Did the IRS tax all your profits into oblivion? You need free sources of advertising. These are some great ones.
or
You
are in need of
IRS tax help
Marketer
put out of business
I’m here to tell you, you are going to need some
serious irs tax help after you read what I have to warn you about. So
much has been
told to us internet marketers, that we need to have the proper tax
structure or we are going to get sued.I took to heart that I needed a professional image. So I set up a Nevada corporation. It was expensive because I didn’t know what I was doing so I fell for the extra $1300 so that they would hold my hand (nchinc) well just try to get anyone on the staff to ever call you back. What a nightmare. But it doesn’t end there.
You have to hold annual meetings and document the minutes of these meetings. You have to pay estimated taxes of course. The IRS sets you up with their EFTPS system to do payments online. You need a corporate bank account also to do this. I found myself on the phone way too often asking for irs tax help. The first year is really tough. You have to look into a crystal ball and try to accurately estimate income on your new home state or Nevada corporations, figure out your tax rate, divide it by four and pay the taxes on time. For a corporation it is a form 1120 for an LLC it is a 1065 form. Anyway, if you underpay the irs tax, you get a penalty. Oh yes, if you have any employees you have to pay unemployment taxes on a form 940. At this point already I was looking for tax relief help. .....HELP
It gets
worse.
This year I buy taxcut business software. I start plugging in all my income which was mostly defined as consulting since I don’t actually sell anything, I enter my deductions, writeoffs, milage, meals etc and the program tells me that my tax rate is 35%. WHAT!
That’s right, if you are and engineer, drafter, designer, webmaster, whatever, you are labeled a consultant because you you don’t make anything or sell anything tangible. You now pay 35% period! There is no irs tax help for me. It is written in stone, wrong tax structure, shut er down, apply for welfare. I checked. I talked to several irs tax help professionals, I am not going to find any tax relief help now, it is too late, I am screwed.
Once I shut down the corporation, I will inherit the remaining assets and get to pay personal taxes on those also. That’s another 15%-23% added on to the 35% already paid.
It always looks more professional to have a same state LLC or corporation. A Nevada or Delaware LLC looks suspect even though it really isn’t. A Wyoming LLC is a good option also. Go with an LLC. As I described, a corporation is an accounting nightmare and is double taxed. If all you do is affiliate marketing or consulting in general, then just be a sole proprietor. It will save you many headaches. If you do sell something or have the liability of say a vitamin juice MLM, you may want to have some protection behind an LLC plus it looks more professional. No matter what you decide you will have to turn to the dreaded IRS taxman for minimal but up to date tax help. Be prepared to be on the line for a long wait.
Don’t be penny wise and pound foolish. I know you are on a budget but we live in a heavily regulated age and tax humgry government will not hesitate to throw you in jail if you do not pay the State, er uncle Sam, what it wants from you. Seek out irs tax help. At least look into it so you won’t be blind sided with some really bad news. You could lose it all. I know you want to be self employed. Bureaucracies make that increasingly more difficult. Working for someone else in many ways is the easy way. You just show up. But you have probably already jumped into internet marketing/MLM. Educate yourself now. I repeat seek out irs tax help. There are many tax relief help operations all over the web.
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