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Having your W2 sent to an llc instead of yourself, is it possible?
Posted on 4/25/17 at 2:45 pm
Posted on 4/25/17 at 2:45 pm
Just saw that Trump could possibly lower the pass through tax further than the overall tax brackets. Therefore, would I be able to create a pass through entity and have all of the income go there and then subsequently be taxed at the lower rate?
This post was edited on 4/25/17 at 2:45 pm
5
Posted on 4/25/17 at 3:17 pm to reb13
buy stock in legalzoom if that happens
Posted on 4/25/17 at 3:42 pm to reb13
No.
Posted on 4/25/17 at 4:34 pm to The Spleen
Why not? I am assuming 1099 employees would still be able to utilize pass through entities to receive their income.
Posted on 4/25/17 at 6:48 pm to reb13
You would have to be an independent contractor not an employee
Posted on 4/25/17 at 6:49 pm to reb13
1099 workers are legally contractors and not employees. W-2s can only be issued to real people.
Posted on 4/25/17 at 7:04 pm to jclem11
Ah ok, didn't realize there was a line in the sand on W2's only being issued to people.
This post was edited on 4/25/17 at 7:04 pm
Posted on 4/25/17 at 11:52 pm to reb13
quote:
Ah ok, didn't realize there was a line in the sand on W2's only being issued to people.
Also, I can promise you that if indeed this preferred rate plan were to pass, there would be HUGE crackdowns on people being incorrectly classified as a contractor vs an employee. otherwise, everyone would just do what you said.
Posted on 4/26/17 at 10:36 am to LSUFanHouston
quote:
LSUFanHouston
I am a 1099 paid person with an LLC sub S in the finance industry. However, my 1099 is under my SSN and not the Tax ID. Apparently, a ruling just came down that this is unacceptable and I will have to go back to being paid 100% self employment income. With that being said, will this new tax plan in any way help me going forward since they are screwing me with self employment? Thanks.
Posted on 4/26/17 at 3:34 pm to LSUFanHouston
quote:
there would be HUGE crackdowns on people being incorrectly classified as a contractor vs an employee. otherwise, everyone would just do what you said.
Nothing stops me from setting up a consulting shop
Posted on 4/27/17 at 3:02 pm to GenesChin
Remember double payroll tax if you go 1099.
Posted on 4/27/17 at 3:35 pm to GenesChin
quote:
Nothing stops me from setting up a consulting shop
If your employment doesn't pass the litmus test you are stopped dead in your tracks.
Posted on 4/27/17 at 7:22 pm to reb13
Buy a social security # off the deep web for your llc
Posted on 4/28/17 at 6:35 am to reb13
Where is the income coming from? For example, if you are selling someone else's products on commission, then set up an LLC and have them pay the llc, but it would be a 1099 not a W2. Your employer won't do this unless you are a contract worker and even then, you have to meet the definition of a contractor.
This post was edited on 4/28/17 at 6:39 am
Posted on 4/28/17 at 10:58 am to Janky
quote:
I am a 1099 paid person with an LLC sub S in the finance industry.
Aren't LLCs and S corps mutually exclusive? (EDIT: shite, nevermind. I forgot that it's possible to make the S election for LLCs too.)
I know a few colleagues in financial consulting who use S corps for corp-to-corp rather than W-2 accounting for their hourly contracting work. Some even expense rent for a second room as a home office. The best part, however, is the savings from payroll taxes, since you only have to give yourself a reasonable salary where those payroll taxes apply, and the rest is just pass-through income.
As for the supposed Trump proposal, I don't think it's realistic, but for what it's worth, it seemed to apply to both LLCs and S corps in the Bloomberg article I just read. They're already talking about specialized exceptions though to prevent abuse. It looks like a mess that wouldn't be able to pass through Congress.
This post was edited on 4/28/17 at 11:00 am
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