Retirement tax questions


@crosasocordova01 wrote:

Thanks for providing information and helping a peasant here! much appreciated!  then do you think is good to do a llc and start my own bussines 

 


That's not a tax question, that's a question for an attorney who specializes in such things.  From a tax standpoint, a single-member LLC is taxed exactly the same as an unorganized sole proprietorship, unless the LLC makes an election to be taxed as an S-corporation instead.  And that is a dicey decision that really requires legal advice.  

 

Since a SM-LLC and sole prop are taxed the same, the difference would be in the legal protections afforded by the LLC structure, which vary from state to state.  So you need to check with an expert in your state.