| Author | Message | ||
     Shikari Side Hero Username: Shikari Post Number: 4961 Registered: 03-2010 Posted From: 183.82.174.248 Rating: N/A |
india lo untu US lo LLC pettocha?  http://i.imgur.com/84qe1.gif DNK= Divangatha Netha Kumarudu , PNK = Priyathama Netha Kumarudu ,MNK = Maha Netha Kumarudu by Risingstar | ||
| Entikaburlu Side Hero Username: Entikaburlu Post Number: 2301 Registered: 07-2011 Posted From: 67.247.83.224 Rating: N/A |
there is no such thing. you can start anytime. if you want to save money, do it all yourself, it will take a little while but it is easy. otherwise, go through a NYC company they will charge around 400. | ||
| Andhrawala Side Hero Username: Andhrawala Post Number: 8044 Registered: 03-2008 Posted From: 152.51.56.1 Rating: N/A |
Ask him to contact CPA. Konnitiki full knowledge vunna person vundatam better. Nuvvu question pose sesi ayana daggarki vellatappatiki information loss or addition vuntundhii | ||
| Oohlala Comedian Username: Oohlala Post Number: 1190 Registered: 09-2008 Posted From: 173.36.196.11 Rating: N/A |
ETK, do you think it is better to start LLC or smthg in 2012 since there are only 2 months left in 2011?? | ||
| Entikaburlu Side Hero Username: Entikaburlu Post Number: 2237 Registered: 07-2011 Posted From: 67.247.83.224 Rating: N/A |
I doubt it. if you take benefits from the corp, you are a self employed corp, so you need to pay SDI/Medicare tax. okasari check cheyandi endukena manchidi. | ||
| Emc2 Side Hero Username: Emc2 Post Number: 4139 Registered: 03-2008 Posted From: 71.191.141.155 Rating: N/A |
if it is corp to corp after expenses what ever the money you have you can show that as profit from your company and avoid social security and medi care.. not with 1099.. cherapakura chedevu. | ||
| Entikaburlu Side Hero Username: Entikaburlu Post Number: 2233 Registered: 07-2011 Posted From: 67.247.83.224 Rating: N/A |
SDI is same for both. health insurance is pretax. 401k is sep-ira. one deduction you can definitely make as LLC is conveyance mileage. You can make that with 1099 also. in sum total, if at all you can deduct more, it will be in an LLC or S-corp. It is always good to have an LLC/S handy, unless she/he is in a hurry. You can get an LLC in 24 hours, if you spend around $400. | ||
| Oohlala Comedian Username: Oohlala Post Number: 1185 Registered: 09-2008 Posted From: 173.36.196.9 Rating: N/A |
expenses claim cheyochu, also 1099 ayithe SDI etc taxes kattali but benefits claim cheyalemu annadanilo entha truth vundi? It is onsite opp, not wfh | ||
| Entikaburlu Side Hero Username: Entikaburlu Post Number: 2229 Registered: 07-2011 Posted From: 67.247.83.224 Rating: N/A |
If you had expenses of 20K, you can claim 20K. | ||
| Risingstar Megastar Username: Risingstar Post Number: 26448 Registered: 08-2008 Posted From: 76.99.86.64 Rating: N/A |
you can at least claim min 20k... | ||
| Entikaburlu Side Hero Username: Entikaburlu Post Number: 2227 Registered: 07-2011 Posted From: 67.247.83.224 Rating: N/A |
just contracting job ki, ekkuva claim cheyadam risky, esp. if the job is on site. unless you genuinely running a company and incurring expenses, just doing creative taxation is risky. why hassle? vehicle conveyance you can deduct in either case. | ||
| Risingstar Megastar Username: Risingstar Post Number: 26447 Registered: 08-2008 Posted From: 76.99.86.64 Rating: N/A |
1099 kanna LLC untee expenses ekkuva claim cheyyachu kadha... | ||
| Entikaburlu Side Hero Username: Entikaburlu Post Number: 2225 Registered: 07-2011 Posted From: 67.247.83.224 Rating: N/A |
no. it is all only procedural. for a one-person show, if the company is willing to pay directly on 1099 using SSN, go for it. But many companies refuse to do that. So,it is a good idea to have an LLC handy. | ||
| Oohlala Comedian Username: Oohlala Post Number: 1184 Registered: 09-2008 Posted From: 173.36.196.9 Rating: N/A |
so there is absolutely no difference if she gets paid on 1099 or LLC/S Corp? | ||
| Entikaburlu Side Hero Username: Entikaburlu Post Number: 2223 Registered: 07-2011 Posted From: 67.247.83.224 Rating: N/A |
1) they will pay him/her exactly the same wages whether on S or LLC or SSN. 2) They will file 1099 whether they will pay to S or LIC or SSN. 3) Your friend will pay the same taxes whether they pay S, LLC or S corp S(H)e is going to have a self managed SEP-IRA. It can be done either of the 3 ways. 1099 is what they file. a triplicate form. One goes to IRS, one to your friend, one to their filing. The payee is either SSN/LLC/S. | ||
| Oohlala Comedian Username: Oohlala Post Number: 1182 Registered: 09-2008 Posted From: 173.36.196.9 Rating: N/A |
ENTK & King, thank you.... friend has a FT job and wants to pursue a part time (I guess) consulting opportunity. The consulting folks can pay on 1099, she is wondering if LLC or S Corp would be cost effective. which one is better in her situation? | ||
| Entikaburlu Side Hero Username: Entikaburlu Post Number: 2218 Registered: 07-2011 Posted From: 67.247.83.224 Rating: N/A |
I do not remember the reasons, but I too took some time to decide between LLC and S, and went with LLC. I think LLC has less/no filing requirements at least in NY State. | ||
| King Side Hero Username: King Post Number: 2414 Registered: 08-2008 Posted From: 173.174.60.48 Rating: N/A |
Just today setup an S corp after much debate between LLC and S corp. Pulpfiction Post Number: 16473 amma thodu Jagan CM ayithe swarna yugam guarantee .. yes i repeat amma thodu .. | ||
| Entikaburlu Side Hero Username: Entikaburlu Post Number: 2217 Registered: 07-2011 Posted From: 67.247.83.224 Rating: N/A |
Oohlala, 1099 and LLC are independent of each other. 1099 is basically a payer's declaration to IRS that they made a non-payroll payment of wages to a third party, so that they won;t be required to pay taxes on what they paid you (or the payee). Whether they pay yo directly (using SSN) or to your LLC (using TIN), most companies file a 1099 and send a copy to the payee. Whether they file a 1099 or not is again irrelevant to you, you must pay the taxes on all wages you receive. But some companies do not like to issue 1099 to individuals. they must have their own reasons such as internal audits, traceability, or simply corporate best practices. So, they require the contractor/vendor to have a company id, which you can get in several varieties. The least complicated company is a DBA. It's also called Doing Business As. There is no company id. your SSN is the company id. this is frowned upon. The next easy setup is LLC. You can incorporate it in any state. fees vary from state to state. there are 1-800 companies in NYC which can get you an LLC in 24 hours soup-to-nuts. costs about $500. You have to find the name and make sure it is unique etc. on your state Company Secy web site. The next level 80S, then the next level is Inc. the differences are mostly in the regulatory filings. LLC you do not need to file anything, but your state rules may apply. As for the income, all LLC income goes into the company acct. usually you will have the drawing rights on that acct, you draw and use. all that LLC income goes into the personal income in your return. if there are > 1 shareholders, the income goes into their return acc to their share holding percentage. thats all that comes to my mind. please ask any questions for the details i may have missed. | ||
| Oohlala Comedian Username: Oohlala Post Number: 1178 Registered: 09-2008 Posted From: 173.36.196.9 Rating: N/A |
konchem telisina valu info post cheyandi | ||
| Oohlala Comedian Username: Oohlala Post Number: 1176 Registered: 09-2008 Posted From: 173.36.196.9 Rating: N/A |
thank you...inkonchem explain cheyandi.... | ||
| Emc2 Side Hero Username: Emc2 Post Number: 4136 Registered: 03-2008 Posted From: 71.191.141.155 Rating: N/A |
saving taxes in 1099 is very difficult plus you got pay employer tax as well. if you have a llc or inc you can save lot of money .. cherapakura chedevu. | ||
| Oohlala Comedian Username: Oohlala Post Number: 1174 Registered: 09-2008 Posted From: 173.36.196.9 Rating: N/A |
Folks, friend is contemplating 1099 vs. setting up LLC. Throw some insight please. |
