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Old 09-01-2008, 01:40 PM   #8 (permalink)
flipflop
Junior Member
 
Join Date: Sep 2008
Posts: 2
Default S Corps and LLC's

I've been thinking about this for years - but it never really seemed like that the couple of hundred I made a year warranted all the additional complication to my tax filing situation.

Up to this point, I've been tacking my earnings to the standard Royalty form - and it seems OK enough for me. Although... whenever I purchase a new PC a little part of me feels stupid for not being able to write it off. But I keep telling myself that it's just a hobby.

In any case, there seems to be quite a few people who've gone the next step, and I'm curious as to how hard or easy it is to do. At various points through out the years, I've been to the SBA site and read all the various IRS pubs - and it seems overwhelmingly confusing.

If one should decide to incorporate, are the fees one-time or yearly? Ditto for the $99 apple fee.

The idea of opening a separate business account seems rather interesting to me - but in the beginning, when you don't have any inflows yet -how do you go about purchasing stuff for the business? Do you initially have to use personal funds - and if you do - can you still deduct them as business expenses? In my case, I suppose, I could write a check equivalent to all my previously royalties over the years - but what happens when expenses start to exceed inflows?

Would any of you folks care to share a site or a book that you used to get the ball rolling?

Thanks in advance for any replies.
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