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SMLLC pays SE tax so no payroll. S corp would mitigate that but brings requirement to take 'reasonable salary'. Depending on your numbers it may well not be worth the cost to go S. Other factors are involved in the decision as well.
Intuit is the devils spawn but also the best option you've got. Nothing complex here. Keep a mileage log and deposit all revenue into a bsns account under the EIN. Pay all relevant bsns expenses out of same account. makes the bookkeeping easy.
if you anticipate significant excess cash flow (say $20k or better) get in touch with a competent financial advisor to look into 401k options.
your situation is pretty basic and any competent cpa can handle it for you. you don't need the fanciest office, this isn't rocket science at all.
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Well i had #6 adjusted perfectly but then just before i tightened it a butterfly in Zimbabwe farted and now i have to start all over again!
I believe we all make mistakes but I will not validate your poor choices and/or perversions and subsidize the results your actions.
Last edited by berettafan; 08-30-2024 at 06:44 PM..
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