| Author | Message | ||
Cyberabadsinnodu Side Hero Username: Cyberabadsinnodu Post Number: 6157 Registered: 02-2010 Posted From: 68.48.62.237 Rating: N/A |
http://www.chalanachithram.com/discus/messages/125/200842.ht ml?1357327251 prev disco elago bookmark aindi ఎంత చికాగో యునివర్సిటీ లో చదువుకున్నా చిలక్కొట్టుడికి సరైన ఇంగ్లీషు పదం దొరుకుతుందా..!! | ||
Atlantis Comedian Username: Atlantis Post Number: 1603 Registered: 07-2008 Posted From: 107.1.124.32 Rating: N/A |
thanks bro! | ||
Gsn1 Side Hero Username: Gsn1 Post Number: 2097 Registered: 03-2008 Posted From: 68.100.135.214 Rating: N/A |
Atlantis, ------------- Can we start an LLC/Scorp in a state other than the one we reside? ------------- Yes. You can. Lot of people register their companies in Delaware, but you need to have an address in that state (I am not sure about this requirement though). | ||
Atlantis Comedian Username: Atlantis Post Number: 1602 Registered: 07-2008 Posted From: 107.1.124.32 Rating: N/A |
bump for Mav, Gsn1, king.... | ||
Atlantis Comedian Username: Atlantis Post Number: 1601 Registered: 07-2008 Posted From: 107.1.124.32 Rating: N/A |
okay...got it. Can we start an LLC/Scorp in a state other than the one we reside? | ||
Gsn1 Side Hero Username: Gsn1 Post Number: 2095 Registered: 03-2008 Posted From: 68.100.135.214 Rating: N/A |
King, Better to start a new LLC and you can't use same EIN number. Everything should be new. Dissolving should be easy, I believe in your returns, you need to check a box that indicates it is the LAST RETURN. | ||
Gsn1 Side Hero Username: Gsn1 Post Number: 2094 Registered: 03-2008 Posted From: 68.100.135.214 Rating: N/A |
CM --------- legal? risk of irs audit? --------- It is legal AS LONG AS you can justify the deduction as company expense. IRS Audit risk is always there, but you are NOT ABUSING these expenses, and can justify, it should be OK. There IRS guidelines which expense is allowed and you have to be careful what you are deducting. | ||
Atlantis Comedian Username: Atlantis Post Number: 1600 Registered: 07-2008 Posted From: 107.1.124.32 Rating: N/A |
ya adde na bayam kuda... one more question: if I have to dissolve the OLD one and start a new one, old EIN medane State lo kothade create start cheyocha? or do we also have to close that EIN? | ||
Maverick Legend Username: Maverick Post Number: 43979 Registered: 01-2008 Posted From: 70.39.231.181 Rating: N/A |
atl simple ga kottadi start chesuko..friend ee aina, its not advisable to do earn on that partnership. he will have rights Who is this DB member? | ||
King Side Hero Username: King Post Number: 4622 Registered: 08-2008 Posted From: 208.185.201.194 Rating: N/A |
better form new LLC or new corp..its easy and cheap so that you wont have any issues going further. Removing Partner may be an option but dont know how easy it is as he is no more present here http://voices.yahoo.com/how-remove-partners-name-llc-you-285 5027.html?cat=3 Ashton - I'm living an Amish lifestyle. so far so good. | ||
Commonman Junior Artist Username: Commonman Post Number: 139 Registered: 05-2012 Posted From: 98.221.83.18 Rating: N/A |
legal? risk of irs audit? | ||
Atlantis Comedian Username: Atlantis Post Number: 1599 Registered: 07-2008 Posted From: 107.1.124.32 Rating: N/A |
nadhe okka question, I have an LLC with one of my friend as a member (both of us are partners annamata). Vedemo India poyyadu for good...and he is not comming back. eppatedaka eme business cheyalaa on this company, but im filing taxes and renewing all the annual registrations. So, now the question is, if I want to work on C2C from next project, can I still use this company? How to remove the other member as a partner? | ||
Gsn1 Side Hero Username: Gsn1 Post Number: 2093 Registered: 03-2008 Posted From: 68.100.135.214 Rating: N/A |
Another advantage with Corp/LLC is you can get Group insurance provided you have at least 2 employees (Aprat from you and your wife). You can also sponsor H1B's provided you have in-house or customer projects. | ||
Gsn1 Side Hero Username: Gsn1 Post Number: 2092 Registered: 03-2008 Posted From: 68.100.135.214 Rating: N/A |
CM 1099 - You pay employer + Employee taxes (Everything you have to do on your own) Inc - You have to pay monthly payroll taxes/reports. You have to pay/file reports monthly/quarterly/annualy. You can keep profits in the company. . LLC - SAME as a Corporation (Inc.), but you can't keep profits in the company at the end of the year, meaning the profit will flow to your personal 1099 as K-1 Income. While, 1099 is simple, Inc/LLC is easy to claim the expenses part of house rent/car payments/eating out etc. | ||
Commonman Junior Artist Username: Commonman Post Number: 137 Registered: 05-2012 Posted From: 98.221.83.18 Rating: N/A |
asalu 1099 ki -ves enti? | ||
Maverick Legend Username: Maverick Post Number: 43952 Registered: 01-2008 Posted From: 70.39.231.181 Rating: N/A |
>>nope..as my w2 is expense. ok..aite ee year position choosi i will switch to scorp Who is this DB member? | ||
King Side Hero Username: King Post Number: 4617 Registered: 08-2008 Posted From: 208.185.201.194 Rating: N/A |
nope..as my w2 is expense. Ashton - I'm living an Amish lifestyle. so far so good. | ||
Maverick Legend Username: Maverick Post Number: 43951 Registered: 01-2008 Posted From: 70.39.231.181 Rating: N/A |
>>but if I did 25% of W2 then chances are the i will beat your 20% of profit contribution unless you show huge profits yeah correct. but will that not offset the employer/employee taxes? Who is this DB member? | ||
King Side Hero Username: King Post Number: 4616 Registered: 08-2008 Posted From: 208.185.201.194 Rating: N/A |
I said that there is limit..but if I did 25% of W2 then chances are the i will beat your 20% of profit contribution unless you show huge profits Eg 17 K + 20% of 60K profit=29K in your case 17k + 25% of my 60K@W2= 32K in my case Ashton - I'm living an Amish lifestyle. so far so good. | ||
Maverick Legend Username: Maverick Post Number: 43949 Registered: 01-2008 Posted From: 70.39.231.181 Rating: N/A |
>> I can put !17K as 401 K and 25% of my W2 in self 401k. limit enduku ledu..i think u can't go beyond 49k for the total combined. Who is this DB member? | ||
King Side Hero Username: King Post Number: 4614 Registered: 08-2008 Posted From: 208.185.201.194 Rating: N/A |
I did incorporationp and filing taxes as S Corp. The main reason I did incorp is , I dont need to pay full taxes on the profit..but I do pay Employer and employee tax on the W@. Main benifit as Mrav said is stash money in 401K but unlike in Mrav case even though limit is 49k I can put !17K as 401 K and 25% of my W2 in self 401k. I pay my taxes every month on W2 and pay taxes on the profit when combined with personal 1040 Ashton - I'm living an Amish lifestyle. so far so good. | ||
Maverick Legend Username: Maverick Post Number: 43947 Registered: 01-2008 Posted From: 70.39.231.181 Rating: N/A |
>>marv..kummuthunnav ga.. 20% profit almost neeku 34K ante..DB Top 10 lo untave,o..Kummu nee enks, adi limit ani cheppa..naa profit adi ani kaadu..nee kante kaadu le ranking lo Who is this DB member? | ||
King Side Hero Username: King Post Number: 4613 Registered: 08-2008 Posted From: 208.185.201.194 Rating: N/A |
marv..kummuthunnav ga.. 20% profit almost neeku 34K ante..DB Top 10 lo untave,o..Kummu Ashton - I'm living an Amish lifestyle. so far so good. | ||
Megastar Username: Twitter Post Number: 25983 Registered: 10-2009 Posted From: 199.67.131.151 Rating: N/A |
qtly is enough . advantage of llc over scorp is you dont have to pay min annual tax if you dont do business . | ||
Maverick Legend Username: Maverick Post Number: 43946 Registered: 01-2008 Posted From: 70.39.231.181 Rating: N/A |
http://money.cnn.com/retirement/guide/selfemployment_individ ual401k.moneymag/index2.htm idi chaduvuko Who is this DB member? | ||
Maverick Legend Username: Maverick Post Number: 43945 Registered: 01-2008 Posted From: 70.39.231.181 Rating: N/A |
corp is little difficult to manage..quarterly taxes avi untai..i felt llc is simple for consulting. open a solo 401k before 31 dec..then next yr before apr 15 after looking at ur income and expenses, u can contribute 16500 to that as an employee and as a owner, u can contribute 20% of net profit also with a max limit of 49000. if both husband and wife work, it can be upto 98000.. Who is this DB member? | ||
Megastar Username: Twitter Post Number: 25982 Registered: 10-2009 Posted From: 192.193.216.147 Rating: N/A |
im doing llc ,ee month lo qty taxes file chesaka cheppagalanu..intha varaku ye taxes ela file cheyyalo theldhu ..mottham ma auditor sethilo etta .. | ||
Commonman Junior Artist Username: Commonman Post Number: 132 Registered: 05-2012 Posted From: 98.221.83.18 Rating: N/A |
Total bouncer. Please explain. For s-corp, do u pay taxes every month or quarterly? | ||
Maverick Legend Username: Maverick Post Number: 43944 Registered: 01-2008 Posted From: 70.39.231.181 Rating: N/A |
16500 + 20% net profit (profit is w2- expenses) Who is this DB member? | ||
Maverick Legend Username: Maverick Post Number: 43942 Registered: 01-2008 Posted From: 70.39.231.181 Rating: N/A |
i did solo propertier llc..tax filing is very simple. include schedule c in filing. adv : open a solo 401k, u can stash upto 49k. if you have ur wife also in ur business, u can stash upto ~100K. Who is this DB member? | ||
Commonman Junior Artist Username: Commonman Post Number: 129 Registered: 05-2012 Posted From: 98.221.83.18 Rating: N/A |
Or am i better off talking to known desi employers and ask them to run payroll as pass through. Know few who are ready to do that as it helps them to generate revenue... but i still have to pay emp taxes (9-10%) | ||
Cocanada Legend Username: Cocanada Post Number: 39369 Registered: 01-2008 Posted From: 168.244.164.254 Rating: N/A |
same question http://imgcdn.raagalahari.com/june2012/functions/ram-charan-wedding-high-resolution/ram-charan-wedding-high-resolution34.jpg | ||
Commonman Junior Artist Username: Commonman Post Number: 127 Registered: 05-2012 Posted From: 98.221.83.18 Rating: N/A |
Guys, Need urgent info help. Tried searching DB for old threads on this topic but still some confusion What is the best option for GC holders? 1099 / Inc / s-corp / llc? Which is most easy to manage in terms of tax filing / documentation etc Which one will save you more money? or less taxes (not looking for illegal methods) Which one will cost more in terms of liability insurance (mandatory?), self emp tax etc If you are only going to use this for 6-9 months and then take up C2H(FT), which option is best for short term? |