Business Strategies

  • 5. Own a building for your business? charge yourself higher rent
  • 7. Host a company meeting at romantic location - write off travel, lodging and 50% of meal expenses

Incorporate my Business

S Corporation

  • take Reasonable Salary
  • take the rest in distributions which is not subject to self employment tax
    • save 15.3% when earning less than $250,000. Then 3.2% tax savings on every dollar after that

C Corporation

  • form a C Corporation for software division of GIS Engineering
    • pay less taxes on the first $50,000 of income than I would as an LLC or S Corp

Partnership

  • 1-member LLC? Then not being as tax efficient as I could be. Add a partner, then taxed as a partnership which uses IRS Schedule K instead of Schedule C to reduce my tax liability
  • LLC with Cindy as partner is recommended 8/22/2021

Accountant

  • Rachel, Phil, Cindy, Jason

Job Outlook

Machine Shop Location

  • Ideal - sublease area where I can setup a foundry and metal shop that would compliment their services

Contacted for Sublease

  • Farmers Bank
    • Commercial Loan - need 25% down, interest rate is 5.5-6.5% fixed, but after 5 years it is adjusted for another 5 yrs. Term length typically 15 years.
  • L&M Enterprises - lment2701@gmail.com, 208-324-2701, 337 South 100 East, Jerome ID 83301 www.landment.com
    • emailed on 6/15/2018
  • Intermountain Fabrication and Machining Services, Josh Shobe, Machine Shop Manager, josh@intermountainfab.com
    • issues with insurance do not have any space to spare.
    • Scott Cook 208-539-1403, scott@cookrealty1.com
    • 1410 S Lincoln Suite H, Jerome ID 83338 cost is \$600 a month + \$200 cam
    • 6/15/2018 asked if they would accept \$400 + \$25 cam first year, then \$600 + \$50 cam 2nd year, but Scott is not interested in a reduced price.
  • Scott Jackson - 208-731-6000, hayman@northrim.net, ascottjackson09@gmail.com
    • Evan with Schlor
  • B & N Machine - bnmachine@cableone.net
    • sub-lease, emailed on 6/15/2018
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