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re: Better to form an LLC or keep it personal
Posted on 9/20/13 at 11:56 am to reb13
Posted on 9/20/13 at 11:56 am to reb13
In an LLC, it depends on if it is a single member or not.
If single member, it falls as a Schedule C on your personal taxes and this is "flow through" as has been discussed here.
If multiple members, you can elect to be taxed as a partnership or corporation. If Partnership, a K-1 will be issued to all partners based on their share of membership units.
If you make it a single member LLC, you can deduct some expenses like % of your home used as a home office so utilities equal to that % become expenses to the LLC on the Schedule C.
There are others as well. Turbo Tax is your friend for it.
If single member, it falls as a Schedule C on your personal taxes and this is "flow through" as has been discussed here.
If multiple members, you can elect to be taxed as a partnership or corporation. If Partnership, a K-1 will be issued to all partners based on their share of membership units.
If you make it a single member LLC, you can deduct some expenses like % of your home used as a home office so utilities equal to that % become expenses to the LLC on the Schedule C.
There are others as well. Turbo Tax is your friend for it.
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