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paging Poodlebrain: question regarding LLC and tax implications
Posted on 12/4/13 at 10:04 pm
Posted on 12/4/13 at 10:04 pm
As Poodlebrain is the de facto Money talk accountant, he may be best suited to help me. However, those with any advice or suggestions should feel free to chime in.
I am considering starting a small business that can be run out of my house in Louisiana. Startup costs should run a few thousand, which I can handle. The important thing is that I want to do this right.
I must admit - I am not an accountant, I am ignorant with regards to my questions:
1) Does the best route forward start with an LLC?
2) Should I do a sole proprietorship LLC, or joint with my wife? (She likely won't be involved much) What are the personal tax implications for both?
3) I don't expect this business to make much in the first year, and will be a night and weekends type thing. Is there anything come tax time that I should keep in mind? Lets say I don't make a dime the first year. Do I even have to file taxes for the LLC?
I am considering starting a small business that can be run out of my house in Louisiana. Startup costs should run a few thousand, which I can handle. The important thing is that I want to do this right.
I must admit - I am not an accountant, I am ignorant with regards to my questions:
1) Does the best route forward start with an LLC?
2) Should I do a sole proprietorship LLC, or joint with my wife? (She likely won't be involved much) What are the personal tax implications for both?
3) I don't expect this business to make much in the first year, and will be a night and weekends type thing. Is there anything come tax time that I should keep in mind? Lets say I don't make a dime the first year. Do I even have to file taxes for the LLC?
3
Posted on 12/5/13 at 7:57 am to The Hamburglar
Morning crew?
Posted on 12/5/13 at 10:53 am to The Hamburglar
This definitely sounds like reasons you should have an accountant.
Posted on 12/5/13 at 12:59 pm to The Hamburglar
1. The primary reason for forming a business entity is asset protection. You can segregate the assets of the business from your other assets with the use of a business entity. My preference is to use an LLC as it offers the most flexibility.
2. If you form an LLC you can choose how you want to report your income for tax purposes to achieve specific goals. I'd need more information to give you any meaningful advice on how you could benefit from any of the available methods of reporting income as an LLC.
3. There are benefits of reporting the operating results of your business even if the business is not profitable. I would never advise anyone to not file a tax return when there are possible current or future tax benefits to filing.
2. If you form an LLC you can choose how you want to report your income for tax purposes to achieve specific goals. I'd need more information to give you any meaningful advice on how you could benefit from any of the available methods of reporting income as an LLC.
3. There are benefits of reporting the operating results of your business even if the business is not profitable. I would never advise anyone to not file a tax return when there are possible current or future tax benefits to filing.
Posted on 12/5/13 at 1:07 pm to Poodlebrain
(no message)
This post was edited on 12/5/13 at 1:13 pm
Posted on 12/5/13 at 7:47 pm to Poodlebrain
Poodlebrain, do you have a contact email where I could email you personally?
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