Real Estate Photography: After a SIX Thousand Dollar tax bill for 2019, How do you structure your business? |
| After a SIX Thousand Dollar tax bill for 2019, How do you structure your business? Posted: 08 May 2020 08:24 AM PDT The subject says it all right? I am a sole proprietor RE Photographer in New York and I really got banged by taxes last year/this year. I was originally structured as an LLC, but on the advice of my accountant, I have made the switch over to an S-Corp. Why you ask? An LLC gets banged like a MF in taxes if your income is more than 20k. The change from an LLC to an S-Corp saved me from paying an extra 10k in taxes. Yeah i agree...fuck that. So I'd love to know how other similar businesses are structured for tax purposes. I am fully independent. I do all my own photography, and pay someone to edit my photos (they do not live in America). I do all my invoicing through paypal, just to make it easier on clients so they can pay with credit card and not be burdened with sending checks every month. Now I know that if i didn't use paypal, and relied on checks it would be easier to 'hide' income, but i don't see that changing. So how are you structured? A similar situation, or are you just an individual who doesn't do an S-Corp or an LLC? Would love to hear how other people do things. [link] [comments] |
| Posted: 08 May 2020 08:22 AM PDT |
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