tax planning help
Hi All, I have a friend (not computer literate) who has a C corp (though in retrospect he feels he should have started the company as an S-corp). Over the past few years, the company didn`t make much profit - but this year it looks like it will end the year with a profit in the low 6 figure range. What are possible options to optimize taxes? Should she take most of the profit as salary? If she does this, should she set up 401K and/or IRA plans etc.? Thanks!
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