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#157546 - 11/27/05 02:13 PM Business questions?
wraiths Offline
Member

Registered: 04/07/05
Posts: 11
Just started my own LLC company, plus I still work my industrial electrician day job. My questions is what all do I need to keep up with for taxes. As I still work another job what do I need to do for this job pertaining to taxes. I was told the LLC was not taxed just what I paid myself out of the company. Also will it hurt anything to buy my materials with my personal credit card an pay it off with a company check?Any help is greatly appreciated.

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Business, Office, Estimating, Legal:
#157547 - 11/27/05 04:43 PM Re: Business questions?
Tiger Offline
Member

Registered: 05/04/05
Posts: 714
Loc: Crystal Lake, IL USA
Do yourself a big favor & meet with an accountant.

Dave

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#157548 - 11/28/05 03:03 AM Re: Business questions?
wilkie Offline
Member

Registered: 04/29/05
Posts: 39
Loc: South Carolina
Yes, please see a CPA

In the meantime, the profit or loss of your business just flows through directly into your personal income. It doesn't matter if you pay it to yourself or not. If the LLC earns 100K in profit, even if it sits in the bank, you will be responsible for the tax on the earnings.

Since you are an LLC, little difference in your personal credit card and your business check. Not recommended, but nothing really wrong with it.

FYI-Our CPA cost a lot. They pay for themselves and then some. In 2004, they saved me around 11K, and this year they helped me reduce my liability by about 13K

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#157549 - 11/28/05 08:00 AM Re: Business questions?
A-Line Offline
Member

Registered: 07/23/04
Posts: 264
Loc: Utah, USA
You may want to check with your state.
In my state they offer free business workshops that cover things like record keeping, tax filing requirements, hiring employees, insurance, retirement planning etc. The workshops are taught by accountants, attorneys and other professionals hired by the state.
If your state offers these workshops you can get alot of information from them.
Even if your state offers these workshops I would still meet with an accountant.

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#157550 - 11/28/05 04:13 PM Re: Business questions?
Redsy Offline
Member

Registered: 03/28/01
Posts: 2138
Loc: Bucks County PA
I assume you would not advise untrained people to do electrical work.

The same thing for accounting. When you DIY, you get what you pay for.

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