All Questions
Tagged with self-employment limited-liability-company
30
questions
0
votes
1
answer
318
views
Trying to understand 1-person LLC taxes (paid myself as W-2)
I'm trying to prepare my 2022 taxes (using TurboTax Deluxe, if you care).
In the beginning of 2022, I created a 1-person LLC.
I set myself up as a W-2 employee of my LLC and paid myself on payroll. I ...
- 430
1
vote
1
answer
141
views
Can an individual foreign LLC be a CFC?
IRS defines a Controlled Foreign Corporation in terms of U.S. shareholders and voting power (Ctrl + F to CFC. In general), with some wiggle room.
Suppose I'm an independent contractor working from ...
- 27
1
vote
1
answer
57
views
Is a foreign LLC exempt from self-employment tax?
A site writes,
If you conduct your business through a foreign LLC, your salary paid by the foreign LLC would not be subject to US Social Security and Medicare Tax. And, it would be eligible for the ...
- 27
3
votes
1
answer
112
views
How do I properly lend personal money to my own company in Quebec?
I want to finance my company with my personal money (to buy some stuff).
What is the best way to do that in an accounting point of view?
- 141
1
vote
1
answer
94
views
To receive payments from a US company, do you need to start a LLC/PVT in India?
A person, let's say "X" got an offer from a US company as a Consultant. X lives in India. To receive payments from US company, does X need to start a LLC/PVT in India?
How can X receive ...
1
vote
2
answers
166
views
LLC vs S-CORP for Side Business along with regular job
Situation:
A person has a good-paying job where the Social Security tax limit is reached or almost reached every year, and the person also has a side business (LLC) that brings in more than 100k every ...
- 111
7
votes
2
answers
804
views
Adult Entertainment Taxes; Independent Contractor, SMLLC, LLC, S-corp, etc?
I've been dancing for a few years. I've been filing taxes as an independent contractor. I do not receive any 1099s. All my earnings are cash, received that day. I pay a house fee (rent for being ...
- 71
1
vote
0
answers
71
views
Starting a side business whilst full time employed
I'm currently employed full-time in a regular job, and pay income tax at the higher rate. I'm looking at setting up a very small side business which may make around £500-£1000 at the moment. I'm ...
- 11
0
votes
1
answer
293
views
LLC in NY State but living and conducting business in Florida only
I am a software development consultant working as a self employed with a single member LLC incorporated in NY State.
During 2019 I had moved from NY State to Florida and am serving only one client ...
- 111
7
votes
3
answers
310
views
What are some tax strategies for when you are self-employed with low income, but every 4-8 years you get a huge spike of income?
I am self-employed in the United States, and am working on long-term projects. Most years I don't make much (lets say $20k), but every 4-8 years, after a large project is complete, I expect to get a ...
- 71
3
votes
0
answers
345
views
Bootstrapping Process for Creating a Single-member Limited Liability Corporation (LLC)
So I’ve read in a number of forums—mostly StackExchange and Reddit—that it’s a good idea to separate personal and business funds/transactions so that when it’s time to organize information for taxes (...
- 155
0
votes
1
answer
114
views
Paying my wife's LLC from my LLC and solo 401k contributions
My wife works as a consultant to a business I operate (a single-member LLC). Can I pay her business (also a single-member LLC) as a vendor? I would treat her payment as a contractor expense, and she ...
- 1
0
votes
1
answer
2k
views
Would it be a good idea to start my LLC while I owe the IRS?
I’m a self-employed cosmetologist I filed taxes last year and had to pay back $2500 I’m on a payment plan right now and they told me once I file again it will void the payment plan. So, would starting ...
- 1
2
votes
1
answer
277
views
Self-Employed vs. LLC vs. "Something Else" for an at home business with two employees?
Though my circumstances are not that difficult, I want to be sure that I pursue the correct legal path for my family since our business administrative needs may be changing.
I am a self employed ...
- 835
1
vote
0
answers
35
views
When having an LLC taxed as an S Corp, what difference does it make to retain a profit since it is a pass-through entity? [duplicate]
Suppose I have an LLC and for simplicity's sake I'm the only member and I choose to be taxed as an S Corp. I fill out a W2, becoming an employee-owner of the LLC and I pay myself 50% of the LLC's ...
- 132