How much it costs to outsource the taxes and payroll to a CPA in a two member S-corporation? ?

Question

Can someone please tell me how much it costs to outsource the taxes and payroll to a CPA in a two member S-corporation?

I am deciding whether I should go with LLC or S corporation. S corporation does look better but I am afraid that the cost of the record-keeping might outweigh the benefits. Thanks

Answer 1

There shouldn't be any significant difference in the costs or outsourcing your taxes and payroll to a CPA.

(I am assuming that if you form an LLC the CPA will be doing your personal taxes.)

If an S-corp you will have to file a corporate return and the corporation will have to file the quarterly information and pay the withholding taxes.

If an LLC you will have to file a partnership return and the LLC will have to maintain records showing how much each partner withdrew from the business.  The partners will then be responsible for their own quarterly estimates and payments of Self Employment Tax and estimated taxes.

It is a case of "six of one and a half dozen of another"

Jerry-the-bookkeeper