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Forum
-> Household Management
-> Finances
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amother
OP
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 Wed, Sep 04 2024, 12:44 pm
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Can anyone enlighten me? I may need to switch to a 1099 instead of a W2. Someone mentioned making an LLC for myself, getting the 1099 paid to the LLC, and that it could be advantageous tax wise. Can anyone explain what I need to do?
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amother
Coffee
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Wed, Sep 04 2024, 1:25 pm
| amother OP wrote: | | Can anyone enlighten me? I may need to switch to a 1099 instead of a W2. Someone mentioned making an LLC for myself, getting the 1099 paid to the LLC, and that it could be advantageous tax wise. Can anyone explain what I need to do? |
Call an accountant.
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amother
Aqua
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Wed, Sep 04 2024, 1:32 pm
There isn’t much of a difference except that as sole prop your personal assets can be used for business debt, as opposed to LLC where your personal assets are protected. Also you can have multiple owners on an LLC, but you also need to register it in advance and pay the formation fees
If this is a regular job paying on a 1099, and not you starting a business and accumulating debt, I’d suggest sticking with the standard sole prop
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seeker
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Wed, Sep 04 2024, 1:35 pm
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Following. I was told the way to go is an S-Corp but I'd love to learn more. My accountant does not currently have time to really take me through it and I'm not sure how much of a specialty this is, I.e. whether my regular tax guy is really the best one to advise me.
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amother
Geranium
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Wed, Sep 04 2024, 1:45 pm
| seeker wrote: | | Following. I was told the way to go is an S-Corp but I'd love to learn more. My accountant does not currently have time to really take me through it and I'm not sure how much of a specialty this is, I.e. whether my regular tax guy is really the best one to advise me. |
I don't think it's that much of a specialty, you're regular tax guy is probably enough.
Wait till after Sept. 15 and your accountant will have all the time in the world for you. It's crazy season for us now!
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amother
DarkRed
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Wed, Sep 04 2024, 2:08 pm
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seeker
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Wed, Sep 04 2024, 2:25 pm
| amother Geranium wrote: | I don't think it's that much of a specialty, you're regular tax guy is probably enough.
Wait till after Sept. 15 and your accountant will have all the time in the world for you. It's crazy season for us now! |
Yeah that's what he said but I work on a school year and need to set up some payroll stuff ASAP. So I'm hoping someone here has BTDT and can summarize.
Good luck with everything. Must be nice to have Yom tov wait until after your deadline.
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cm123
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Wed, Sep 04 2024, 2:48 pm
| seeker wrote: | Yeah that's what he said but I work on a school year and need to set up some payroll stuff ASAP. So I'm hoping someone here has BTDT and can summarize.
Good luck with everything. Must be nice to have Yom tov wait until after your deadline. |
I get paid on a 1099 and my accountant opened an LLC for me which helps with the taxes. He literally did everything for me and walked me through the whole process. If you’re located in NJ you can pm me for his contact info if you want to change accountants.
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seeker
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Thu, Sep 05 2024, 11:26 pm
That was great, thank you so much!
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