Long story short - I had to create an LLC to get an EIN so that I could accept payment from a business for 60 sets of coasters. I could have used my SSN but didn't want to. I used ZenBusiness to setup the LLC and part of the signup was a free consultation with 1-800accountant. Apparently, you have 75 days to declare your Entity Classification Election and if you don't declare you become a 'Disregarded Entity' and get taxed at 15.3%. By declaring as an S-Corp or C-Corp it cuts your tax rate significantly (or so I'm told). They offer a flat rate service and file your business and personal taxes. By the sounds of it - they really try to use every avenue to bring your taxable income down (shop space, equipment, vehicles, owner investment loan to start the business, etc.).
They'll do all of this for the low, low, cost of ~$2,500 (but you have to act fast as this offer won't last) . I had previously contacted a CPA in Wake Forest and they quoted $600 for individual return (pretty high) and then $1,000 for S/C Corp filings. And that was starting price and could go up.
Anyone have experience with setting up an LLC and suggestions / warnings they'd like to share?
Thanks in advance!
They'll do all of this for the low, low, cost of ~$2,500 (but you have to act fast as this offer won't last) . I had previously contacted a CPA in Wake Forest and they quoted $600 for individual return (pretty high) and then $1,000 for S/C Corp filings. And that was starting price and could go up.
Anyone have experience with setting up an LLC and suggestions / warnings they'd like to share?
Thanks in advance!