Is this really legitimate??

Start accepting BTC if you care about taxes.

I own both an LLC and also have an S Corp I pay corporate as well as personal taxes, the tax code is very specific about this, get a life Tran you spend way too much time on here giving advice and warnings to people and hijack threads. The lady was asking for help and I was trying to help her, you are just being a jerk, as usual

I own both an LLC and also have an S Corp I pay corporate as well as personal taxes, the tax code is very specific about this Originally Posted by thebear69

you are stupid if you pay Corporate tax then.. the link I posted shows me to be right.. you just don't want to admit you are wrong.

how about another link?.. read the 2nd paragraph under "defining the benefits".. then post an apology.

https://www.inc.com/guides/201103/s-corp-vs-llc.html

no you don't.

an LLC pays the same as a sole proprietor, that is regular tax and SE tax.. no corporate tax.. an S Corp is a pass-through entity, that is income is passed to the shareholder(s) as regular income, no corporate tax paid. only a C Corporation pays corporate income tax as a separate entity.

you sound like you had a business course at DCCC 20 years ago, and are regurgitating what you think you remember.

http://www.smbiz.com/sbfaq012.html Originally Posted by Chung Tran

Chung is right.

why even file taxes on unrecorded illegal cash income. If you want legitimate income record and build credit provide a service or product that is legal.

If you are looking for way to wash the dirty money then i suggest opening a business that offer service opposite from the illegal activity you are currently in. Originally Posted by jayt4567

Great advice for money laundering!

Technically speaking, 'escorting' ie, exchanging time for money is not illegal. Selling sex/sexual acts for money however, is illegal. For the sake of the argument, let's assume that someone is trying to file taxes an escort who sells her time for money as opposed to a prostitute, who's trade is only legal in certain parts of Nevada (and is heavily taxed!).

FACT: A person can legally file taxes for providing social escort services. As of matter of fact, the North American Industry Classification System (NAICS) identifies the trade as NAICS Code 812990.

NAICS Code 812990 All Other Personal Services

I own both an LLC and also have an S Corp I pay corporate as well as personal taxes, the tax code is very specific about this, get a life Tran you spend way too much time on here giving advice and warnings to people and hijack threads. The lady was asking for help and I was trying to help her, you are just being a jerk, as usual Originally Posted by thebear69

Both you are Chung are right on both aspects.

However, it is to my understanding that:

When you have an S Corporation, your business is taxed once via Income Tax*. When you have an C Corporation, the business is taxed via a corporate tax.

S Corp → Business Profits → Individual → Pays Income Tax
C Corp → Business Profits are taxed → Individual → Pays Income Tax

Keep in mind, *BOTH* individuals have to file an income tax. The only main difference is that the business profits of the S Corp is not taxed.

*However, most businesses in Texas do pay a Franchise tax on GOODS AND SERVICES (NOT THE BUSINESS ITSELF!). If you have a sales use permit any goods/services billed are subject to a 1% tax.

you are paying doubles taxes, first on your corporation and then personal, best to eliminate the corporation and save yourself some money Originally Posted by thebear69

Not if she did it correctly and picked a pass through entitle like an S Corp. However a business may pay a small state tax called the Franchise Tax. But because if a high exemption — $1.1M or so, if memory serves — its unlikely an small time entertainer or social escort would be in the income range to worry about it from a practical standpoint. And the tax rate is quite modest in those years you make enough to pay it, 0.75%. As I tell my in-house accountant, I wish we had to pay it EVERY year.

I see that thebear69 shut his, um, trap after other people told him he is wrong.. for some reason people like to argue with me on ECCIE.. it doesn't end well for them.

This is more of a tax question threAd. Moving to the sandbox. Originally Posted by Bob Valdez

threAD is correct, I see mods are beginning to catch on the multiple threADs she's starting

OP. talk to a professional on your small potatoes hooker gig you want to start, you're doing way too much now!

The IRS and LE will come knocking with all this unnecessary attention your bringing to yourself, turn some tricks and get some REAL reviews under belt so there will be no need to act desperate starting multiple threADs to be seen.

I did not reply because when people like you run your mouth and think you know everything it is not good to argue with them. I learned a long time ago not to wrestle with a pig as you both just get dirty.

No matter what it's important to keep paying taxes and to show a legit source of income. So if you ever become disabled, or want to buy a house you'll be able to. P411 had an ad for a woman that is a CPA and specializes in helping providers file taxes. Gina could probably give you the info.