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We are self employed and have been in the same industry for over 5 years. We are currently an LLC sub S structure. For tax savings, we want to establish a C Corp and divert a segment of the income over to the C Corp. This would all be legitimate and reported on tax returns. If we set up the new C Corp will we need to wait 2 years before the income from that business can be considered. It would be just moving income from one business to the other to be able to deduct HSA and other medical expenses. Another issue is we had a foreclosure that closed in Dec 2009, so we are just hitting our 3 year anniversary, so we don't want to muddy the waters for the tax savings. We want to be able to buy a house as a number one priority.Any input appreciated.
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