Your Questions About Real Biz Llc
Maria asks…
i want to get into the real estate rehab/investing biz. should I start with a LLC or what?
I am buying my first home to fix up for myself to live in. should i put that in a llc????
Jere answers:
If you are going to use the property as a personal resident, you shouldn’t purchase it under the LLC. It’s an investment and I’m sure you expect to turn a profit but it’s not part of the business. It’s not good practice to mix your personal items with the business’s items.
Sandy asks…
Where can i find layman’s info on whether I should be an S corp, C corp, or LLC for my new construction biz?
“Layman’s info” is the key. I’m not real savvy with the technical jargon and tax implication details, so a “for dummies”-type website would be helpful. Thanks.
Jere answers:
There are many good web sites out that cater to us laymans! I have set my company up as a sole propietorship, but am working on moving to an LLC.
Check out:
www.entreprenuer.com
www.businesstown.com
www.sbinformation.about.com/od/bizopportunities/a/startup101.htm
www.irs.gov/businesses/small/article/0,,id=99336,00.html
www.inc.com/guides
www.startupnation.com
This will keep you busy for awhile. Search for LLC…and you’ll get great info.
Good luck.
Robin Jones Gifford
www.groups.yahoo.com/group/springboardforsuccess
www.springboardforsuccess.com
Lisa asks…
Free website trial with domain name for 6 months – does this sound like a good deal ???
i found this online, does it sound like a good deal?
thanks
—————————————————
Hello,
If you have incorporated (c-corp, s-corp, non-profit, or LLC) in the last 12
months – our company would like to offer your company a free 6 month trial
website with your own real domain name, such as www.yourbiz.com ! We
include tons of features like our fantastic website studio, which enables
anyone to build a great business website, and establish an online presence.
After 6 month trial our regular price is only $79/year !
Please email us, and attach a scan of your proof of incorporation, or a url
from a secretary of state site with your corporate info, and we’ll get the ball
rolling . .
thanks!
http://www.getyourwebsite.biz
If you own or work at a Incorporation service, and would like to add a free
website with domain name to your incorporation packages, please contact us asap, thanks
questions@getyourwebsite.biz
======
Jere answers:
No! Just two questions to prove it:
Who will be the owner of the domain name after the 6-month period?
Did you know a domain name is less than $10/year and that you can find hosting service for as less as $1/month?
James asks…
Can I write off stuff as a sole-proprietor?
I’m 24, male, and I live in California the last year (I moved here in January). About the same time in january I got a crappy job, and then starting making money as an online advertiser from home (buying ad-space on google and whatnot).
Now, almost 1 year later I have made probably 30k revenue (although for the first 6 months I wasn’t making real money at all, I had that crappy job then I quit when I started making several thousand a month).
The problem is I haven’t kept up with my finances and now I need to go through and find how much I owe in taxes.
I do NOT have a business entity set up (yet). I don’t have an llc, s-corp, etc.. I’m just a sole individual.
During this period I also had 2 incidents where I went to the ER twice which cost about $7 or 8k (I don’t have insurance), a business trip to vegas Which cost 1-2k and some other things.
My question is, being male, 24, single, no business entity, living in california…
1. Can I write off my large medical bills as an expense so that I don’t have to count it towards the profit/income that I need to pay taxes on?
2. Can I write off all the other things that have to do with business.. such as the vegas business trip, a portion of my rent, a portion of my cellphone bill, a portion of my food, etc?
Someone told me unless I have a business entity (not a sole proprietor) I can’t write anything off.. it’s all counting as income, whether its a medical bill or biz expense or whatever. Another person told me though that I can in fact do that.
Anyone have any tips? I plan to get a CPA so I don’t need to ask on yahoo answers (lol), but a 100% positive answer by someone would really help ease my tension in case I end up having to pay taxes on all those medical bills.
Thanks
Jere answers:
Don’t be concerned about the other entities, continue to operate as a sole proprietor
and now to the questions, if the trip to Las Vegas was business related, the expenses of the trip can be deductible in the amount of the trip that was for the business, ie you spent 2 days in the town and 4 hours of the 24 would amount to 1/6th of the expenses for the business
your trips to ER are personal, not business related, altho the purpose of the trip may have been business
is your business operated out of your home? Then the portion of your home ie maybe one room out of 3, 1/3th of your household costs(rent, utilities, insurance etc) could be shown as use of home expenses but the space must be exclusively for the business, nothing of personal use in that room
if you have only one phone,no this is not deductible, you need a separate line for your business
you can go to www.irs.gov and request Publication 34 for all your answers
Linda asks…
Free website trial with domain name for 6 months – does this sound like a good deal ???
i found this online, does it sound like a good deal?
thanks
—————————————————
Hello,
If you have incorporated (c-corp, s-corp, non-profit, or LLC) in the last 12
months – our company would like to offer your company a free 6 month trial
website with your own real domain name, such as www.yourbiz.com ! We
include tons of features like our fantastic website studio, which enables
anyone to build a great business website, and establish an online presence.
After 6 month trial our regular price is only $79/year !
Please email us, and attach a scan of your proof of incorporation, or a url
from a secretary of state site with your corporate info, and we’ll get the ball
rolling . .
thanks!
http://www.getyourwebsite.biz
If you own or work at a Incorporation service, and would like to add a free
website with domain name to your incorporation packages, please contact us asap, thanks
questions@getyourwebsite.biz
======
Jere answers:
Not a big deal considering what their fee is after the free period. You’d be better of using godaddy.
Powered by Yahoo! Answers