|
Be aware that you also will have to send a 1099 to anyone or entity from which you purchase ANYTHING for more than $600 over a year's time. Do you buy scrap metal, cars or office equipment for more than $600 to any one person/business? You will need to send each one a 1099.
People may laugh at me, but that's ok. I laugh all the way to the bank.
Experienced Scrapper
I love your saying at the bottom of your posts. LOL! as a girl, i get laughed at..but not after i cash my scrap checks!! ha ha. and yes I have also looked into the 1099 new "thing". I am wondering if forming an LLC and paying 7 to 8% taxes with legal deductions would be worth the record keeping headache as opposed to just paying almost 30% tax on a 1099 in the state of wisconsin. I do not have the answers yet, but am meeting a lawyer soon to go over my best options. Love the scrap forum guys!!
Experienced Scrapper
An LLC doesn't get you out of paying personal income tax. If you incorporate, you'll pay yourself a salary right? Don't get me wrong, there are some tax benefits to be looked at, but don't think that forming an LLC will bring your taxes down from 30% to 7-8%.Originally Posted by lady scrapper
There are currently 1 users browsing this thread. (0 members and 1 guests)
|
Browse the Most Recent Threads
On SMF In THIS CATEGORY. 
OR 
|
Posting Permissions
Bookmarks