LLC and Losses = tax break

Discussion in 'Trucker Taxes and Truck Financing' started by silent_philosophy, Mar 27, 2023.

What tax program do you support?

  1. Military Budget

  2. Transportation Infrastructure

  3. Farming Subsidies

  4. Manufacturing

  5. Corporate Hinjinx

  6. Social Welfare

  7. Education (not commie colleges)

  8. Communications Infrastructure

  9. Energy Subsidies

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  1. silent_philosophy

    silent_philosophy Light Load Member

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    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?
     
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  3. silverspur

    silverspur Road Train Member

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    Do parents teach their kids about LLC's? More the pity.
     
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  4. silent_philosophy

    silent_philosophy Light Load Member

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    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!
     
  5. silverspur

    silverspur Road Train Member

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    Parents should if they want their kids to compete and get ahead.
     
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  6. Ridgeline

    Ridgeline Road Train Member

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    LLC?

    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 does this have to do with anything?

    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.

    Get a good accountant who is an EA.

    Pay them to save you on your tax liability.
     
  7. silent_philosophy

    silent_philosophy Light Load Member

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    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.
     
  8. RocketScott

    RocketScott Medium Load Member

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    Is it getting shilly in here or is it just me?
     
  9. Crude Truckin'

    Crude Truckin' Alien Spacecraft

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    Where do these new people come from that come here with their noses in the air?
     
  10. silent_philosophy

    silent_philosophy Light Load Member

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    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.
     
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