Suggestions on Tax saving's for 1099 (LLC)

[ponugupati]

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.

 

[AverageDesiGuy]

Which state are you in?

[9018309345]

33 minutes ago, AverageDesiGuy said:

Which state are you in?

United States 

[Sanjiv]

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

[Hitman]

Y desis, Y not American CPA. ? I have been with American CPA after contacting desis.

[VinPetrol]

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

[ponugupati]

3 hours ago, AverageDesiGuy said:

Which state are you in?

Oregon dude.

[ponugupati]

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? 

[ponugupati]

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.

[Sanjiv]

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)

[ponugupati]

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? 

[Sanjiv]

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)

[hydusguy]

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

[Sanjiv]

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

[ponugupati]

1 hour ago, Sanjiv said:

Merrill Edge (integrated with BofA)

Thanks Again.