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Old 5th September 2009, 05:14 AM   #1

Join Date: Sep 2009
Posts: 1
Default LLC, S Corp, C Corp

Hello All,
I have started my own small business, just doing contracts here and there for Businesses/individuals.

Most of the contracts I receive, when I'm paid are untaxed, so when I charge $1500.00, I get $1500 in full. The issue is I haven't actually setup an official corporation(it's just me in my company).

What I hear is S Corporation will help relieve taxes, but I also hear it's not good to have an S Corporation early on?

I'm trying to figure out which one is best to start as, and which I should choose to file my tax under, I read somewhere if you do LLC you can still file taxes as a C/S corp. Which one would be best to have the lower taxes as well as give returns/lower the deduction if you buy equipment for the company.

And if I do setup the LLC or whichever, this years income tax am I still able to claim my past income I have made as part of the corporation and items I bought for the company, ex. Laptop, software, subcontracting other people, etc?

Also I need one that has the lowest tax income, because I usually make just enough money for school/bills so usually all the money I get disappear in a month or two, even if I make quite a bit a certain month, so I'm afraid I'll have to pay like $3000 or something to IRS and not even have the money for it because of school and such!~

Thanks for any help

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