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re: Small Side Business - Which Type? (Legal/Tax Purposes)
Posted on 4/20/15 at 1:47 pm to LSUtigerME
Posted on 4/20/15 at 1:47 pm to LSUtigerME
Depends on what the long term goal is (obviously), but I'll share what I have decided, based on recommendation of my CPA.
LLC, electing to be taxed as a S-Corp. The allows us to pay ourselves as employees (and deduct FICA as a business expense) as well as take distributions subject not subject to SECA taxes (self employment tax).
We were also interested in maximizing 401k contributions, and this will allow us to contribute as "employees" as well as set up profit sharing (basically a company match), which is a business expense.
This may be a little much for a side gig, but worth looking into.
LLC, electing to be taxed as a S-Corp. The allows us to pay ourselves as employees (and deduct FICA as a business expense) as well as take distributions subject not subject to SECA taxes (self employment tax).
We were also interested in maximizing 401k contributions, and this will allow us to contribute as "employees" as well as set up profit sharing (basically a company match), which is a business expense.
This may be a little much for a side gig, but worth looking into.
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