Archive for the ‘Posts from Jade Roberts’ Category
Should You Consider the CARD Act When You Set Up an LLC?
by: Jade Roberts
So, you set up an LLC and you are officially in business. Thinking about credit for your new LLC? The CARD Act has been widely touted as protection for credit card users. Have you heard of it? Have you ever thought about how it might effect your business? Is there any difference to you if you set up an LLC or not? The protections the CARD Act offers were intended for consumer cards, not business cards, but can it still help you? Since I recently set up an LLC, I was wondering about all of this myself, so I thought I would share what I was able to find out with you. Use this link to read a quick article on this topic: Know the Effect of the CARD Act on Small Businesses When You Set Up an LLC
My LLC and Taxes
It was such a beautiful day outside and I spent it indoors doing taxes. Usually I am pretty good about getting them done early. I thought about it many times but most nights after Abby goes to bed the thought of doing something that requires much brain power just doesn’t seem like a good idea.
As I worked on them earlier this year, it got me thinking about what taxes would be like if I followed through with my idea to form an LLC. The thought of doing two separate tax returns if I create an LLC just seemed daunting. After a little research I am finding that it may not be as bad as I first thought. When you form an LLC the IRS considers it a “pass through” entity not its own separate tax entity like a corporation. As the business owner, all the profits and losses would “pass through” to me and be reported on my personal tax returns. As the sole owner of my LLC, I would report all profits (or losses) on Schedule C and submit with my 1040 tax return.
Could it really be so easy?
Oh wait Self Employment taxes. Something to consider when you form an LLC, you are no longer someone’s employee. I no longer have Social Security and Medicare deducted from my paycheck. Lucky me, I would pay these taxes directly to the IRS.
The bottom line is this, starting an LLC and taxes don’t have to be scary, just get a good tax guy!
by: Jade Roberts
My New LLC
Hello everyone! I am so excited to be a part of the team at EZonlineFiling.com. When I decided to use them to help start my own business, I had no idea it would head in this direction, but now that it has, I couldn’t wait to make my first post.
Recently, I was surfing the net looking for information on how to form an LLC. I found some real interesting facts about starting an LLC. But, before I tell you what I found, let me give you a little background on why I was looking. Like millions of others, in the last year, I found myself hit by corporate downsizing. But I got downsized with a twist or should I say a bump, my baby bump. I was 9 months pregnant. In fact, my last day on the job was the day I went into labor. What can I say; I like to go out with a bang! So now I have a new boss, my beautiful baby girl Abby. It’s been during these precious months with Abby I decided, I had spent enough time growing someone else’s brand. It’s time to grow my own. I’m not really sure what that means yet but I am on a mission to learn all I can about being a small business owner and perhaps even starting an LLC. First, I learned that an LLC is less formal and can be more flexible than a corporation but can provide many of the same benefits and protection. Interestingly, over 1 million people form an LLC every year and the number of LLCs created has grown 100% in the past year. Now, I’m not really sure what the future holds for me yet or if starting an LLC is right for me. But, in between those precious moments of diaper duty and first steps I am going to learn all I can. Knowledge is key and I’ll be sure to pass it on. Enough for now…the boss is calling!!
by: Jade Roberts