Freelancers- how do you set your “business” up for the most tax savings? LLC vs. inc, etc

Posting as :
works at
You are currently posting as works at

I opened and S Corp through Legalzoom.com and only work 1099

I only have to pay taxes once a year vs quarterly. There’s no double taxation. I pay myself as an employee so payroll taxes are paid on my W4. S Corp taxes are paid on profit - so the more expenses - the less taxes

Related Posts

Has anyone invested in TIPS (Treasury Inflation-Protection Securities) before? I’m considering opening an account for my children and have read something about interests from TIPS can be exempted from federal income tax if used for higher education. What’s the pros and cons of investing in 529 vs TIPS? TYIA!

like

Any stock recommendations at current levels ?

like

Is rivian a buy at this price?

like

So are there any members of this thread that manage retirement plans?

I didn't know I was supposed to file taxes in multiple states when I started and honestly thought that I only needed to report the hours associated with my home office for revenue recognition/billing

like

My work office is in philly but i wfh in delaware. Why im i paying for both state taxes as well as philly tax. Is that right or do i need to make some adjustments. Im at PwC currently.

likesmart

Do amex have transportation and free meals in Bangalore location

like

Hi everyone, I’m looking for some ETF recommendations for long term growth. So far I’ve been putting my money into VOO and QQQ. I do plan on getting into crypto in the near future as well but want a majority in long term growth ETFs. (For context I’m 24, single, 80K salary, HCOL). I’d appreciate any investment/life advice as well.

like

Hi Fishes!

This question is mainly for the people in that 20s and 30s. Just want to know if there is a trend and if our spending habits are taking a turn for the worse.

Most of us saw increase in our pay checks earlier this year, mainly due to resignation wave. Given how easy it is to spend money these days, have you guys noticed any changes in your spending habits? Have you started overspending or you are still mindful about day to day purchases?

like

Looking for good books on investing. Open to anything- real estate, stock market, etc. please leave any suggestions on what to read and anything to avoid - thanks fishes!!

like

How can we calculate the tax amount for every amount.Any one please advise on this.

like

What do you consider as a safe level for “rainy day fund” as a % of your annual income ?

Anyone try this? Is it worth the $40 I paid or should I trade it?

Post Photo
like

Hey,
This is regarding PF withdrawal.
I worked in 2 companies and not employed currently. I haven't transferred my pf from 1st employer to 2nd employer. Now how can i withdraw both the PF amounts. Can someone help me out.

like

Looking for a Delta rewards card and was going to go with Amex, but internationally Amex isn’t widely accepted and I already have the Gold. I’d like to replace my JetBlue Mastercard with a no foreign transaction fee Delta card (don’t mind a fee for the card). Is there a good Delta non-Amex option? Also, don’t have a card that’s big on travel rewards generally.

Anyone from the US ever own property in the EU? What are some of the biggest differences (in general) one should be aware of before buying in one of the major EU member states?

like

Stock market is UP on this Biden news

likeupliftingfunny

Buying and owning real estate is an investment strategy that can be both satisfying and lucrative. Unlike stock and bond investors, prospective real estate owners can use leverage to buy a property by paying a portion of the total cost upfront, then paying off the balance, plus interest, over time.

like

What’s the best property that offering the best suite (by using the Suite Night perk) for SPG properties in Chicago?

like

My state says they are extending credit on a case by case basis... has anyone tried to extend their credit with success? And if so can you share your experience?

like

More Posts

like

What do you consider as a safe level for “rainy day fund” as a % of your annual income ?

Can anyone share actual data on partner life expectancy? I’ve heard myths (eg average partner dies 5 years post retirement), but haven’t seen data and would love to know. Thanks!

funnylikeuplifting

Did anyone apply for the national interest waiver while on STEM OPT?

like

Weekend getaway (for just one night) in Hollywood area... Ritz Carlton for 60,000 points a good idea?

Strategy Directors, Associate Strategy Directors, and Strat Heads — what are you making? And in which markets?

like

Has anyone had Marriott points for an award stay taken out of your account AFTER you stayed? Just switched a one night points stay with a free night award and they said points were never deducted.

like

28 hours flight brazil > Nicaragua . What e-books would you recommend

likesmart

Post your fishbowl love rating so we can all get some context!

like

Recently took a gig in Greenwich, what’s the social life like here — m&b, sailing, power lunches?

like

Which company is better coforge or l&t

like

What is the value in professional certifications? ACCA, CFA, CIPD, etc.

like

How do I use formulas that reference a pivot table without copying and pasting the pivot as values?

Anyone try this? Is it worth the $40 I paid or should I trade it?

Post Photo
like

My friend is in ICU from last few days, lungs infection at 25%, they are saying lungs are turned black , is this black fungus ? Is anyone/do you know anyone recovered from 25% lungs infection? My friend’s condition is neither improving nor deteriorating too badly.. they are paying big hospital bills(admitted from last 15+ days), But health is not improving

like

Hi, I did my Masters- Masters of Computer Applications in india, and I am 2015 passout, currently having 6 years of relevant IT experience. I want to pursue my study in canada, but don't know which course and how many years should j go! I heard if you select the wrong course, then it might becomes the visa rejection reason.

Please suggest

like

Tell me your dead bedroom stories

like

Buying in Long Island

like

Additional Posts in Creatives

like

Anybody from Via here? You guys make dope work.

like

Where are all the decent copywriters?

likefunny

Okay folks, how do we feel about the Oxford Comma? Is it necessary? Obnoxious? Essential to life as we know it?

likefunny

Do you visit Instagram pages on portfolios?

Why or why not? What do you like to see? Anything you dislike, other than a private page?

likehelpful

"You don't have enough experience to go on the shoot" but if I don't go on the shoot I won't get experience 🙃🤯

likefunny

When they say RTO is mandatory

Post Photo
likefunny

Anybody have tips or advice to writing a great TV spot?

like

New York Festivals, the first award show judged by every single person in the industry. ™️

likefunny

Anyone here attend The Book Shop in LA? How’d it go?

like

Can anyone suggest 1 or more solid BIPOC commercial comedy directors? Male or female is cool. Thank you in advance!

like

Which do you use/prefer for being assigned a project:
tangible job folders/job jackets
or
digital tracking software

Can a thank you note after an interview be about just sincerely thanking someone, not necessarily reiterating all the things that make you great?

likesmart

Currently at a job where I just don’t like people or the work all that much. Fewer clients possibilities (we’re basically an in-house team) than our sister office plus I have no desire for a promotion. Sister office is much more of an actual agency plus the culture is way more up lifting- I can vouch personally. I would love to transfer to the other office or just look for new opportunities. How do I bring up wanting an internal transfer without making it sound like I will leave otherwise?

like

I’ve got an interview with a CD this afternoon! What are the most common (or toughest) interview questions you’ve been asked?

like

I'm feeling so uninspired lately

like

What’s the best email app you use? Combining personal and work gmail accounts... I’ve downloaded spark, airmail, google mail.... can’t land on one!

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.