Hi babes! Kudos to @totaldev for this awesome c...
Hi babes! Kudos to @totaldev for this awesome community...
Multiple Questions:
What is the objective of an LLC for someone who is OE?
What issues may or may not arise if money for a home is put into a Money Market Fund over a checking account instead... would that be sufficient for using as a down payment?
What are ways you are using to reduce your W2 income bracket/writeoffs/etc? Any pointers?
Thanks everyone.
3 Replies
Thread automatically created by Miyu in #🤔｜questions
rival-black•3mo ago
You can either
1. Use the LLC and work for other companies on behalf of you, the founder, to do 1099/c2c work for them.
2. When you have more experience, you can hire out contractors to do the work
3. Without considering 1099/c2c work, you can use an LLC to "fake experience" if you want to hide your J1
Issues would be how fast you can liquidate from the money market, but generally it only takes less than a week.
conscious-sapphire•3mo ago
4. LLC can be used to "hide" income. On W-2, a J's payroll shows them paying Miyu LLC, but when put through an LLC, it would show a J paying Some_LLC, and then you can draw funds from it. This wouldn't show up under you if an unfrozen TWN is pulled.
What are ways you are using to reduce your W2 income bracket/writeoffs/etc? Any pointers?Max out your 401k, move to a state with no state income tax (eg: Florida / Texas). If you're self-employed or have an LLC, you can write off office supplies if required, some of your internet, some of your mortgage. There are limits on this, so consult a CPA. Outside of that, get prepared to pay taxes. I paid over 300k in taxes last year.