LLC and Losses = tax break

So, I think we have CPAs pop in every once and a while on here...

The practice of starting an LLC for a business venture, and that business venture not panning out results in a loss. When filing taxes, this is a 'write-off' and shrinks your AGI.

Why is anyone paying taxes? McDonalds, Caterpiller, Starbucks, Apple, etc. They are billion dollar revenue corporations that report a profit to shareholders yet dont pay corporate revenue taxes.

Anyway, what are other practical ways you fine gents avoid the Tax Coercion?

 

Son, I wanna talk about the honey from the bees. It is the rhyth of the LLCs. It's how we have so much ham and cheese.

LoL. Well, @silverspur go have kids and talk to them about LLCs!!!

Or post it here now so all the kids can see!

 

sorry, that was Big Picture stuff. Maybe if you dont care about others, that response was a nonsequitor. If you'd like an explanation it is available.

What is 1 billion dollars worth to Americans? Glad to see you dont care.... which begs the question why you pay taxes besides just following orders.... but we can keep it simple.

 

Limited Liability Corporations are easily filed through your state's resources. Either Revenue or Department of State. Many allow you to be your own registered agent, but the advatage of hiring a registered agent provides a professional address and avoids putting your home address on either public record or mailing lists or business records.