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S CORP or LLC ??? Small photography business...?
Hi! I started a photography business back in November of 2011 and I have yet to determine myself as LLC or S CORP. I have read over all the differences and I'm just not sure. Anyone have a suggestion? My main objective is to be able to only have to do one tax return every year. Your time appreciated...
3 Answers
- Cathi KLv 79 years agoFavorite Answer
Neither. You do not have to do an LLC or SCorp. Too many people jump into it before looking. What assets are you trying to protect?
- hodginsLv 45 years ago
An LLC is the criminal structure. the subsequent section is the tax structure. by default, a unmarried member LLC proprietor archives as if they're a sole proprietor and pays social protection and medicare tax on their cyber web income - about 14%, to boot on your usual tax bracket. yet you've a decision. you may opt for to document as an widespread corp or opt for to document as an s corp. you should document the LLC as an s corp. An LLC isn't a lot less workplace artwork and is not a lot less complicated. you should get the e book "triumphing in Biz" - it truly is desirable for start up organizations and explains this stuff fantastically properly. you should pass see an section CPA for advice.
- Anonymous9 years ago
S-corp = 1120S
LLC = single member = 1040 schedule C.