23 posts tagged with taxes and llc.
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Writing off expenses: LLC -vs- C-Corp -vs- Non-Profit edition

I'm planning on starting both a nonprofit and a business (LLC or C-Corp) before the end of summer, and I'm uncertain as to my ability to write off expenses. Each would be run with a small (<5) group of investors/friends. [more inside]
posted by NYC-BB on Apr 5, 2014 - 4 answers

Can I convert from LLC to S-Corp to avoid paying self-employment taxes?

Is it possible to convert my LLC to an S-Corp to avoid paying $10,000+ in 2013 self-employment taxes? [more inside]
posted by anonymous on Apr 1, 2014 - 10 answers

Retroactively deducting a business expense?

I've recently started working on a couple of software projects that I hope will generate income in 2014. I'd like to form an LLC, but I'll probably end up doing that closer to completion since it's so expensive. Because my old laptop just wasn't up to snuff for development work anymore, I decided to purchase a new laptop a few weeks ago. Now I'm worried that I may have missed out on a sizable tax deduction. Assuming I can't take the laptop off my taxes in 2013 (no LLC, no revenue), is there any way I'll be able to deduct a purchase made in 2013 as a business expense in 2014?
posted by archagon on Dec 10, 2013 - 13 answers

Running an LLC while travelling the world?

I'm working on a few apps and I'd like to form an LLC. What complicates matters is that I plan to travel the world for the next few years, meaning that all my work will be done from my laptop with no stable office and no employees other than myself. I'm currently based in California. What are some good resources to help me figure out the best way to establish my business, both financially and legally? [more inside]
posted by archagon on Jul 2, 2013 - 14 answers

LLC then what?

After you've incorporated, what are the daily, monthly, and yearly behaviors and fees associated with having an LLC? [more inside]
posted by zeek321 on Jun 22, 2013 - 9 answers

CPA recommendation for part-time online LLC

I've read How to pick an accountant for your online business and I'm ready to find a CPA, but a little lost on where to start. Online searches tell me who is good at SEO, but not who is good at tax advice. The few people I know with similar work situations are still doing their own taxes. I was comfortable doing that before, but my tax situation has grown complicated this year. So I'm looking for recommendations from people in similar situations. [more inside]
posted by scottreynen on Nov 6, 2011 - 2 answers

Is it worth forming an LLC and in which state?

I'd been wanting to form a corporaton for a long time. So many benefits it seems:
  • track business expenses for income-tax deductions
  • protect assets against law-suits
  • gain credibility for certain transactions
  • privacy
  • But all the gory details are getting me down... [more inside]
    posted by markhu on Jul 18, 2011 - 20 answers

    no 1099 for you!

    1099 form issuance refused. what to do? [more inside]
    posted by mwhybark on Feb 6, 2011 - 8 answers

    Death, Taxes, and my LLC

    My LLC is going legit January 1st in Michigan. I'm a brand new business owner in an economically depressed state and I'm starting to turn a profit which means dealing with taxes and the IRS. I'm young, I don't know anything about business taxes, and I'm somewhat frustrated at how painful this is for a new business owner who just wants to pay his fair share. I have an accountant who I know is really good, but I need to know kind of the general picture of what is happening so I can stay on top of things. I don't want to throw it all on the accountant and I want to be proactive. [more inside]
    posted by banished on Dec 30, 2010 - 16 answers

    How does my LLC's address affect my tax requirement if I'm planning to do "pass-through" taxation?

    My roommate and I are planning to register an LLC (a web startup) in Pennsylvania. We live in Philadelphia and work from home. We were told that if we register the LLC at my roommate's parents' house in the suburbs, we can avoid paying the higher city taxes. [more inside]
    posted by d(-_-)b on Dec 14, 2010 - 6 answers

    Need tax advice for a profitable hobby. Should I form an LLC?

    I run a website that in recent years has started to generate a lot of income. I earned around $13,000 in 2009 with $9,000 in expenses (mostly server bills). Most of that 13k was taxed at 28% however, and my expenses were subject to the 2% rule. I was dinged with a nasty tax bill this year that I want to avoid next year. I'm wondering if forming a LLC makes sense from a tax perspective for me. I live in Maryland by the way. [more inside]
    posted by rq on Mar 5, 2010 - 18 answers

    LLC Right for Actor/Writer Team?

    LLC for a (now) profitable writer/actor team? [more inside]
    posted by 2003girl on Jan 6, 2010 - 3 answers

    LLC for freelancing?

    How do I prepare myself for freelancing with regard to taxes? [more inside]
    posted by the matching mole on Apr 18, 2009 - 10 answers

    Do I need to file?

    Taxfilter: I'm a partner in a Pennsylvania LLC. I filed final returns for both state and federal last year but never got around to dissolving the LLC. Do I have to file again this year? [more inside]
    posted by Brennus on Apr 15, 2009 - 1 answer

    Should I file IRS Form 8832?

    TaxFilter: Any reason not to file IRS form 8832 for my LLC to be treated as a corp? Need to decide soon. [more inside]
    posted by ellenaim on Mar 15, 2009 - 5 answers

    Good accountant for a small LLC in the Chicago area?

    I'm looking to start an LLC in the near future (as I'd like to start doing web development as a part-time business beyond my day job); considering that my taxes are about to get a bit more complicated, I'd like to find a decent small-business accountant in the Chicago area. Any suggestions? [more inside]
    posted by korpios on Jan 18, 2009 - 6 answers

    sole proprietor to LLC in California

    Experiencing turning a sole proprietorship into an LLC in California? [more inside]
    posted by supermedusa on Aug 20, 2008 - 2 answers

    No business taxes?

    Is it true that if you have a business in New Hampshire or Nevada, there are less (or no) taxes than in California. Are other states like this, if so, which ones? Share your experience or direct me to a succinct, layperson site to understanding this. Thanks.
    posted by healthyliving on May 21, 2008 - 8 answers

    Multitasking CPA?

    I am looking for a person/firm in southeastern Michigan who will do a great job preparing my personal income taxes (including small business expenses) AND file an LLC for me. [more inside]
    posted by Eringatang on Dec 1, 2007 - 1 answer

    help me help the man

    I'm trying to make my new web project legal in California. After reading through the Nolo press book(s), we thought that perhaps the LLC was the best corporate structure (we are going to issue stock and give the primary developer a portion in lieu of payment). While the Federal government taxes LLCs like sole proprietorships - you aren't taxed unless you make profit, and I don't see our profit outpacing our costs for a year - the State of California charges an LLC "tax" (really a fee) of $800, due almost immediately after your incorporation paperwork goes through, so... [more inside]
    posted by luriete on Sep 8, 2006 - 9 answers

    What is the minimum annual tax on New York Limited Liability Corporation

    Attn: New York Accountants! What is the minimum annual tax that a one person LLC (Limited Liability Corporation) must pay in New York? [more inside]
    posted by HarryS on Aug 9, 2006 - 2 answers

    LLC Implications

    Implications of an LLC? [more inside]
    posted by fogster on Jul 22, 2006 - 6 answers

    What is the best way to get the money out of the LLC and into my pocket?

    I have an LLC that I never expected would start making money, and (yay!) now it is. What is the best way to get the money out of the LLC and into my pocket? [more inside]
    posted by dhammala on Aug 7, 2005 - 8 answers

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