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Author Topic: Fun and Games With Your LLC  (Read 831 times)

Devonai

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Fun and Games With Your LLC
« on: September 06, 2011, 05:21:29 PM »
So I'm starting a new job tomorrow as an independent contractor, and the parent company required me to register myself as a LLC.  As I wait for the State of CT to kick back my application, I ponder what surprises, good or bad, I might run into.  I'm aware that my tax situation will become more complicated, and the parent company is prepared to help walk me through that.  Any other tidbits of advice from anyone?  Must-do things, or things to avoid?
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Brad Johnson

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Re: Fun and Games With Your LLC
« Reply #1 on: September 06, 2011, 05:24:37 PM »
Pay yourself first.

Brad
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vaskidmark

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Re: Fun and Games With Your LLC
« Reply #2 on: September 06, 2011, 09:47:56 PM »
Quote from: Brad Johnson on September 06, 2011, 05:24:37 PM
Pay yourself first.

Brad

Then hire your kids to amuse you.  And rent all your clothes from the LLC, reimburse it at cost-plus rates for food/housing/medical care, and all the other tax dodges that have been attempted over the years.

I remember when a friend of mine, in a solo pediatric practice, was suddenly confronted by the IRS with the news that they were no longer allowing those things to get a pass.  He went from a new Mercedes every year to a 5-year old K-car that he held on to until it was almost 15 years old.

stay safe.
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Jamisjockey

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Re: Fun and Games With Your LLC
« Reply #3 on: September 07, 2011, 08:36:18 AM »
Talk to a tax guy about setting yourself up to be taxed as an S corp.  Pay yourself a payroll, pay your taxes through withholdings. 
Estimating your taxes through the year is a pain in the *expletive deleted*ing ass.
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Perd Hapley

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Re: Fun and Games With Your LLC
« Reply #4 on: September 07, 2011, 08:41:22 AM »
You know that incorporation makes you evil, right? Better go rape some spotted owls, just for street cred.
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Re: Fun and Games With Your LLC
« Reply #5 on: September 07, 2011, 08:48:30 AM »
Quote from: vaskidmark on September 06, 2011, 09:47:56 PM
Then hire your kids to amuse you.  And rent all your clothes from the LLC, reimburse it at cost-plus rates for food/housing/medical care, and all the other tax dodges that have been attempted over the years.

I remember when a friend of mine, in a solo pediatric practice, was suddenly confronted by the IRS with the news that they were no longer allowing those things to get a pass.  He went from a new Mercedes every year to a 5-year old K-car that he held on to until it was almost 15 years old.

stay safe.

Thread drift...you could actually make a K-car run that long? ???
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Devonai

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Re: Fun and Games With Your LLC
« Reply #6 on: September 08, 2011, 08:57:24 PM »
Fistful: The owls didn't resist.  ???
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When in danger, when in doubt, run in circles, scream and shout!
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