Search results

@benbud Really? Everything I’ve read is saying the election must be made by March 15 in the year it intends to be used.

@proverbs31an For sure. After the responses yesterday, I scheduled a couple consultations for this week. I’m not sure if it’s the right way to go or not, but I am convinced I need to get a CPA on my team to help walk me through these things regardless of which direction I end up taking.

@proverbs31an I agree. I don’t mind learning a new skill to help keep costs down, but that’s certainly the goal. It’s just so strange to transition to the idea that my time (and stress threshold) is actually valuable in a field where it’s so common to spend a decade learning that skill at a...

@sheogorath87 Fine arts. Very old fashioned business, lol

@jim89 Thank you!

@powerofthreemovement Yes exactly. Problem is I’m burning money essentially as interest. I knew I’d pay for it later, but I needed the cash then. The penalty is essentially interest on a “loan”. I very much dislike this, and want to get ahead of it, but for now it’s just what it is. Perhaps it...

@nubber That’s very helpful. I don’t imagine the savings will be that substantial, since to get there I’d need to claim something like a 40k salary with 80k in distributions, which is an obvious red flag for audit. Nonetheless, I do think it could help. If things continue to go well, there’s...

@nubber Thank you so much! I wasn’t sure how the election worked, but glad to know it needs to happen right away if it does. I’ll see about trying to find a local CPA. It’s a pretty introverted line of work, and well, honestly I have probably just been scared of going that route. The business...

I own a pass-through LLC in a creative field with a revenue of about $150k/yr, and ~$20-30k in expenses; no employees, so $120-130k profit. That’s the good part! The bad part? That doesn’t go as far as it seems with single earner and a big family, healthcare, etc. I get paid in lumps just a...