I am actually looking for a tax preparer, I have just formed an LLC in June and I am working full time as well I have also bought my first place in July.

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.

This blog is a collection of questions from clients and the answers. The goal of the blog is not to answer the questions you might have. Most times the answers are based on each client’s personal situation. Please do not rely on this information to make important financial and tax decisions. The advice presented here is presented to give examples of the type of information you get as a client of a true tax professional, like Ray Simmons and the preparers he employs. Advice regarding similar issues for you should be based on your personal situation.

Treasury Department Circular 230 Notice. “To ensure compliance with Treasury Department Circular 230, prospective clients are hereby notified that: any discussion of Federal Tax Issues contained or referenced to in this communication is not intended or written to be used and cannot be used by the prospective client or investor for the purpose of avoiding penalties that may be imposed on them under the Code.” Such discussion is written in connection with the promotion or marketing by Ray Simmons Corporation of the transactions or matters addressed in this correspondence.


About taxdude8422

Basically I am just a tax nerd, have been all my life. However I have found the more open you are to opportunities the better off you will be in this world. That makes my what is know as an open networker on Linkedin, I will connect with anyone. I am not an expert on Linkedin by any means but one day when I was asking someone to connect I mentioned that I had just been refilled on invites. My new connect asked how I did that. I used that same line for the next month and got asked the same question four times. I started thinking there was a lot of little things it took my sometime to learn. Through this blog I plan to share some of those "Linked Secrets"
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