I wouldn’t mind waiting but I’m in an awkward position. My business just employs my wife and I. My CPA told me to turn off payroll for the rest of the year and do profit distributions instead to save on taxes and social security since I’ve paid a huge chunk already this year.
Thus the dilemma is if I turn off payroll I don’t think I’d qualify very easily for a loan as the banks love the typical w-2 with regular paychecks.
I live in 4S, don’t have a ton of cash reserves, my main reserves are my IRA and cashing that out would get me through half the year. I’m not too worried about cash, my business is recurring internet services so I have a good cash flow among many different customers.
I looked at that sandiego predatory lending link before, it just made me confused a bit more.
