“The 10 Overlooked LLC
Issues People Screw UP!”
Issue #4
OOPS, the IRS Got Me
If you’ve paid attention to the first three ” Overlooked LLC Issues People Screw UP!,” you’ve figured out that there is more to the care and feeding of an LLC than just filling out an internet form and paying your annual fee.
It’s easy to harvest an extra dollar or tens of thousands of dollars out of your LLC, if you make wise tax choices and know how to use solid laws and duck through the loopholes.
How much more you can get depends on the gross income of your LLC.
So, what are the critical first tax choices you should make to get the “more”?
You can’t work harder, so how are you going to get more money? In order to succeed in business, any business, today, you’ve got to control the IRS – or at least your taxes.
I’ve said it before, and I’ll say it again. The IRS is your major impediment to financial success – either in your personal life or your business life.
The only way to control the IRS is to know and use their own laws.
The savvy businessman that plays the tax game smart will succeed in business where others will fold.
Even in good times, if you can cut your tax burden by 10 – 20%, which is not unreasonable, that’s a nice boost in your take home pay.
Therefore, the fourth in the series “The 10 Overlooked LLC Issues People Screw UP!” is: OOPS the IRS Got Me.
When you file your LLC, one of the first things you will do is choose how you want your LLC to be taxed.
When LLCs were developed in 1977, we frankly expected the IRS to issue a new set of tax laws to govern the new LLC animal. They’d created Chapter C of the code for corporations and Sub-chapter S for the S corporations. Why not create a new section for LLCs?
That didn’t happen. It took until 1996 for the IRS to state that they didn’t care how your LLC is taxed. You PICK! Sole proprietor, C Corporation, S Corporation, partnership, disregarded entity. What do you want?
The U PICK “form” is not the SS4 or IRS identification number request. Yes, you have to start by filing that one. Fill it out and then call in the information. The IRS will give you your LLC’s tax identification number on the phone.
Be careful filling out the SS4. Don’t over estimate the amount of wages you will be paying out. Don’t over estimate how many employees you will have or when business will start.
If you say you will have employees, the IRS has this unreasonable desire to have you start paying payroll taxes, even if you don’t actually have employees.
I have clients come into the office every week. I ask, “How is your LLC taxed?” I get this blank stare. Their CPA just files the taxes. Usually, what has happened is they have filed an SS4 from and figured that was all they had to do.
They got the IRS DEFAULT election. Not Smart!! Do you think the IRS default choices will benefit you or the IRS?
Your tax decision means a lot of money. How much time did your attorney or the Internet Template site spend educating you on your options?
You tax choices determine what benefit plans you can use, who can own your LLC, and what tax laws your company will be subject to. There are tons of tax laws that can help you lower your AGI. Can you use them?
The name of the game is to lower your AGI, Adjusted Gross Income. If you can lower your AGI, so you are in a lower tax bracket, you’ll save taxes on every dime you make, not just in your LLC profit.
For example, the administration and congress are gunning for more of your money. What you pay is based on your AGI. If you get caught over a certain AGI, you’ll get nailed by the IRS as a “rich dude.”
Your LLC is the most important tax shelter you have. Learn how to use it as a tax shelter. It will pay big dividends.
The LLC Wizard has well over an hour of CD instructions on the tax choices and the loopholes you should be using. No, your CPA isn’t going to do anything more than plug in the numbers for you. You’ve got to know how this works for yourself.
When you get the LLC Wizard, if you can’t immediately see how you can pay for the course many times over, just out of the tax savings, there’s a 30 day money back guarantee. It’s risk free!
Tomorrow: How to Get Property and Stuff Into Your LLC
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I’m seeing more people lose their business these days, because they get in trouble personally, than I am seeing people losing their personal assets because their business gets into trouble.
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Tomorrow : LLC Overlooked Issue No. 5, “How to Get Property and Stuff Into Your LLC”
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