Aug 06,2017 at 05:27 am
Before you decide setting up your legal entity, we highly recommend that you discuss taxation with your CPA or tax professional. Request a report that outlines your estimated federal & state taxes based on your projected income. It should provide the following information.
Aug 06,2017 at 04:47 am
Yes, you will require EIN# for single member LLC. It's a unique identifier for your company similar to SSN # for individuals.
IRS has made it very easy to apply for an EIN number online. You cannot cancel the EIN once you have applied & have been approved. Therefore, you need to ensure...
Aug 06,2017 at 03:36 am
Many business owners may use part of their home as a business office. The following post has few key points that outline your eligibility to claim this business deduction on your tax return.
1) Regular and exclusive use: In general, the part of your home used fo...
Aug 04,2017 at 04:32 am
We would highly recommend reviewing projected income for next 3 years with your CPA. Based on this information your CPA can help you select the best tax classification.
The 2 preferred are as follows : Single member LLC. You will be taxed as a sole propreitor. All income/losses ...
Aug 04,2017 at 04:25 am
Is the activity a hobby or a business? If you are going to generate additional revenue through marketing, selling blog subscriptions or any related consulting activity as a blogger, then you can incorporate LLC. This applies if you are operating as a business.
If this is a hobby, then ex...