T BIRD Posted January 28, 2008 Share Posted January 28, 2008 I have a date with my accountant late this afternoon about 4PM. Its the first time I have sat down with him to go over T Bird Vending LLC. I am anxious for this meeting to see what my 2007 return may look like in terms of what Deb and I will be getting back. From what he has told me, forming a LLC the way we did will allow us a simplified way of doing this. I have put a decent amount of money into the business since it started formally in November of 2007. Vendtrak has it all in its system in terms of where monies went to and for what. Link to comment Share on other sites More sharing options...
caserri Posted January 28, 2008 Share Posted January 28, 2008 Good luck John. Let us know how it goes. I'm sure your experiences will prove useful to those considering incorporation. Steve Link to comment Share on other sites More sharing options...
T BIRD Posted January 29, 2008 Author Share Posted January 29, 2008 Well.......I had an hour with my accountant yesterday evening. ( there were 2 accountants there actually ) I learned alot about the benefits of my wife and I forming a LLC like we did. In some form or fashion, all OUR losses with T Bird Vending LLC in 2007, can be directly put into our personal tax returns so that the end result is we will see a good deal of money coming back to us. In addition the tax laws have changed for LLCs in that there used to be a fee of about $225 for each of the LLC's partners once a year. That fee was reduced if the partners were a married couple to one fee of $225 and then finally this year a married couple who are 50/50 partners in a LLC pay nothing as a fee!! As I Iearn more I will post. Link to comment Share on other sites More sharing options...
T BIRD Posted February 14, 2008 Author Share Posted February 14, 2008 Well.......just as a followup here to my having formed a LLC with T Bird Vending, I had my taxes prepared and sent in last week. Because of how I formed the vending company, I was able to take all of my losses for 2007 and bring them over to my wife's and my personal tax returns etc. So.....being able to do that will alow us to get back ALOT of money from the government this year. I am in no way an expert with this stuff. But I certainly think its worth the effort to ask your accountant or tax man what the benefits are in forming a corporation of some kind. Link to comment Share on other sites More sharing options...
caserri Posted February 14, 2008 Share Posted February 14, 2008 John, Just wondering, did the increase in the amount of your refund cover what you paid to incorporate? Steve Link to comment Share on other sites More sharing options...
T BIRD Posted February 14, 2008 Author Share Posted February 14, 2008 Yes Steve. Link to comment Share on other sites More sharing options...
caserri Posted February 14, 2008 Share Posted February 14, 2008 Very nice! Steve Link to comment Share on other sites More sharing options...
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