This is a good point Mary! I had not considered this. I may need to
wait a few more months until all my ducks are in a row too. Thanks for
the advice!
Cheers,
Holly
Mary Luketich wrote:
Hi Holly,
I created an S-Corp last year, and I think I did it too soon. I am
still getting my own sites completed and have to pay myself salary as
an S-Corp. Since I don't have the work to cover the expense, I cannot
pay the salary, so I'll have tax problems the next time I file.
I highly recommend an S-Corp, but NOT until after you have steady
income to cover salaries.
Mary Luketich
On Sun, Aug 23, 2009 at 6:11 PM, Holly
Fortenberry <[email protected]>
wrote:
Thanks guys. See, this
little experience has taught me and many of the
lurkers the importance of using a tax professional. So it was a very
good thing. :-)
Cheers,
Holly
Terry Brown wrote:
Agreed - I'm
pretty ad nauseam at this
point. :)
I'm not sure the point you are trying to make
here. If you read on
further you will see that it says...
"Remember,
this is only a mechanism for
tax
purposes. It doesn’t change the fact that
the
business is legally a Limited Liability
Company."
Which
means the personal liability protection and other legal statuses still
apply to
single member LLCs. And if an LLC has more than one member it files
form 1065.
The form you file is only a mechanism for reporting income/loss to the
tax
authorities. It does not interfere with legal status. Nor does it
change your
"tax status."
We
can go on and on ad nauseam. My point still stands. You need to consult
a
tax/legal professional.
kah
On Sun, Aug 23, 2009 at 5:45 PM, ferodynamics
<[email protected]>
wrote:
www.irs.gov/pub/irs-pdf/p3402.pdf
"What Kind of Tax Return
Do I File?
1. Single member LLCs.
Generally, when an LLC has only one
member, the fact that it is an LLC is ignored
or “disregarded” for the purpose of filing a
federal tax return.1"
On Aug 22, 6:35 pm, Keith Aric Hall <[email protected]>
wrote:
> Dude, please stop. Pub 555 is in regards to community property
laws. It
has
> nothing to do with your federal tax status or your federal tax
return.
LLCs
> file form 1065 same as a partnership. You may not be making it up,
but you
> certainly do not know what you are talking about.
> I got my degree in accounting and worked both Arthur Andresen, LLP
and
Ernst
> & Young, LLP as a tax accountant 10 yrs ago before i made the
jump to
web
> dev and graphic design. Information can be a dangerous thing.
Please
consult
> a tax professional.
>
>
>
> On Sat, Aug 22, 2009 at 5:43 PM,
ferodynamics <[email protected]>
wrote:
>
> > I don't make this stuff up, I'm sure you can find plenty more
> > references as IRS.gov -http://www.irs.gov/faqs/faq/0,,id=199633,00.html
>
> > "If the LLC has: Only one owner, (see
Publication 555, on
> > community property states), it will automatically be treated
as if it
> > were a sole proprietorship (a disregarded entity), unless an
election
> > is made for it to be treated as a corporation."
>
> > As I said, no distinction. You file as a sole proprietor,
partnership
> > or corporation, you don't file as LLC.
>
> > On Aug 22, 4:13 pm, Keith Aric Hall <[email protected]>
wrote:
> > > I disagree as well.
> > > LLCs are not the same as C-Corps. Your point about tax
benefit
of LLC vs
> > > C-Corp is incorrect as well. The IRS does make a
distinction.
>
> > Good one. Now where's your proof?
>
> --
--
Keith Aric Hall
http://www.keitharichall.com/
twitter: keitharichall
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