Discuss a Properly Structured LLC or S-Corp

[Toiletcake]

This topic could be extremely useful for all Fastlaners...

Calling all pros on the forum and others with experience to discuss all the key elements a small business could use to reduce liability and tax burden when setting up their structure.

I am looking to expand my knowledge base in this area. Here is a list of what I know so far.

S-Corp Structure

1. Business Expenses will be used to decrease taxable income- Standard
2. SEP IRA and contribute up to $15,000

 

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[DeletedUser394]

This thread is great if you haven't checked it out

http://www.thefastlanetomillions.co...xes-legal/3350-business-structure-basics.html

 

[Toiletcake]

Thank you Ryan for the link

A few more points of interest via the link above,

1. LLC's are favored for RE holdings if set up in NV, WY, or DE.
2. If you are earning more then $200k in your S-Corp then a C-Corp flowing to an S-Corp could save you $10k from the lower C-Corp tax bracket 35% to 15% and some additional savings in social security taxes.

 

[GlobalWealth]

Thank you Ryan for the link

A few more points of interest via the link above,

1. LLC's are favored for RE holdings if set up in NV, WY, or DE.
2. If you are earning more then $200k in your S-Corp then a C-Corp flowing to an S-Corp could save you $10k from the lower C-Corp tax bracket 35% to 15% and some additional savings in social security taxes.

LLC's for any type of asset holding are favored in NV, WY or DE. You can have your private business in your home state owned by a NV LLC for asset protection purposes.

You can also utilize offshore entities, but this is pretty client specific and needs personalized analysis to determine the benefits.

 

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[White8]

LLC's for any type of asset holding are favored in NV, WY or DE. You can have your private business in your home state owned by a NV LLC for asset protection purposes.

You can also utilize offshore entities, but this is pretty client specific and needs personalized analysis to determine the benefits.

Be sure to talk to a local accountant as far as the preferred structure for your state. The Oregon voters in their infinite wisdom passed a tax measure January 26th that will tax C-Corps based on sales rather than income.