Company: LLC, C-Corp, Sorp – Taxes on Just Profits!?
February 8th, 2010 | 
Author: I am currently working with a few CPA Networks. [NeverBueAds, Azoogle, Copeac]
I am doing around 1/k month now, and I don’t know what I should do about Taxes. All that 1K of revenue is not pure profit, I also have expenses that are used to make that money, about 1K/month. I need to fill out a W-9 form before I could get my earnings. However, I just do it under my own name, as there is really nothing to worry about.
However, would I need to set up something, like a LLC or something, I feel I should only pay taxes in my profits and not on all revenue. So I would be writing off computers, internet, % of my home for office space, and then other things related to my Search Marketing process.
Thank you for any information you may have.
It depends on the laws in your area.
An S-Corp does not pay federal income taxes in most cases, but in my state, they still have to pay a francise tax on their assets.
And just because a company does not pay Federal Income Tax, does not mean that it does not pay State Income Taxes, or a local income tax, or some other Tax in your area.
Posted in CPA Networks
It depends on the laws in your area.
An S-Corp does not pay federal income taxes in most cases, but in my state, they still have to pay a francise tax on their assets.
And just because a company does not pay Federal Income Tax, does not mean that it does not pay State Income Taxes, or a local income tax, or some other Tax in your area.
References :
Incorporator