Hello Ladies and Gents!
This may get deeper than usual for you guys, but maybe not, i'm new to this, but wanted to drop everyone a warning. ;) We have spoken to friends who do their own accounting, and to one local accountant, but he wanted a crazy amount of up front money to even point us in the right direction.
My name is Marc and my brother and I have started an IT consulting LLC in Wyoming. We are both listed as Organizers.
That being said, we have always just done work via our individual socials, but never as an LLC, so I have some questions on how best to handle some things.
1) Does paying ourselves mileage lower the LLC income? Is that something that we have to then report as income individually? What documentation besides something showing the miles and dates/locations do we need for this payout? Can it be done in a lump at end of yer? Pitfalls?
2) We haven't made much in the year, sub 10k, is it best to file as an LLC or is a corp better for a 2 person low income year business?
3) Dining out for business purposes: I have receipts for this, if we reimburse ourselves how different is it from the first question if at all?
4) If my brother and I work different projects and different amounts of hours, what is the best way to pay ourselves in the end? We currently don't have any business split listed with out LLC, so I assume that means 50/50.
Hope that's not too layman. And thank you ahead of time for your thoughts and suggestions.
This may get deeper than usual for you guys, but maybe not, i'm new to this, but wanted to drop everyone a warning. ;) We have spoken to friends who do their own accounting, and to one local accountant, but he wanted a crazy amount of up front money to even point us in the right direction.
My name is Marc and my brother and I have started an IT consulting LLC in Wyoming. We are both listed as Organizers.
That being said, we have always just done work via our individual socials, but never as an LLC, so I have some questions on how best to handle some things.
1) Does paying ourselves mileage lower the LLC income? Is that something that we have to then report as income individually? What documentation besides something showing the miles and dates/locations do we need for this payout? Can it be done in a lump at end of yer? Pitfalls?
2) We haven't made much in the year, sub 10k, is it best to file as an LLC or is a corp better for a 2 person low income year business?
3) Dining out for business purposes: I have receipts for this, if we reimburse ourselves how different is it from the first question if at all?
4) If my brother and I work different projects and different amounts of hours, what is the best way to pay ourselves in the end? We currently don't have any business split listed with out LLC, so I assume that means 50/50.
Hope that's not too layman. And thank you ahead of time for your thoughts and suggestions.
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