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Self employed guys, I have a question.
#3710392
07/18/22 09:20 AM
07/18/22 09:20 AM
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Joined: Nov 2003
Posts: 1,026
Odenville
Heath
OP
6 point
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OP
6 point
Joined: Nov 2003
Posts: 1,026
Odenville
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Strongly considering starting my own business doing the same thing I do now but just for myself. Is an LLC the best way to go or one of the other setups? I will have no other employees, it will just be me.
It's not the strongest species to survive, nor the most intelligent, but the ones most responsive to change. - Charles Darwin
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Re: Self employed guys, I have a question.
[Re: Heath]
#3710397
07/18/22 09:33 AM
07/18/22 09:33 AM
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Joined: Jan 2017
Posts: 3,937
Lower Alabama
Andalusia
10 point
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10 point
Joined: Jan 2017
Posts: 3,937
Lower Alabama
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Talk to an accountant. Probably depends on your annual income and future growth potential. Corporate returns and accounting fees may not make it worth the effort depending on income level.
Last edited by Andalusia; 07/18/22 09:35 AM.
"It is the mark of an educated mind to be able to entertain a thought without accepting it"
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Re: Self employed guys, I have a question.
[Re: Heath]
#3710401
07/18/22 09:40 AM
07/18/22 09:40 AM
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Joined: Jul 2011
Posts: 39,545
Marshall County
FurFlyin
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 39,545
Marshall County
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In reality I don’t know that it matters much. You’re gonna make a profit, the government is gonna say, bend over and much of your operating capital is going to go away when you pay taxes.
If my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then will I hear from heaven and will forgive their sin and will heal their land. 2 Chronicles 7:14
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Re: Self employed guys, I have a question.
[Re: Heath]
#3710423
07/18/22 10:22 AM
07/18/22 10:22 AM
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Joined: Aug 2003
Posts: 4,018
pensacola,fl
dagwood
10 point
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10 point
Joined: Aug 2003
Posts: 4,018
pensacola,fl
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S Corp here also. Makes it easy to add a partner later on if you want to.
jmlane
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Re: Self employed guys, I have a question.
[Re: FurFlyin]
#3710424
07/18/22 10:23 AM
07/18/22 10:23 AM
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Joined: May 2002
Posts: 3,014
Vinemont, Alabama
GoldenEagle
10 point
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10 point
Joined: May 2002
Posts: 3,014
Vinemont, Alabama
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In reality I don’t know that it matters much. You’re gonna make a profit, the government is gonna say, bend over and much of your operating capital is going to go away when you pay taxes. Truth. My taxes are much higher being self employed. It's almost like the government doesn't want independent people.🥺
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Re: Self employed guys, I have a question.
[Re: Heath]
#3710428
07/18/22 10:25 AM
07/18/22 10:25 AM
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Joined: Dec 2014
Posts: 7,964
Boaz,AL
CarbonClimber1
14 point
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14 point
Joined: Dec 2014
Posts: 7,964
Boaz,AL
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My wife is soul proprietor..but she has nothing to be liable for🤷🏻
"I dont quit.. And ill fight alone if i have to"
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Re: Self employed guys, I have a question.
[Re: Heath]
#3710431
07/18/22 10:31 AM
07/18/22 10:31 AM
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Joined: Mar 2013
Posts: 6,101
alex city
oakachoy
12 point
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12 point
Joined: Mar 2013
Posts: 6,101
alex city
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I may be wrong, I do LLC filing as S corp. The real consideration is medical insurance. After 12 years I finally figured out the best salary vs distribution balance ratio to lessen the tax burden, well not lessen but, at least not having the big killer payment.
WM Hunter "Trump literally sacrificed himself, his family and all of his businesses for this country.
He literally is a true American hero. And True American Patriot - warts and all."
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Re: Self employed guys, I have a question.
[Re: oldandwise]
#3710466
07/18/22 11:52 AM
07/18/22 11:52 AM
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Joined: Aug 2001
Posts: 67,937
Luverne, AL
Skinny
GUVNER
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GUVNER
Joined: Aug 2001
Posts: 67,937
Luverne, AL
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Cardi b asking what Uncle Sam doing with her tax dollars . Super hilarious Gubberment can even tax WAP!
Never Trust Government
"You can be broke but you cant be poor." Ruthie-May Webster
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Re: Self employed guys, I have a question.
[Re: Heath]
#3710503
07/18/22 01:30 PM
07/18/22 01:30 PM
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Joined: Mar 2015
Posts: 4,923
FL
mw2015
12 point
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12 point
Joined: Mar 2015
Posts: 4,923
FL
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Definitely ask your accountant to recommend which is appropriate based on your business. I went S corporation because a single member LLC was not recommended. Best thing is to have discussion with your CPA.
Michael Warren CPIA Your trusted insurance advisor for business and health insurance. ALDEER SPONSOR BUSINESS INSURANCE AND LIFE/HEALTH INSURANCE IN FL AND AL http://mikewarreninsure.commikewarreninsuranceagency@gmail.com Agency phone (954) 884-8253
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Re: Self employed guys, I have a question.
[Re: Heath]
#3710505
07/18/22 01:36 PM
07/18/22 01:36 PM
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Joined: May 2015
Posts: 6,363
On the X
TickaTicka
12 point
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12 point
Joined: May 2015
Posts: 6,363
On the X
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You can also do LLC, taxed as an S Corp. But I agree, every situation is different. Talk to a CPA.
Public Land Owner
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Re: Self employed guys, I have a question.
[Re: Heath]
#3710507
07/18/22 01:37 PM
07/18/22 01:37 PM
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Joined: Jan 2013
Posts: 19,850
Pelham
Ben2
Old Mossy Horns
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Old Mossy Horns
Joined: Jan 2013
Posts: 19,850
Pelham
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Re: Self employed guys, I have a question.
[Re: Skinny]
#3710555
07/18/22 03:09 PM
07/18/22 03:09 PM
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Joined: Apr 2018
Posts: 951
Central Alabama
Super Dave
6 point
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6 point
Joined: Apr 2018
Posts: 951
Central Alabama
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Cardi b asking what Uncle Sam doing with her tax dollars . Super hilarious Gubberment can even tax WAP! Sure can in Nevada.....
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