EMERGENCY QUESTION: Tax Category?

J

jeremykrak

New member
Apr 14, 2010
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Hey my biz is a single member LLC (and im paying up the butt in taxes...):music06:

anyways... i cant figure out what category a CPA marketing / affiliate marketing biz is considered in the tax code.

Internet Publishing?

HELP!

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jeremykrak said:
Hey my biz is a single member LLC (and im paying up the butt in taxes...):music06:

anyways... i cant figure out what category a CPA marketing / affiliate marketing biz is considered in the tax code.

Internet Publishing?

HELP!
Click to expand...

Wow, isn't today April 15th? LOL, way to wait until the last second.
 
Was 'Internet Publishing' an option? I believe I used Direct Selling or something like that
 
Wouldn't this be a question for your accountant?

If you don't have an accountant, file for an extension and get one immediately.
 
jeremykrak said:
Hey my biz is a single member LLC (and im paying up the butt in taxes...)
Click to expand...

Single member LLC's are fine if you are not doing this full time.

If you ARE doing this full time you are screwing yourself in taxes. Get an attorney and an accountant. Specifically find a CPA who deals with small businesses and an attorney with the same skills.

Have them meet, explain your situation, and ask what corporate structure you should be.

You PROBABLY want to be a S-Corp - but no one knows for sure unless you are those two types of people.
 
I dont do it full time, but i still made 6 figures profit last year.

this year might be alot less tho since rebills, and auto insurance arent rockin anymore :angryfire:
 
Still - the single member LLC passes through to your 1040 return as standard income and you end up paying the social security tax in full on it (unless you earned more than about 90K at your regular job).

With an S-Corp you can skip some of the tax - I think it's like 7%.
 
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