I'm strongly looking into starting an LLC for a 1 person (myself) software company.
Not sure how else to state it, but looking at ways I can keep as much money from my personal income using business expenses via the LLC (how does this all work?)
Ultimately I want to start the LLC for the pure entrepreneurial spirit of starting a company and I have a business plan/goal in mind.
Though, it'll take I'd say at least 1-2 (maybe even 3) years for it to become profitable. In the meanwhile I'll maintain my 9-5 and covering the cost of the business out of pocket.
I know businesses can write off so many things it's ridiculous, that a normal person just working can't. So trying to figure that out, so I can keep as much money from my 9-5. All while I'm helping grow my software and IT services business.
Things that pop into mind * Computer equipment * General equipment * Vehicle (can I put my car in the business name so my loan payment is a write-off) as a person I can't deduct it. * Home business, so home internet * Cell phone * Hell, just going to lunch with a client is a write-off. * License fees for software, and development tools (Apple iOS license, Android license fees)
I've also toyed with the idea, of asking my boss to re-hire me as an independent consultant, and pay my business rather than me directly. Then things like simply driving to "the client" would be considered a deduction. Can you write off mileage if your have an office at your clients business? Know as an average Joe worker I can't.
Just so many questions, I'm really not sure how else to ask.
Realize there may be things I'm not aware of, like business taxes, fees, and what not.
If I'm way out of line, please let me know. Trying very hard to learn.
No comments:
Write comments