Author Topic: how to benefit from LLC?  (Read 495 times)

OutOfTheAbyss

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how to benefit from LLC?
« on: May 22, 2018, 09:11:16 AM »
I have been freelancing/subcontracting for years  (medical consulting), but finally formed an LLC recently. How can I most benefit from this from a tax or any other perspective? Also, should I elect corporate taxation or not? We are in a high tax bracket due to my husband's income. Can I expense part of my car? My travel is pretty minimal- occasional client meetings, trips to the bank and post office, etc.

I freelance or subcontract for multiple clients, but only run 1-2 through the LLC currently. This is because I do some work for a family owned business too, and keep that $ separate so I don't have to pay bigger professional liability premiums for the LLC, since close relatives aren't going to sue me. Is there any reason or benefit to doing this differently.

As always, I appreciate any suggestions.