Hi all! I recently had a rather large tax bill from my 1099 sidework. It got me thinking. What can I do to strategically lower my overall taxes while putting myself and my family in the best financial situation?
I've talked to a few people about creating an LLC. Everyone says create an LLC so clients cannot touch your personal assets in legal settlement. I've been hesitant to create an LLC because I think it would add unecessary complexity to my life.
* Should I create an LLC?
* Where should I incorporate?
* Should I do a S corp or C corp? I have no idea, my tax lady mentioned something about big C and little C corps.
* How does having an LLC affect my taxes?
* Should I be a W2 employee of the LLC?
Please share any learning resources I might find helpful. Thanks!
I've talked to a few people about creating an LLC. Everyone says create an LLC so clients cannot touch your personal assets in legal settlement. I've been hesitant to create an LLC because I think it would add unecessary complexity to my life.
* Should I create an LLC?
* Where should I incorporate?
* Should I do a S corp or C corp? I have no idea, my tax lady mentioned something about big C and little C corps.
* How does having an LLC affect my taxes?
* Should I be a W2 employee of the LLC?
Please share any learning resources I might find helpful. Thanks!