::nod:: the $400 is because you owe social security after that. And the rate is twice as high because of course you are paying both employer and employee shares.
Dana On Mon, 16 Jun 2003 09:21:01 -0500, Kevin Graeme <[EMAIL PROTECTED]> wrote: > Well, the simple benefit is probably legality. Last I checked, if you > made over $400/year you have to report it as business income. The > easiest route for you is probably to just do a sole-proprietorship or > LLC if it's available to you. A sole-proprietorship functions exactly > like you're doing now except you just have to pay a $30 or so fee to > register and then file income statements either annuallly or quarterly. > Then just report it on your personal taxes with as schedule C-EZ or > whatever meets your needs. The C-EZ is amazingly easy. > > An LLC is basically the same as a sole proprietorship except that it > protects you more. If you get sued for something, it should make it so > that they can only get your business assets and your personal stuff is > off-limits. > > Obviously, if you want real information talk to someone who can give it > legally. But that's the gist. It's easy and harmless, and it keeps you > from getting a smack-down from the IRS if they start to grow teeth > again. > > -Kevin > >> -----Original Message----- >> From: Heald, Tim [mailto:[EMAIL PROTECTED] Sent: Monday, June 16, 2003 >> 8:54 AM >> To: CF-Community >> Subject: RE: Home Business was(RE: Microsoft ActionPack Subscription >> (with cou pon....)) >> >> >> I have been operating my side/contracting business as Terminal-Fusion >> for several years now, but never actually went the legal route. Always >> just tack what ever I make on to the top of my base income come taxt >> time. >> >> What are the benifits of becoming incorperated? >> >> Tim >> >> > -----Original Message----- >> > From: Raymond Camden [SMTP:[EMAIL PROTECTED] >> > Sent: Monday, June 16, 2003 9:54 AM >> > To: CF-Community >> > Subject: RE: Home Business was(RE: Microsoft ActionPack Subscription >> > (with cou pon....)) >> > > > I am wondering, did any of you ever take the time to set up >> > > an actual company? How difficult is it? I was thinking sub > > >> chapter s? >> > > > > I thought I _had_ to. I just used my name as my business (same >> thing I > did when I bought a computer via Dell using their Small >> Business > prices). I should have named my company Vandelay Industries. >> ;) >> > > -ray >> > > >> > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Archives: http://www.houseoffusion.com/cf_lists/index.cfm?forumid=5 Subscription: http://www.houseoffusion.com/cf_lists/index.cfm?method=subscribe&forumid=5 Get the mailserver that powers this list at http://www.coolfusion.com Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
