ponugupati Posted September 18, 2023 Report Share Posted September 18, 2023 Hi, My wife is doing contracting and payment is C2C (Single member LLC). Any suggestions on how much deductions can be shown as expenses for LLC? And also do anyone have CPA contact (preferable Indian) you can help us with advise's to save on taxes for 2023. Thanks in advance. 1 Quote Link to comment Share on other sites More sharing options...
AverageDesiGuy Posted September 18, 2023 Report Share Posted September 18, 2023 Which state are you in? Quote Link to comment Share on other sites More sharing options...
Popular Post 9018309345 Posted September 18, 2023 Popular Post Report Share Posted September 18, 2023 33 minutes ago, AverageDesiGuy said: Which state are you in? United States 3 Quote Link to comment Share on other sites More sharing options...
Sanjiv Posted September 18, 2023 Report Share Posted September 18, 2023 10 hours ago, ponugupati said: Hi, My wife is doing contracting and payment is C2C (Single member LLC). Any suggestions on how much deductions can be shown as expenses for LLC? And also do anyone have CPA contact (preferable Indian) you can help us with advise's to save on taxes for 2023. Thanks in advance. Pay yourself 60% of revenue as wages and show 40% as expenses Quote Link to comment Share on other sites More sharing options...
Hitman Posted September 18, 2023 Report Share Posted September 18, 2023 Y desis, Y not American CPA. ? I have been with American CPA after contacting desis. Quote Link to comment Share on other sites More sharing options...
VinPetrol Posted September 18, 2023 Report Share Posted September 18, 2023 51 minutes ago, Hitman said: Y desis, Y not American CPA. ? I have been with American CPA after contacting desis. LLC petaka cheyalisina check list chepu bro.. 1. establish LLC .. get EIN number. 2. run payroll ? 3. tax file quarterly? 4.. .? plz throw some light bro Quote Link to comment Share on other sites More sharing options...
ponugupati Posted September 18, 2023 Author Report Share Posted September 18, 2023 3 hours ago, AverageDesiGuy said: Which state are you in? Oregon dude. Quote Link to comment Share on other sites More sharing options...
ponugupati Posted September 18, 2023 Author Report Share Posted September 18, 2023 2 hours ago, Sanjiv said: Pay yourself 60% of revenue as wages and show 40% as expenses Thanks dude, This is a C2C software job, any idea on what expenses can I show? Quote Link to comment Share on other sites More sharing options...
ponugupati Posted September 18, 2023 Author Report Share Posted September 18, 2023 2 hours ago, Hitman said: Y desis, Y not American CPA. ? I have been with American CPA after contacting desis. do u have contact? Not particularly indian, but any good CPA who can help me in more saving's. Quote Link to comment Share on other sites More sharing options...
Popular Post Sanjiv Posted September 18, 2023 Popular Post Report Share Posted September 18, 2023 11 hours ago, ponugupati said: Thanks dude, This is a C2C software job, any idea on what expenses can I show? Health & Auto insurance, home office (rent for the office space), company annual registration, utilities, internet, phone, electricity, repairs & maintenance, gas, car registration, postage, travel, tax preparation/filing fees, SEP-IRA, office supplies, furniture, books, education, etc. for SEP-IRA, you can pay up to 25% of wages as Employers' share (100% by employer, 0% from you) 3 Quote Link to comment Share on other sites More sharing options...
ponugupati Posted September 18, 2023 Author Report Share Posted September 18, 2023 4 hours ago, Sanjiv said: Health & Auto insurance, home office (rent for the office space), utilities, internet, phone, electricity, repairs & maintenance, gas, postage, travel, tax preparation/filing fees, SEP-IRA, office supplies, furniture, books, education, etc. for SEP-IRA, you can pay up to 25% of wages as Employers' share (100% by employer, 0% from you) Thanks a lot dude, very useful for me. Any brokerage account you recommend for SEP IRA, and can I use that money to invest in stocks? Quote Link to comment Share on other sites More sharing options...
Sanjiv Posted September 18, 2023 Report Share Posted September 18, 2023 1 minute ago, ponugupati said: Thanks a lot dude, very useful for me. Any brokerage account you recommend for SEP IRA, and can I use that money to invest in stocks? Merrill Edge (integrated with BofA) Quote Link to comment Share on other sites More sharing options...
hydusguy Posted September 18, 2023 Report Share Posted September 18, 2023 4 hours ago, Sanjiv said: Health & Auto insurance, home office (rent for the office space), utilities, internet, phone, electricity, repairs & maintenance, gas, postage, travel, tax preparation/filing fees, SEP-IRA, office supplies, furniture, books, education, etc. for SEP-IRA, you can pay up to 25% of wages as Employers' share (100% by employer, 0% from you) SEP IRA.. you are saying 25% can be contributed... does it have limitations with 21000 yearly with 401k Quote Link to comment Share on other sites More sharing options...
Sanjiv Posted September 18, 2023 Report Share Posted September 18, 2023 6 minutes ago, hydusguy said: SEP IRA.. you are saying 25% can be contributed... does it have limitations with 21000 yearly with 401k https://www.google.com/search?q=sep+ira+limits+2023 1 Quote Link to comment Share on other sites More sharing options...
ponugupati Posted September 18, 2023 Author Report Share Posted September 18, 2023 1 hour ago, Sanjiv said: Merrill Edge (integrated with BofA) Thanks Again. Quote Link to comment Share on other sites More sharing options...
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