$160,417.26

[mudcub]

I just did my taxes today. I paid $160,417.26 to the US government in 2006. In addition, I paid $8,586.88 in miscellaneous Colorado state taxes. That's enough to turn someone republican!

Comments

[that-dang-otter.livejournal.com]

I talked to a guy in Ukiah who didn't seem to know anything at all about LLCs. We just had an initial chat, nothing was actually done. He seems quite able to set up an S-corp, but I understand that LLCs are simpler and I happen to have the Nolo LLC kit handy.

[allanh.livejournal.com]

I started Spectrum SupportNet, Inc. using a great lawyer and a regular accountant. Within a month, I realized I needed a CPA to keep me out of trouble.

It's a pain in the ass (at best) to change corporation types once you've incorporated. You may also want to incorporate in a state OTHER than California, for tax and/or liability purposes. (For example, will your liability insurance be cheaper if you're incorporated in Delaware, Nevada, or Texas?)

Given the variables, I suggest it's worth considering spending the money to consult either a CPA or a tax lawyer to ensure that you're setting up the best form of corporation for your company's desired outcome. :)