Congrads on your home purchase. I think it is a great time to by buying a house. One thing we often do when clients buy a new house is look at how much tax they will save. This way you can reduce your withholding if you need more cash flow for your business.
On the LLC. Looked up your biz on Linkedin. Wouldn’t be surprised if you start making a good living with your new venture. I have a few others in the same field. Now the LLC, not such a good idea. If you make money you will probably pay too much tax. If you have a loss you will be an audit target because the llc is a disregarded entity and so the loss goes directly on your return. The loss can be as much as you spend, not limited to $10,000 but the IRS will look at it and think you are just making the business loss up to save tax. We can file an election to report the loss on a separate return and then “carry” it to your return. This decreases your audit chances while maintaining the tax benefits of the loss.
The first consult is free. We can set up a phone conference so I can some details and get some more details. After that I will be able to make some more concrete recommendations.
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