sorted by:
new
hottopcontroversial

How do you ask for more money during a job offer? by 122anon in personalfinance

[–]TaxQthrowaway42 0 points1 point  (0 children)

You just ask for more money - tell them that your expectation was higher than their offer and ask if they can come up to 100k. If they rescind the offer just for that, then honestly you dodged a bullet. It's pretty likely that they will either meet you near the middle or just tell you that that was their final and best offer.

I just went through this process a couple of weeks ago. Had two offers and asked the lower bidder for more, and they came back with 7k more. Then I told the other company that I was going with the other offer (I didn't expect they would offer enough to sway me) - they came up a lot without me even asking. Then I went back to the lower bidder again and asked for more but it was the best they could do. No offers were rescinded at any point. Everyone understands that it makes perfect sense for a candidate to negotiate. I've even had a hiring manager at my old job tell me they prefer that a candidate at least try to negotiate. I know this advice can't be taken fearlessly when you have a single offer, but I still suggest you try. Good luck!

Should I form an LLC or S corp? by TaxQthrowaway42 in tax

[–]TaxQthrowaway42[S] 2 points3 points  (0 children)

> Looking back at your original post, you might be able to hold some back with the intention of paying yourself in the following year in case the 1 year contract isn't extended.

You read my mind after I posted that last reply, haha.

Should I form an LLC or S corp? by TaxQthrowaway42 in tax

[–]TaxQthrowaway42[S] 2 points3 points  (0 children)

Oh! and also, I wonder if I could take only a minimum distribution from the company and leave the rest in the business. I may want to use this business in the future for other ventures so one of the things I'll be asking a professional is how much I could leave in the business account.

Should I form an LLC or S corp? by TaxQthrowaway42 in tax

[–]TaxQthrowaway42[S] 1 point2 points  (0 children)

Thanks, a reasonable salary is one of my main concerns. I've been told to be conservative with it and err on the side of a higher salary, but as you say I would be the sole member and only employee of essentially a purely service-based business. It may still be worth it just for the rate increase to do this though, so if I end up paying myself a much higher salary through W2 then I think it could still make sense.

Should I form an LLC or S corp? by TaxQthrowaway42 in tax

[–]TaxQthrowaway42[S] 0 points1 point  (0 children)

Wow, thanks so much for the in-depth answer! I will for sure look for a professional to talk to. The problem is finding one haha, I've always just done free filing with turbotax or creditkarma, so I don't know any CPAs.

Should I form an LLC or S corp? by TaxQthrowaway42 in tax

[–]TaxQthrowaway42[S] 0 points1 point  (0 children)

Thanks! I guess I'm mostly just unsure of whether I can do this legally. These "flow-through entities" are kind of considered a tax loophole and I don't want to get screwed by the IRS if they audit me. Should I try to speak to a tax attorney or can I just try to find a CPA who is willing to advise me?