Common errors setting up LLC

Before you decide setting up your legal entity, we highly recommend that you discuss taxation with your CPA or tax professional. Request a report that outlines your estimated federal & state taxes based on your projected income. It should provide the following information.

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Does a single member LLC require Employer identification number if there are no employees?

Yes, you will require EIN# for single member LLC. It's a unique identifier for your company similar to SSN # for individuals.

IRS has made it very easy to apply for an EIN number online. You cannot cancel the EIN once you have applied & have been approved. Therefore, you need to ensure...

Can I claim a home office deduction? Check out this article for business owners/entrepreneurs.

Many business owners may use part of their home as a business office. The following post has few key points that outline your eligibility to claim this business deduction on your tax return.

 1)    Regular and exclusive use:  In general, the part of your home used fo...

Which is the best LLC tax classification for physician practice?

Hi

We would highly recommend reviewing projected income for next 3 years with your CPA. Based on this information your CPA can help you select the best tax classification.

The 2 preferred are as follows : Single member LLC. You will be taxed as a sole propreitor. All income/losses ...

Do you need to incorporate as LLC or INC to create a blog?

Is the activity a hobby or a business? If you are going to generate additional revenue through marketing, selling blog subscriptions or any related consulting activity as a blogger, then you can incorporate LLC. This applies if  you are operating as a business.

If this is a hobby, then ex...