Should I have formed S-Corp??

[moxie]

I have an accounting business and am not sure I should have formed as an s-corp. I do books on the side for now and am worried about paying the minimun yearly tax for s-corp and payroll taxes.

#1 Should I have waited to form as a corporation?

#2 It is easy to dissolve and s-corp that has issued no shares of stock and had no earnings? I already have a taxpayer identification number...

Thanks for the help

[OldJack]

Originally Posted by moxie

am worried about paying the minimun yearly tax for s-corp and payroll taxes.

You must be talking about a state tax as there is no minimum yearly tax for federal taxes.

Originally Posted by moxie

#1 Should I have waited to form as a corporation?

#2 It is easy to dissolve and s-corp that has issued no shares of stock and had no earnings? I already have a taxpayer identification number...

#1 You probably should have waited. #2 Just file a blank form 1120S with Initial box checked and final box checked. Write "no transaction" accross the middle of the page, Sign and mail.