HOW is your business entity set up?
- Thread starter Zesty1
- Start date
I'm in CA and I went with an S-crop instead of an LLC. The reason, lower taxes and future plans for w2 employee. In CA, there is no real protection if you do some shady shit with LLC or Scorp.
Attached comparison chart that I got from my accountant. Either way, talk to your Accountant.
Attached comparison chart that I got from my accountant. Either way, talk to your Accountant.
when all is said and done, how much do you pay in taxes? Ballpark
Also, can i just incorporate in a different state where there is protection even though I don't live there? I might do some shady shit... only just a bit
I personally live in Florida and went with an "LLC" based on my CPA's recommendation. Seems like you've been given some great feedback in this thread, but always consult a local, trusted accounting professional.
Wow there's some stupid shit here. Note what efeezy said- your gonnna get ass raped on fees in California. Since you live and work in California, there's no legal way around those. There's no tax benefit. "Pass through" entities are so great because you get to pay what you would normally pay in taxes, as opposed to more. You can already deduct expenses without a corp/LLC. You owe self-employment either way. Really, don't do it because you think there's some tax benefit.
If you take your business advice from what random people on the internet have told you, you really deserve whatever you get.