Is it a good idea to use a personal corporation as a tax shelter?
Posted on February 7, 2009 by admin
Defunct asked:
Like Robert Kirosaki advises in Rich Dad, Poor Dad.
Like Robert Kirosaki advises in Rich Dad, Poor Dad.
Posted on February 7, 2009 by admin
Setting up a pointless S-corporation is a way to SPEND money, not save it.
Rich Dad, Poor Dad is inspirational reading, but it’s economically stupid.
A corp is a LOUSY “tax shelter.” You’ll pay at least as much in taxes, and possibly MORE in the long run. And you’ll have the hassle and expense of additional tax return filings and possibly other filings at the state level, not to mention minimum state franchise fees to pay, etc.
Tax shelter corporations have more audits than any other corporations and they can slowly slide you into another can of worms.
No, terrible idea.