Can you elaborate on this please? A single member LLC is taxed the exact same as a sole proprietor. Whether you have an LLC or a sole proprietorship, in the eyes of the IRS you’re taxed the exact same.
You absolutely should have income if you set it up as an S or C corp. This is bad advice. Do not do it and the agents, when audits, it can be looked at as fraud.
You don't need an llc for tax purposes. You can keep finances separated for your business as a sole proprietor and get the same tax treatment. Llc are supposed to protect against liability exposure. If you're single-member, it doesn't really even do that. Entities are primarily for protecting personal assets from the liability of business partners. My recommendation, insure yourself well and set up a separate checking account.
Great info!
Can you elaborate on this please? A single member LLC is taxed the exact same as a sole proprietor. Whether you have an LLC or a sole proprietorship, in the eyes of the IRS you’re taxed the exact same.
I think you can choose to file as S or C corporation as an LLC.
You absolutely should have income if you set it up as an S or C corp. This is bad advice. Do not do it and the agents, when audits, it can be looked at as fraud.
You don't need an llc for tax purposes. You can keep finances separated for your business as a sole proprietor and get the same tax treatment. Llc are supposed to protect against liability exposure. If you're single-member, it doesn't really even do that. Entities are primarily for protecting personal assets from the liability of business partners. My recommendation, insure yourself well and set up a separate checking account.
Taxes is the only thing that scares me as a creator. Don’t mess with the IRS.
Meanwhile I pay 50% taxes in France on my nurse business. 😢
Don’t feel bad we do to in America after income tax and add being taxed on everything we touch it’s half
Yup! I use for my rentals! save so much in taxes, legally
😮😊
Nearly 1/5 of their income was owed as tax?
For such a new small business!?
No wonder the US economy sucks!!!