Looking for a little bit of advice on taxes.
In 2013, I set up an LLC to do some freelance work after I left my job. The billings were nothing exceptional, but I do have some money in that account, and it was set up with its own federal tax ID, etc.
My question is should I "pay" myself the earnings (minus any business expenses I can come up with), and count that as personal income, or just pay corporate taxes on the billings minus expenses from the LLC? And what level of income do I need for an LLC to have to pay taxes?
Also, am I still going to be able to do this in Turbo Tax, or am I going to need to hire someone to do my taxes this year?
Thanks in advance for any knowledgeable advice as well as for wise-ass comments.
In 2013, I set up an LLC to do some freelance work after I left my job. The billings were nothing exceptional, but I do have some money in that account, and it was set up with its own federal tax ID, etc.
My question is should I "pay" myself the earnings (minus any business expenses I can come up with), and count that as personal income, or just pay corporate taxes on the billings minus expenses from the LLC? And what level of income do I need for an LLC to have to pay taxes?
Also, am I still going to be able to do this in Turbo Tax, or am I going to need to hire someone to do my taxes this year?
Thanks in advance for any knowledgeable advice as well as for wise-ass comments.