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Laid off - Advice for New Years Business

Discussion in 'Business & Tax Advice' started by Todd H, Dec 31, 2016.

  1. Todd H

    Todd H Newbie

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    What's up guy? In the beginning of the month I got laid off from my company but I believe things happen for a reason. I have a online business that is doing well but I plan to grow it in 2017 to 6 figures a year.

    Over the years I filed as a sole proprietor with my w2's. I never went to an accountant. However, I plan to go but was wondering can I form a new LLC first (just me as the owner) and then go in April when taxes are due since I will file my w2's and online income for 2016?


    I was planning to do this up until April:

    -Register a LLC
    -get EIN
    -Open a bank of america business checking
    -do my profit and loss on software - most likely quick books

    Then give my accountant access to quick books and all my receipts etc.

    Any advice on how I should start by registering my business? Do any of you do your own taxes online while running your business? Thank you
     
  2. Todd H

    Todd H Newbie

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    Any advice guys? Thanks
     
  3. FormerBoxer

    FormerBoxer Regular Member

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    A lot of people loss their jobs and became successful entrepreneur. Maybe losing your job was meant to be. I would see an accountant first and then register your business to make sure you go the right route. Choose your accountant wisely. I went to many accountants and they suck! If you're planning to make 6 figures, I would pay top dollar to see a really good one. A lot of accountants use quickbooks. When I first started I was using quickbooks for a while and exporting my taxes to turbo tax... you can do your own accountant if you have time. Remember time is money:)
     
  4. TheNumbersGuy

    TheNumbersGuy Jr. VIP Jr. VIP

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    When would you be creating the LLC company? Was it after Dec 31, 2016? If you began that company prior to December 31, 2016 & paid yourself money though it then they might be required to send a w2 in also.