Howdy Ags!
So I've been working for myself for just a few weeks shy of a year, when oil prices were in the hole last year I lost my job, and with only oil field experience besides the welding and fabrication experience I got growing up. Long story short, it's been a rough year at times but my wife (c/o '15) (I'll adhere to rule 1 if I get some sound advice here) and I have come out of it, not wanting to run for the hills, but build a family business. I have been enrolled in college since last may, but still manage to work full time as well at the shop.
So here is my dilemma, we have decided that we want to go in on working for myself, my dad is a retired welder so he has a 60 X 80 shop stocked with everything you need, and he is ok with me starting in his shop. The wife wants us to be ready to buy a house in two years, which means I have to legitimize my payroll system to help us get financing. She works as well.
For all you business guys, what would be the best route to attempt to run my payroll that's not going to slam me in taxes or cost a ton to get it done? I'm looking to be able to pay myself a modest at best salary. I just need to be able to walk into a bank and prove I'm providing steady income.
So I've been working for myself for just a few weeks shy of a year, when oil prices were in the hole last year I lost my job, and with only oil field experience besides the welding and fabrication experience I got growing up. Long story short, it's been a rough year at times but my wife (c/o '15) (I'll adhere to rule 1 if I get some sound advice here) and I have come out of it, not wanting to run for the hills, but build a family business. I have been enrolled in college since last may, but still manage to work full time as well at the shop.
So here is my dilemma, we have decided that we want to go in on working for myself, my dad is a retired welder so he has a 60 X 80 shop stocked with everything you need, and he is ok with me starting in his shop. The wife wants us to be ready to buy a house in two years, which means I have to legitimize my payroll system to help us get financing. She works as well.
For all you business guys, what would be the best route to attempt to run my payroll that's not going to slam me in taxes or cost a ton to get it done? I'm looking to be able to pay myself a modest at best salary. I just need to be able to walk into a bank and prove I'm providing steady income.