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Reply to "Setting up consulting business - LLC, PC, or what?"
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[quote=Anonymous][quote=Anonymous]I'm not sure why you say LLC has high taxes. It doesn't, in fact it saves you a ton of money on taxes. Your places of home is a business expense, everything you buy for the company (computers, etc) is a business expense. Last year our consulting LLC grossed $30,000 and we only paid taxes on $9000.[/quote] Unless there is some sort of special circumstance, your entire home is not a business expense. You are required to calculate only the percentage you use for work. And no, you can't count places like the kitchen and bathroom because you use them to make lunch or wash your hands during your work time. There are very specific and limiting guidelines. [/quote]
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