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?
LLC and Losses = tax break
Discussion in 'Trucker Taxes and Truck Financing' started by silent_philosophy, Mar 27, 2023.
-
-
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
-
Do parents teach their kids about LLC's? More the pity.
silent_philosophy Thanks this. -
LoL. Well, @silverspur go have kids and talk to them about LLCs!!!
Or post it here now so all the kids can see! -
silent_philosophy Thanks this.
-
Maybe, depending on the situation you are in, your losses will reduce your AGI or it could be a trigger for an audit and you will have to pay more.
What others pay, I don't give a crap about, I care what I pay and what they pay or don't they pay doesn't effect me and my taxes.
Pay them to save you on your tax liability. -
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. -
Is it getting shilly in here or is it just me?
-
Where do these new people come from that come here with their noses in the air?
-
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.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.