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re: Better to form an LLC or keep it personal
Posted on 9/20/13 at 9:48 am to NEWBIE
Posted on 9/20/13 at 9:48 am to NEWBIE
quote:
Creating an LLC typically won't change your taxes. It is a flow through entity, therefore, any gains or losses will be reflected on your personal return.
Not true.
quote:
You could choose to file as an S-corp under the LLC
This is how you make a LLC a flow through entity
ETA: Some advantages would be depreciation of the computer you use (if it is only for work), you could deduct the utilities used by your "office space", stuff like that. But for a business like that you are not creating a LLC for it's tax deductions but more for its liability coverage.
This post was edited on 9/20/13 at 9:52 am
1
Posted on 9/20/13 at 10:55 am to reb13
quote:
Not true.
Can you explain this? My understanding is that it is a flow through entity.
The LLC does not pay its own taxes; the member/owners pay the taxes. The gains/losses pass through to your personal k-1 when you file your own taxes.
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