Hot Business Tips

Matt asked:


I am about to start a new business entity (probably an LLC), but I have already been earning income (intended for this business) under my name and personal bank account, since the LLC has not been formed yet and I do not have a business bank acount yet.

I will probably be filing IRS Form 8832 so that the LLC is taxed like a corporation, and can seperate my personal income tax from my business income tax.

Can I transfer income related to the business that i personally received before starting the LLC into the LLC so that the business would be taxed on it, and it would not be applicable towards my personal tax? How would this be done?

The income was received within the 2006 tax year, so I’m assuming i may need to start the LLC within 2006 as well?

Zero1 asked:


This business plan, and the business that ensues from this, shows people how to progressively and perpetually reduce their tax burden across the board. This goes far beyond merely income taxes. We’re talking about all forms of taxation at all levels of government.

In effect, this business legally allows people to increase their take home earnings by over 44% on average giving themselves a huge payraise.

If you had the opportunity to invest in this business and reap the dividends (far beyond your expectations) what would you do?
If you’re serious: I can show you details about this business plan.
Just because others have failed to produce what I have in my posession means hardly anything. People are always inventing new products and ideas. This is very detailed and only for serious individuals.
Again, this business plan applies to ALL FORMS OF TAXATION not just the income tax. And there is nothing the IRS can do about it legally. This is anything but tax evasion. It’s legal.

rothchristian asked:


I am looking into setting up a home based Business as a part time thing. I have a day job and I would like to do this music endeavor on the side. I want this to be legitimate but I know I will be making very little money and writing off a lot in tax deductions. Does anyone have experience in with this type of scenario? Is there a reasonable expectation that IRS has around how much revenue needs to come in for how much you are writing off? I don’t want the Business to appear fraudulent although I have more to gain from a tax deduction basis.