Kak
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Hi everyone! I've read all the popular posts on this forum and this community seems amazing. So here goes my first post.
I have a startup LLC that I own and also a personal LLC. my personal LLC has no income, it just... exists.
I have heard of wealthy families setting up their family as a corporation and all finances being run as that corporation (so all cars and houses would be under that corporations name I'd assume). This is for tax breaks and I'm sure there are other incentives I don't know about that Id love to learn.
- How can I do that? is there a guide? what phrases could I search on google that would teach me more about it?
- Could I leverage my personal LLC to solely get tax benefits? It would really serve no other purpose than for me to write of my miles on my car (tax deductible) for "work" purposes. I could also use it to buy products for "work" which could be tax free or deductible. I would then, of course, use it for my personal life.
- What else could I use my personal LLC for that could save me money?
please feel free to comment on any or all parts of the above list.
thank you
Disclaimer: everything I say is hypothetical and does not necessarily mean I partake in or perform any actions I claim or mention.
okay, let me try to make it clear using example friend Bob.
Bob is a normal guy like you and me. Except Bob is trying to save money in taxes. so he set up a corporation BobsCorp (his personal LLC).
Now whenever he lives his life, like going to friends houses, going to fancy restaurants, buying nice electronics like iPhones and laptops, he claims those as work related for BobsCorp. that way, when he files for taxes, he gets nice tax breaks on all the "business meeting" meals, car mileages, and electronic purchases for his "business".
Is this a wise thing for Bob to do? what else could Bob do with this method?
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Disclaimer: everything I say is hypothetical and does not necessarily mean I partake in or perform any actions I claim or mention.
couldn't you just say something like "tech consultant" and claim that you just haven't gotten any customers yet?
but I guess it's getting besides the point. I was more so just curious if it would be useful to set up corps like wealthy families do, and the answers here seems to be "when you are wealthy".
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Disclaimer: everything I say is hypothetical and does not necessarily mean I partake in or perform any actions I claim or mention.
My three strikes ignore list in one thread. Well played. Also for the sake of people who are going to continue reading your posts cut the disclaimer shit.
My advice before you no longer have my attention. Do things the right way in business, minimize taxes legally, cover your own a$$ from scrutiny. Make your money honestly. It is the best long term decision you can make.
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