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Question on llc and cpa accounts

Discussion in 'Business & Tax Advice' started by THECEO, May 19, 2009.

  1. THECEO

    THECEO BANNED BANNED

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    Ok I am looking into setting up an llc. I work with almost every major cpa company out there so would I have to reapply to each network with my llc info again or still use my current cpa accounts? Im just not sure how that would work for tax purposes. Thanks for all the input.
     
  2. innocent

    innocent Junior Member

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    Since the LLC profits will flow through to your personal return, you can choose to keep the existing accounts that you have. However, I would go ahead and also get new accounts using your LLC tax ID and information in case one of the others ever gets banned you won't miss a step. But to answer your original question, you can just keep the same accounts that you have been using as it won't affect you tax-wise.
     
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  3. gurujh

    gurujh Registered Member

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    Was sending you a answer, but Innocent beat me to it.

    Innocent is correct in the fact that the LLC will pass all your earning through to your personal tax return. I agree with Innocent in getting two separate accounts. That is what I did, and it was well worth the effort.

    I also got a separate tax ID for the LLC, which in my opinion makes you look more professional, but in the end it still all goes down on your personal taxes.
     
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  4. THECEO

    THECEO BANNED BANNED

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    Thanks both of ya for takin the time to clear it up. I agree it is wise to set up new accounts just in case. ;) Now back to the blackhat attack :)
     
  5. BlackBeard

    BlackBeard Newbie

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    LLC's are different in any state. Talk to an accountant.

    But - LLC are a company - the money doesn't go to your personal tax return. A LLC is a business, it pays you a salary.

    You only pay income tax on your personal income tax.

    You go to Best Buy and buy a 42" LCD tv and a Mac Book Pro on the company credit card for your use. The business own them. You use them. You didn't have to pay personal income tax on those dollars.
     
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  6. innocent

    innocent Junior Member

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    Actually, LLC income does go on your personal tax return. It is a flow through business entity...

     
  7. GreenGoblin

    GreenGoblin BANNED BANNED

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    Nah he's 100% right, a LLC pays you the individual a salery in which u file on your personal taxes at the end of the year...however as a business entity which is taxed diffrently by the government its taxes % is a lot higher then if worked for someone else. For example for self employment u pay around 15.3 % at the end of the year..and if u worked for someone and was handed a paycheck every 2 weeks u pay around 7.2% at the end of the year. I'm sure no1 wants to pay 15.3 % on there personal taxes.
     
    Last edited: Jun 21, 2009
  8. caretaker2007

    caretaker2007 Power Member

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    If you are wasting your time with LLCs please look up what a single owner LLC is, and, learn that it is nothing but an over glorified sole proprietorship. It is nothing but an expensive pretty thing to look at.

    A multiple person LLC can adopt either a corporate structure or a partnership structure.

    If you just want to have a new tax ID number get a local county clerk DBA and use that info, it gives as much protection and tax advatages as a disregarded entity, or single person LLC, for less money.

    The LLC CAN pay your wages, but, you better show a zero profit on the LLC, or that becomes your income too.

    No matter what you are going to pay the taxes, learn about tax matching, PLUS, start adding in your unemployment taxes, state and FUTA, worker's compensation, and all the other perks employers pay on employees.
    See your state gov's website and irs.gov for more information on how to tax yourself.
     
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  9. THECEO

    THECEO BANNED BANNED

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    Thanks for all the input. I havent set up an llc yet. The only purpose of me doing it was to save on the 15% self employment tax. Im wondering if its worth all the hastle now. lol
     
  10. Randyith

    Randyith Newbie

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    Wow, nobody on this thread has any fuckin idea about what they are talking about regerding limited liability companies. You need to consult a lawyer. Yes. I have 134 websites all under RTS LEASING LLC.
     
  11. GreenGoblin

    GreenGoblin BANNED BANNED

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    1. You might want to get your newb post count up before being iggnorant on someone else thread. Especially when your post gave no input and only stated the obvious that even my 2 year old could point out and he still wets the bed.

    2. Read The topic of this thread, then ask yourself how is your 134 websites relevant to LLC's and CPA accounts & paying taxes
    and if it is relevant, why didn't u make a post of your knowledge MR. 134 websites all under RTS LEASING LLC, which only leads to me to believe u know "NOTHING"

    3. After reading number #2 please post what the hell your contribution was to this thread.

    4. Read my signiture
     
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    Last edited: Jun 29, 2009
  12. Randyith

    Randyith Newbie

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    Hey fuck you GreenGoblin. I don't have to get my web posts on BHW up. I am fucken 51 years old, own a $600,000 home, support 2 kids in college and make over $500,000 per year. I am not some fucken teenager like you working out of my parent's basement to scam a few hundred bucks a month e-whoring.

    Google my name and company jackass and you will see over 70,000 results. randy slabey and rts leasing llc.

    Now everyone knows what a jackass you are.

     
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    Last edited: Jul 6, 2009
  13. PepsiGuy

    PepsiGuy Junior Member

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    Owned......Round 2. Ding ding ding.
     
  14. Randyith

    Randyith Newbie

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    Occupation:
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    In order to contribute some, here are some facts;

    1) The USA federal government does not recognize LLC (Limited Liability Companies)
    2) Why: LLCs are originated by states
    3) When you form an LLC you have to fucken immediately choose how the IRS will recognize it. This has to be done before you are even issued an EIN number.
    4) You can choose the following: sole propriotership, partnership, or "S" corporation.

    You want to select "S" corporation. Now you are a fucken corporation under USA laws jackasses.

    I know it is too hard for the 15 year olds on this thread to understand but there is a big fucken difference between a "C" and "S" corporation.

    Goggle it !!!!!!!!!!!!!!!!!!!!!

    An LLC filed as an "S" corporation to the IRS recieves all the benefits of a "C" corporation but you avoid the duel taxation. Google it!

    You post the "S" corporation earnings on your personal income taxes. You have all the advantages of a corporate shield to protect your personal assets but avoid the duel taxation through dividends.

    This is the truth and if you don't believe look it up.
     
    Last edited: Jul 6, 2009
  15. Randyith

    Randyith Newbie

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    Just to clarify the IRS only recognizes the following business types;

    sole proprietorship, partnership, "C" corporation or "S" corporation.

    The USA Federal government does not know or care what an LLC is. Got it. They allow you to pick one of the above except "C" corporation.

    Trust me, I really know what I am talking about.

    If you want to know more contact my lawyer, Larry Miller Jr, at 1-610-670-9000. Beware he charges $200 per hour 15 year olds. He actually is a very good attorney and can set you up with an LLC for about $250 but you need a cc. I live in a small town and I make no money if you hire him. I am sure he would talk to you for 10 minutes on the phone if you said Randy Slabey referred you. Really, no BS. but we are small town people.
     
    Last edited: Jul 6, 2009
  16. THECEO

    THECEO BANNED BANNED

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    Wow I dont check this thread for a few and it turns into a pissing contest. lol. The only reason I was checking on doing an llc was to save on the 15% self employment tax.
     
  17. caretaker2007

    caretaker2007 Power Member

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    That won't work to save on the taxes, unless you are doing tax evasion, then you don't need a business anyway.