U.S. Taxes & Incorporating (Yuk) - CrimeSpace2024-03-29T08:12:56Zhttp://crimespace.ning.com/forum/topics/537324:Topic:29203?commentId=537324%3AComment%3A29440&feed=yes&xn_auth=noI have too seen the bottom of…tag:crimespace.ning.com,2007-04-29:537324:Comment:295822007-04-29T23:46:43.539ZBill Mehlmanhttp://crimespace.ning.com/profile/Finagler
I have too seen the bottom of a Shirley Temple. Once I was at a restaurant and a kid at the next table drank one and I happened to glance over there as he turned the glass up to get the cherry.<br />
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I hate sweet cocktails, anyway.
I have too seen the bottom of a Shirley Temple. Once I was at a restaurant and a kid at the next table drank one and I happened to glance over there as he turned the glass up to get the cherry.<br />
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I hate sweet cocktails, anyway. What's the point of an O'Doul…tag:crimespace.ning.com,2007-04-29:537324:Comment:294402007-04-29T15:00:37.399ZJordan Danehttp://crimespace.ning.com/profile/JordanDane
What's the point of an O'Doul's? You don't look like the kind of guy who's ever seen the bottom of a glass once filled with a Shirley Temple. Maker's Mark and Bud it is!!
What's the point of an O'Doul's? You don't look like the kind of guy who's ever seen the bottom of a glass once filled with a Shirley Temple. Maker's Mark and Bud it is!! Is that like, say, an O'Doul'…tag:crimespace.ning.com,2007-04-29:537324:Comment:293542007-04-29T02:07:15.579ZBill Mehlmanhttp://crimespace.ning.com/profile/Finagler
Is that like, say, an O'Doul's? Pass.<br />
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How about a shot of Maker's Mark and a short Bud?
Is that like, say, an O'Doul's? Pass.<br />
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How about a shot of Maker's Mark and a short Bud? I'm having a cyber beer with…tag:crimespace.ning.com,2007-04-29:537324:Comment:293502007-04-29T02:02:21.180ZJordan Danehttp://crimespace.ning.com/profile/JordanDane
I'm having a cyber beer with you, Bill. And leaving this to my CPA.
I'm having a cyber beer with you, Bill. And leaving this to my CPA. A couple, which I'll put down…tag:crimespace.ning.com,2007-04-29:537324:Comment:293292007-04-29T00:57:45.214ZBill Mehlmanhttp://crimespace.ning.com/profile/Finagler
A couple, which I'll put down in no particular order, since I'm not an orderly guy.<br />
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When you're doing the research, find out how much the annual incorporation or LLC fees are. Best of my recollection, here in NYS, I was paying $500/yr.<br />
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The debate over LLC vs. Sub-S is probably irrelevant in the earnings brackets most writers occupy. I think.<br />
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Even though the income passes through the LLC/Sub-S, so there's no double taxation, bear in mind that you still have to file a return for the LLC/Sub-S.…
A couple, which I'll put down in no particular order, since I'm not an orderly guy.<br />
<br />
When you're doing the research, find out how much the annual incorporation or LLC fees are. Best of my recollection, here in NYS, I was paying $500/yr.<br />
<br />
The debate over LLC vs. Sub-S is probably irrelevant in the earnings brackets most writers occupy. I think.<br />
<br />
Even though the income passes through the LLC/Sub-S, so there's no double taxation, bear in mind that you still have to file a return for the LLC/Sub-S. Either you do it or you pay someone else to do it.<br />
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A big reason for incorporating is to avoid liability. For example, my last LLC was my catering company. Food service is a lush field for the ferrets, which is to say lawyers. Lots of "I got sick from the fish and I don't care if none of the 149 other guests did, I'm suing your ass." Not so much of a risk in writing, especially if you steer clear of the libel and plagiarism statutes.<br />
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Personally, and I do mean personally, I've never met anyone who overpaid his/her SE taxes. The opposite is much more likely to be the case, in my experience. Particularly in my experience. I always either forget to file or remember but don't have the funds. For those of you who don't understand the ramifications of this: if you work for XYZ Widgets, Inc., and your employer withholds, HE pays half the Social Security/Medicaid (Medicare??? Sorry). If you're self-employed, you pay both halves.<br />
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Should you decide to incorporate, do it yourself. I did my last one, online, and it took me about 20 minutes. At least here in the Empire State, they make it real easy.<br />
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I'm outta breath, and outta beer. Hope this has been helpful. The usual disclaimers, of course, apply bigtime: I'm not a CPA, JD, LLB, LLD or anything else like that.<br />
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Best scenario: become the next Grisham/Patterson/Grafton, and don't sweat this stuff.<br />
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Bon chance.<br />
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Bill