On: Redditors who are rich (net worth $1 million+) - how did you get rich?

[grandalf]

What you're describing is the distorted landscape created by corrupt tax policy... it's not a good thing, but I suppose someone has to exploit it.

To my knowledge single employee S-Corps are more and more risky (likely to result in an audit).

[aresant → grandalf]

I've been through three audits (of businesses) in the past 12 years.

Their purpose is to "uncover the truth", not to hose you needlessly.

You CAN write off a home office, you CAN write of computers, car miles, travel and entertainment, business meals, etc.

As long as these are legitimate business-related expenses you're in the clear.

As a single-employee S-Corp there shouldn't be such an overwhelming amount of documentation and you can probably push through an audit with minimal headaches.

Probably should add the disclaimer that I am not a CPA, follow at your own advice, but man have I spent enough bucks w/CPAs in the last 12 years to hopefully pass on a bit of hard-won knowledge ;)

[carguy1983 → aresant]

I've also been audited. If you didn't cheat in the first place, you're not going to be in trouble or have to pay a lot of money.