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July 23rd, 2007, 07:14 PM
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#1 |
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New Boot
Join Date: Jun 2007
Location: Washington, D.C.
Posts: 24
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What kind of business do you register as to get the best benefits?
I'm trying to get a lot of tax deductions for the equipment I buy and list them as business expenses. I know the tax laws are much better for business owners than freelance artists. I was thinking of doing the Limited Liability Company (LLC). Anyone got any suggestions? (I live in Virginia, USA)
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July 23rd, 2007, 09:23 PM
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#2 |
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Inner Circle
Join Date: Jan 2003
Location: Chicago, IL
Posts: 5,851
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talk to a lawyer and an accountant. They know far more than we do about stuff like that.
Don |
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July 23rd, 2007, 09:54 PM
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#3 | |
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Major Player
Join Date: Sep 2006
Location: Carlsbad, CA
Posts: 634
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July 24th, 2007, 06:13 AM
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#4 |
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Major Player
Join Date: Nov 2005
Location: Jupiter, FL
Posts: 562
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My accountant had me register as an LLC over incorporating. He explained it was a little more beneficial for me, but I think it depends on your personal situation. Other jobs, spouses income and so on when filing your taxes.
I'm not sure of the exact reasons, that's why I have a trusted accountant. VERY IMPORTANT. My expertise is video production, that's why I hire someone who knows the tax laws and benefits, well worth the $$$. |
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