O/O Taxes Fed EIN...State?

I've never heard of a state EIN number. An EIN is the same as a SSN, only it's for an entity, whereas SSN's are for individuals. As far as I know, only the feds issue them, and the states use that number.

Depending upon your state laws and regs, there may be some other kinds of state registration requirements.

If your LLC pays you any wages, it is supposed to withhold. If it doesn't withhold, the penalties are usually some portion of the required withholding. If no wages are paid, no withholding would be required, so there would be no penalty for not withholding.

Your LLC can pay you the full $59 per day (that figure may go up as of October 1) per diem allowance when you are on the road and reimburse your other expenses with no withholding. Per diems are considered expense reimbursement, not salary.

When your LLC pays you the federal per diem rate, you get the whole per diem tax free. The 80% deduction rule only applies to the unreimbursed portion. So, have your LLC reimburse you for the maximum federal amount.

Here's a simple online calculator to calculate the number of days of per diem you can take for each trip.

My guess is you set up your LLC for asset protection purposes, which I am strongly in favor of. Just remember to keep your records straight. If you pay for personal things with your LLC, creditors could pierce your LLC veil. It's OK to pay things for your LLC from your personal funds as long as you keep track of it and, when you can, get reimbursed from the LLC.

Wishing you great success in your new venture.

Best,

 

Who Social Security Number do I put on my application for an FIN Number,I rather not use mine. I would like keep personal and business seperate I also intend to go LLC. Thank You.

 

apply for a EIN, employer identifcation number.

http://sos.georgia.gov/corporations/IRS_announcement.pdf