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Velvet
by Turkey_neck. 05/04/24 09:13 AM
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114 registered members (RSF, Sasquatch Lives, Raven, CrimsonWSM, Peach, canichols424, Bruno, Bamajoz, JPFlier, Livintohunt19, Holcomb, Davyalabama, BhamFred, Chipnalong, slanddeerhunter, Jmoore77, CKyleC, BCLC, Beak_Buster, Chaser357, roll_tide_hunts, Alb, DoubleB, metalmuncher, BigA47, Floorman1, GUT_SHOT, Cuz-Pat, Okatuppa, courseup, LongBeards29, deerman24, hamma, m97, Guru, kaferhaus, GHTiger10, ALMODUX, sj22, jlbuc10, FreeStateHunter, lpman, Paint Rock 00, mcninja, WMEC615, cdaddy14, Poplar_Springs, BD, Etyson, CNC, johnv, BPI, Droptine-13, BigEd, cbs, 202P&Y, dirkdaddy, Zbrann, Tigger85, 300gr, treemydog, PikeRoadHunter, RCHRR, beerhunter, Ben2, MarksOutdoors, BentBarrel, weatherby, Reaper, MC21, Narrow Gap, 3bailey3, TurkeyJoe, hallb, Fishduck, coachg34, Red Fox, bamaeyedoc, NotsoBright, Joe4majors, robinhedd, fish_blackbass, cuztoshaw, ronfromramer, crenshawco, 380jeff, jake44, beetrapper, Whild_Bill, cartervj, Marbury, Turkeyneck78, Bronco 74, BrandonClark, quailman, antlerhunter, fur_n_feathers, MikeP, JLMiller, BrentsFX4, Mack1, G/H, Mbrock, quickshot, geeb1, AU coonhunter, longshot, bug54, AuGrayghost, 5 invisible),
915
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Key:
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Re: Self employed guys, I have a question.
[Re: Heath]
#3710637
07/18/22 05:57 PM
07/18/22 05:57 PM
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Joined: Jan 2014
Posts: 10,416 Scottsboro, Al
jbatey1
Lucky Bastage
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Lucky Bastage
Joined: Jan 2014
Posts: 10,416
Scottsboro, Al
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Started as an LLC Partnership. S-Corp filing now.
Here’s a spinoff question for the same group of guys.
It’s completely Hypothetical, of course : If you regularly get paid in cash for large sums, (For the questions sake we’ll say anywhere from 8k cash up to about 20k) this normally happens once to twice a month, most months. Hypothetically do you treat it as any other ordinary income, deposit it, claim it and etc or do other things with it that is no ones business?
The fool tells me his reasons; the wise man persuades me with my own.
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Re: Self employed guys, I have a question.
[Re: jbatey1]
#3710638
07/18/22 06:01 PM
07/18/22 06:01 PM
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Joined: Mar 2013
Posts: 5,918 alex city
oakachoy
12 point
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12 point
Joined: Mar 2013
Posts: 5,918
alex city
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Started as an LLC Partnership. S-Corp filing now.
Here’s a spinoff question for the same group of guys.
It’s completely Hypothetical, of course : If you regularly get paid in cash for large sums, (For the questions sake we’ll say anywhere from 8k cash up to about 20k) this normally happens once to twice a month, most months. Hypothetically do you treat it as any other ordinary income, deposit it, claim it and etc or do other things with it that is no ones business? I appreciate the way you help others with AC knowledge, Hypothetically that is a broad brush, we keep in the business as capitol when needed. K1's require good research for balance of tax liabilities.
WM Hunter "Trump literally sacrificed himself, his family and all of his businesses for this country. He literally is a true American hero. And True American Patriot - warts and all."
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Re: Self employed guys, I have a question.
[Re: Heath]
#3710691
07/18/22 07:46 PM
07/18/22 07:46 PM
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Joined: Sep 2002
Posts: 3,238 Sterrett, AL, USA
stkshtr
10 point
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10 point
Joined: Sep 2002
Posts: 3,238
Sterrett, AL, USA
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LLC partnership with my wife primary owner. No employees. We take owner draws as needed. Look into investing money in pre-tax opportunities to save on taxes from profits.
CISM- Firefighter Chaplain-C.E.R.T. Instructor Refuel Ministries-HAM (KM4LBG)
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Re: Self employed guys, I have a question.
[Re: Heath]
#3710711
07/18/22 08:20 PM
07/18/22 08:20 PM
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Joined: Sep 2001
Posts: 940 AL
jhardy
6 point
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6 point
Joined: Sep 2001
Posts: 940
AL
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Strongly considering starting my own business doing the same thing I do now but just for myself. Is an LLC the best way to go or one of the other setups? I will have no other employees, it will just be me. Not enough info to decide. All recommendations above could be right depending on circumstances and what you are wanting to do. A regular C corp could even be right in the correct circumstances. See a tax CPA. You don’t want to mess it up from the start.
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