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Business questions? #157546
11/27/05 06:13 PM
11/27/05 06:13 PM
W
wraiths  Offline OP
Member
Joined: Apr 2005
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.

Business, Office, Estimating, Legal:
Re: Business questions? #157547
11/27/05 08:43 PM
11/27/05 08:43 PM
T
Tiger  Offline
Member
Joined: May 2005
Posts: 706
Crystal Lake, IL USA
Do yourself a big favor & meet with an accountant.

Dave

Re: Business questions? #157548
11/28/05 07:03 AM
11/28/05 07:03 AM
W
wilkie  Offline
Member
Joined: Apr 2005
Posts: 39
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

Re: Business questions? #157549
11/28/05 12:00 PM
11/28/05 12:00 PM
A
A-Line  Offline
Member
Joined: Jul 2004
Posts: 272
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.

Re: Business questions? #157550
11/28/05 08:13 PM
11/28/05 08:13 PM
R
Redsy  Offline
Member
Joined: Mar 2001
Posts: 2,056
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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