development.] My clients pay me on a 1099 (if they file anything at all) and I've been filing taxes as a sole proprietorship for the past 2 years. My most optimistic projects have me making less then 40k this year. I talked to an accountant before filing my taxes this year, and he suggested forming an S corp to reduce my tax liability. Basically, I wanted a second opinion on his advice. Thanks.
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Old 03-23-2008, 09:51 AM
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More facts would be needed to render an opinion, but the general taxes on schedule C income will be similar to the schedule E reporting of an S-corp with a sole owner/worker actively participating.
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