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You're really much better off to be a Sole Proprietor (sch C). You don't really have the volume of book keeping that would warrant making your company a C Corp, or S Corp
Both of these entities must fie their own tax return, where as a Schedule C is part of your Federal 1040 return
You don't need to get an EIN #, and I'm not sure what kind of license you're speaking of
state business license
I read where the llc keeps you protected in case of a lawsuit...that is the part that made me not sure as to which one to pick
oh....it sounds like you're talking about "errors and admissions"
but that's a form of insurance
If I were going into business myself I would definitely buy that insurance
So having a limited liability corp would not accomplish the same thing with less expense than insurance
"LLC" can actually be attached to ANY business, from Sole Proprietor to Corp
Although there is SOME protection, its not NEARLY the amount offered by the errors and omissions insurance
however, if these are people that you know quite well, you may not need the insurance
Okay...down the line if i even went that route...do you have any idea of what a common price range that is in to purchase?
Oh, I'm really sorry, but since I have worked for the same large company (who buys the insurance on all of us) for 27 years, that
that's not something I ever looked at
If I were you, I'd call around
thats fine...one last thing...I hope its okay to go back and ask this...but our last session you spoke of the filings schedules for the bookeeping and rental but i didn't get what schedule to file the antiques on...is that okay to ask you this now?
you report the sale of the antiques on the new form 8949, which will eventually feed over to the Schedule D
You may ask as many follow up questions as you like
it ' s all part of the job
oh how nice...
yes.......that's a nice feature for our customers
what ought to be an average price to pay a tax preparer for that?
Depends..........at Block, there's no charge......(we charge by the form) for people who get paid hourly?......I have no idea..
what would those forms cost?
I'm not trying to be vague here............Block has the strangest pricing to try to keep track of....they "tweak" it every year,....
For the 8949 (Sch D) you're probably looking at maybe $35 for one entry
I have to be honest with you though...............while I LOVE small sole proprietor businesses, they are some of the most expensive forms we do
that expense includes depreciation
if you have an office in home
While yours doesn't appear to have that much to it.............I think the starting price is around $80??
that is good to know...it gives me some type of an idea
Every time you go to a store (office max, etc) and buy things for your business those miles become business miles
at roughly 58?59? cents /mile, that can really add up
you would need to keep a record of your miles though
my Dad used to keep pocket calendar in his car...........he would then record the # XXXXX miles, and why they were business miles
good to know...a small book or like an excel sheet
that works too
if you think of more questions, just come back here (you can bookmark this page) and I'll get to them as soon as I can
greatly appreciate your help. Good evening to you.
good evening to you too.