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re: Creating an LLC for beach condo
Posted on 5/10/24 at 7:27 am to OceanMan
Posted on 5/10/24 at 7:27 am to OceanMan
I got a loan out in my name for real estate. Still trying to figure out how it structure for tax gains into a llc. Anyone have any advice. Plan was to make an appointment with a tax attorney.
Posted on 5/10/24 at 10:03 am to Sunnyvale
quote:
Still trying to figure out how it structure for tax gains into a llc
There's no benefit tax wise really to have it as an LLC over your social security. Business expenses are business expenses. Depreciation will be the same. I'm not a CPA, but making an LLC won't save you money in taxes over being personally owned and operated. Its more for organization and for liability.
BUT, you need to 100% have a business bank account where you place some money in the beginning as either a loan or as equity into the business. Then operate 100% of the finances out of that one single account. If you forget your business card at home, write yourself a check back for that exact amount you spent.
DON"T INTERMINGLE EXPENSES AND INCOME. NOT ONCE.
Get very strict about this. Pay yourself a dividend where there is profit from your business account to your personal account, then spend it from there.
One potential savings is direct deposits into a retirement account from your business account. Get with a CPA or look into that further yourself.
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