Advice please!!

[gwan]

Hi all,
I have been working at getting my stuff together to start my massage practice for the past few days. I have been mulling over this for a while. What kind of business do you think I should file? LLC or SCORP or CCORP?

Here are my details: It will be just me to start with. But in the coming years, I would definitely like to employ my husband, kids, mom to help me out. I would ideally like to write off the nanny / daycare expenses that I incur. I want to get good tax breaks to help me out, as I am still trying to stand up on my feet. For my situation, what would be the best business type to file under?

Please let me know.
Thanks,
Deepa

 

[over the rainbow girl]

Talk with a professional - it will be money well spent.

 

[$avannah]

Hi,

I currently run an LLC, it saves you from double taxation (a problem with some forms of corps), but this is one case where spending the money on a attorney is well worth it.

Matt

 

[julietpro60]

Question

Hi Matt
When you file taxes as an LLC, you have an option to file as SCORP. Do you do that?

Deepa

 

[lauraangelranger]

When I was first starting out, I wanted to do an LLC, but my accountant (who would've actually benefitted financial MORE if I HAD done an LLC) said it's overkill if it's just you. It's WAY more expensive to set up intially, and way more expensive to operate each year.

Talk with a good professional who has the heart of a teacher. May I recommend visiting daveramsey (dot) com for more info? He's got some people he recommends in each city who actually have HIS approval, and TRUST me, he's not out to screw or smooth-talk anybody.

I have heard that double taxation is actually a myth, and I'm inclined to believe that. I'm a sole proprietor (which I didn't originally intend to be at first), and I've never been double-taxed. My parents own an S-corporation (and have for nearly 30 years) and they aren't double-taxed, either. But again, talk with a professional, ks I might be talking out of some other orifice at times

Hugs,
~Jyoti

 

[Crimson Moth]

When I was first starting out, I wanted to do an LLC, but my accountant (who would've actually benefitted financial MORE if I HAD done an LLC) said it's overkill if it's just you. It's WAY more expensive to set up intially, and way more expensive to operate each year.

Talk with a good professional who has the heart of a teacher. May I recommend visiting daveramsey (dot) com for more info? He's got some people he recommends in each city who actually have HIS approval, and TRUST me, he's not out to screw or smooth-talk anybody.

I have heard that double taxation is actually a myth, and I'm inclined to believe that. I'm a sole proprietor (which I didn't originally intend to be at first), and I've never been double-taxed. My parents own an S-corporation (and have for nearly 30 years) and they aren't double-taxed, either. But again, talk with a professional, ks I might be talking out of some other orifice at times

If you wish, I can also put you in touch with a VERY ethical and down-to-earth CPA who will usually save you more than he'll ever cost you and he's licensed in all 50 states. My parents and I have used him for YEARS, and we're just happy loyal customers. Feel free to PM me!

Hugs,
~Jyoti