Company Setup. The Case Studies To Prove It & The Software To Do It

Transcription

1 Company Setup

2 Why Setup An LLC?

3 Why Setup An LLC? Help Shield The Liability Of Your Company Personal Protection For Business Debts & Claims Tax Benefits Deducting Online Training & Software

4 Tax Benefits Deduct Home Office Deduct Home Utilities Deduct Office Supplies Deduct Travel Expenses Deduct Automobile Take A Client To Lunch Health Insurance Upgrade Your Office Self Employed Retirement Plans Maximize Home Office Deductions With Accountable Plan

5 More Tax Resources How To Pay Zero Taxes By Jeff Schnepper Lower Your Taxes Big Time By Sandy Botkin

6 Recommend You Start By Setting Up An LLC

7 LLC With S Corp Advantages Forming an LLC then making what s called an S Corp Election might help you reduce your self-employment taxes. With an S Corp, you can pay yourself a reasonable salary ; any remaining profits can be taken as a profit distribution (and these aren t subject to self-employment taxes). For example, your a Lead Gen Marketer As a sole proprietor, you make $95,000 last year and had to pay self-employment taxes on the whole amount. This year, you form an LLC and filed for S Corp election. H Your business brings in $130,000 in revenue. You pay yourself the going rate for an SEO/SEM position (this was subject to self-employment tax); then, you give yourself a distribution from the remaining profit (this is not subject to self-employment tax).

8 Filing For Your LLC If You Haven't Already - The First Thing You Need To Do Is File For A Limited Liability Company You Do This Through Your Home States: Secretary Of State Website IE For Me: Florida Secretary Of State Website If You Don't Know What That Is Do a Search For State Secretary Of State

9 Already Have An LLC? It May Be Appropriate To File For A DBA Example: Web1 Syndication (Currently My Main Company) My Lead Gen Company Could Be: Web1 Leads

10 EIN Huh? Employer Identification Number (EIN) - 9 Digital Number Assigned By IRS The IRS uses the number to identify taxpayers who are required to file various business tax returns

11 Must Apply For EIN If Any of these criteria apply: You have employees Your business operates as a corporation or a partnership You withhold taxes on income other than wages paid to a nonresident alien You have a Keogh Plan You re involved with certain organizations listed on the IRS website.

12 Beyond The IRS (EIN) You may also need an EIN to: Open a business bank account Apply for a credit card in the name of the business Apply for business permits

13 Filing For EIN You can apply online Ask What Kind Of Structure Your Business Is (LLC, ETC) How Many Members Are In The LLC (Partners) State Located Reason For Requesting (New Business, Hired Employee(s), Banking Purposes)

14 Need LLC & EIN For Bank Account Merchant Account You CANT Just Skip This

15 Setup Stripe Account Stripe VS Merchant Basically Instant Approval Easier To Integrate With Apps/Plugins (Trust Me) No Monthly Fees 2.9% +.30 per transaction Do RECURRING Easily

16 Setup Paypal Account Why? Lots Of People Still Prefer To Get Paid With Paypal Signup for Basic Service No NEED To Be Able To Process Credit Cards Some Of Our Outsourcers Still Only Take Paypal

17 Estimated Taxes If Your Self Employed You Need To File Quarterly Estimated Taxes 1040ES Estimated Tax Due Dates April 15 June 15 September 15 January 15

18 Other Important Dates April - Personal Tax Filing March - Business Tax Filing Just Because You Extend Your Tax Due Date - Doesn t Mean You Don't Have To Pay Until They Are DUE!!!

19 Book Keeping Services Once you re doing $50k year+ Recommend you have a book keeper Files & categorizes all incoming & outgoing payments You can get started for as little as $100 Mo. We Were Doing 1 Million Per Year & Paying Just Over That

20 Tax Advisor/Filing Ask Friends & Family For Recommendations This Is SUPER Important Just Because Someone Does Tax Filings Doesn't Mean They Do It Right We ve Gotten Super Hosed In The Past Find Someone You Think Is Competent After Your First Filing, Take It To A Few Other Tax Advisors For A Consult

21 Your Homework Start Thinking About Your Home Office & Other Deductions! If You Haven't Already - File For A Limited Liability Company If You Already Have An LLC - Is Filing A DBA For Your Lead Gen Business Appropriate? If So File For It. If You Haven't Already - File For An EIN Setup Stripe Account Add Tax Due Dates To Your Calendar - Estimated, Personal & Company