GoFuckYourself.com - Adult Webmaster Forum - View Single Post - People who have LLC...Do you file your federal income tax for the company as:

V_RocKs · 07-26-2005, 12:16 AM

The only corp that is going to save you money is a C Corp.

Sole proprietors, File Shedule C (profit and loss) (the business side of your taxes) then take the income and add it to your 1040 gross income.

Partnership, 1065 and Schedule K for the business, then all profits are split among partners to go on their 1040's as gross income.

S Corp, 1120S Similar to 1065/S-K deal, then give profits to shareholders (partners) to add to their 1040 gross income.

LLC, If 1 member, treated as sole proprietor, 2 or more, treat as a partnership. Same forms.

C Corp, The only non-passthru entity. It will pay its own taxes. Form 1120 or 1120-A.
A C-Corp is going to get taxed less than you would have. So you can deduct all the crap, pay yourself, and then it gets taxed on what is left. Most people leave money in the C Corp that they aren't going to use, this means it gets taxed at the C-Corp rate at not at the personal rate. C-Corp's can also pay their employees with tax-free fringe benefits. Like health insurance, 401K, movie tickets.. etc...

But if you are the only one in the corp (except for the 'friend' who is the other shareholder), and you give yourself benefits, prepare for the IRS to fuck you dry and call you an S-Corp because you are acting like one.

07-26-2005, 12:16 AM
V_RocKs Damn Right I Kiss Ass! Industry Role: Join Date: Dec 2003 Location: Cowtown, USA Posts: 32,422	The only corp that is going to save you money is a C Corp. Sole proprietors, File Shedule C (profit and loss) (the business side of your taxes) then take the income and add it to your 1040 gross income. Partnership, 1065 and Schedule K for the business, then all profits are split among partners to go on their 1040's as gross income. S Corp, 1120S Similar to 1065/S-K deal, then give profits to shareholders (partners) to add to their 1040 gross income. LLC, If 1 member, treated as sole proprietor, 2 or more, treat as a partnership. Same forms. C Corp, The only non-passthru entity. It will pay its own taxes. Form 1120 or 1120-A. A C-Corp is going to get taxed less than you would have. So you can deduct all the crap, pay yourself, and then it gets taxed on what is left. Most people leave money in the C Corp that they aren't going to use, this means it gets taxed at the C-Corp rate at not at the personal rate. C-Corp's can also pay their employees with tax-free fringe benefits. Like health insurance, 401K, movie tickets.. etc... But if you are the only one in the corp (except for the 'friend' who is the other shareholder), and you give yourself benefits, prepare for the IRS to fuck you dry and call you an S-Corp because you are acting like one.