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LLC or W-2, if big family

Asked by: Anar - 6 July, 2012
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/default.png-f1597c1da25f30f8c1a941405e8391c8 With 4 children and not-working wife, I have good tax deductions on W-2. Is it worth making LLC if I make 110k salary and make some trading/investment business?
Answered by: Ray Albert - 7 July, 2012
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/194.jpg-630c771619e92bede7e6f696b56767b9 Anar,

As far as I know you can maintain your W-2 employment and at the same time own an LLC. You can then run your trading/investment business using this LLC and have its profits (or losses) pass through to your personal tax return.

While we could help you register your LLC if needed, with a tax question with so many potential caveats, I would highly recommend seeking the consultation of a licensed accountant/CPA.

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