Get a CPA, they can do it for you and advise on the best setup. You can basically write anything as a business expense but you have to make it real with deposits every once in a while. My use case is a legit business and for tax purposes.
The benefits of having an LLC
- Thread starter Ethnic Vagina Finder
- Start date
Id say an S corp is the way to go for side hustles and businesses.
you funnel personal expenses through the s corp as “cost of doing business” on your income tax. plus if you become public you can sell your staff shares. And llc you cant.
less irs involvement and auditing on s corps.
but like in a any legit business keep receipts. Just in case.
you funnel personal expenses through the s corp as “cost of doing business” on your income tax. plus if you become public you can sell your staff shares. And llc you cant.
less irs involvement and auditing on s corps.
but like in a any legit business keep receipts. Just in case.
Been using it for years to relieve my tax burden, I owed this season due to cashing out crypto gains and substantial profit with my music.
If you are responsible with that EIN, you can gain lines of business credit/loans where you couldn't as an individual.
Also, split your personal and business purchases, use separate accounts for personal and business expenses. Also use your business credit/debit cards for business-related items.
If you are responsible with that EIN, you can gain lines of business credit/loans where you couldn't as an individual.
Also, split your personal and business purchases, use separate accounts for personal and business expenses. Also use your business credit/debit cards for business-related items.
humminbird
Veteran
I spoke with a guy the other day who did this LLC bs to “flip houses” and he purchased a home, jewelry and a truck and can’t afford his mortgage payments, let alone the business AMEX and other cards he’s about to get sued over.
It sounds good until you realize that a paper trail still leads to you and you gotta pay for all the shyt you bought on credit. Proceed with caution brehs.
Goofy nikka tried to tell me GOD wasn’t going to let him lose all of the things he bought under his LLC. nikka makes $4K a month but his minimum payments are damn near $2K for just the credit cards.
damn what the hell is that
damn what the hell is that
Straight up delusional.
OfTheCross
Veteran
You can legally hide money, as long as you disguise it was business revenue.
The government can garnish a business bank account to collect personal debt. This includes the IRS and child support.
You can also collect unemployment and still make money as a 1099 as the money will be reported to your EIN instead of your SSN.
The caveat is when you file your taxes, file as an S Corp instead of sole proprietor, or none of this will work
AquaCityBoy
Veteran
INCOMING COLI RICO 
NotAnFBIagent
[redacted]
Sent to the irs