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Lothar
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 Tax benefit of registering business versus doing business as using SSN
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Posted on 11-07-18 2:03 PM     Reply [Subscribe]
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Hi I had heard that under Trump, your get tax benefit if you register a business rather than running a business using your SSN.

It that true and what kind of business do you have to register as such as LLC or whatever else there is?
 
Posted on 11-08-18 4:58 PM     [Snapshot: 115]     Reply [Subscribe]
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Anyone? I want to do this before end of the year if this is beneficial.
 
Posted on 11-08-18 5:04 PM     [Snapshot: 119]     Reply [Subscribe]
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check with tax professionals who do this for a living. you may go to your local tax agent who do book keeping also. Those with more than 15 years of experience will tell you the right answer...Those with less than 5 years of experience may not know all the details....With small business, you can include variety of expenses that are allowed by IRS...You can do small biz as sole, LLC, Corporations. I'm not too familiar with different pros/cons with each of these but in general, the more money you will make through your small business, better to switch from sole to LLC or C/S corps. As a sole, (with your SSN) you are liable for any lawsuits etc if something happens to others while doing biz with you and they decide to sue you. With other structures, your assets are separated from business assets...etc...These are basics...Go to youtube ...and search for difference between all these and see for yourself where your business fits. Usually people start as Sole, and go from there....
 
Posted on 11-08-18 8:01 PM     [Snapshot: 187]     Reply [Subscribe]
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If your income in not high enough, there's really no point of incorporating.

C Corp tax rate is flat at 21% vs high tax rate of 37.5% high for individual plus the state tax.

Eitherway, you just have two months to go. So I don't see any points in rushing.
 
Posted on 11-10-18 10:36 AM     [Snapshot: 362]     Reply [Subscribe]
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Thank you Traax and Nayapidi. 

I make 100k with my job and about 60k with side business using SSN. Would registering as C-corp be the best step forward?


Last edited: 10-Nov-18 10:37 AM

 


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