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LLC or W-2, if big family
Asked by:
Anar — 6 July, 2012
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:
admin — 6 July, 2012
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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