Anyone here owns LLC. I want to create one.

[.!WAR MIKEY!.]

Not according to multi millionare multiple successful business owner Sugar Adam Ali. You gotta pay a gazillion dollars and be really smart to start one.

yeah these dudes are funny, they clown themselves and think everyone else is a clown like them. Reason why they haters for no reason.

You want the Saul Goodman of CPAs?

I'm the kind of CPA that pushes the envelope and advocates fiercely for my clients but also don't put them at unnecessary risk. If I created a tax shelter for the sole purpose of avoiding taxes, the risk is not worth the reward.

If this scheme saves you $10K in taxes but will cost you $30K if you get caught - ask yourself is this an acceptable risk to take for this amount of money?

Its all relative. Depends on one risk to reward tolerance etc.

you save me 10K a year on taxes but if caught I pay 30K means if I make it to 4 years I saved 10K and each additional year I saved another 10K.

[B.UTLER]

You want the Saul Goodman of CPAs?

I'm the kind of CPA that pushes the envelope and advocates fiercely for my clients but also don't put them at unnecessary risk. If I created a tax shelter for the sole purpose of avoiding taxes, the risk is not worth the reward.

If this scheme saves you $10K in taxes but will cost you $30K if you get caught - ask yourself is this an acceptable risk to take for this amount of money?

audit probability is low.. say 1/100.. i'm getting 3:1.. so definitely a risk i'm taking... smh at your math example..

now if possible jail time is part of the risk.. then no..

[BostonGuy]

yeah these dudes are funny, they clown themselves and think everyone else is a clown like them. Reason why they haters for no reason.



Its all relative. Depends on one risk to reward tolerance etc.

you save me 10K a year on taxes but if caught I pay 30K means if I make it to 4 years I saved 10K and each additional year I saved another 10K.

You could also spend time in prison for fraud and tax evasion. It’s not worth the risk. There are plenty of other tax saving strategies that are legal.

[.!WAR MIKEY!.]

You could also spend time in prison for fraud and tax evasion. It’s not worth the risk. There are plenty of other tax saving strategies that are legal.

I Agree. I'm just pointing it out that people do it all the time and to them its worth it.

[turnedup]

Yep! I agree with your other post except it's a lot cheaper to do it yourself, don't use LegalZoom.

Actually disagree with not using LegalZoom, they actually remind you if something needs to be renewed. Saved my ass back in April when my state fees were due.

[siablo14]

I'm just a lowly employee making low 6fig... i aint a baller with multiple LLCs and own bars and restaurants and ****

And a gym too
And hired a Black guy named Roosevelt. So you can't be racist.

[siablo14]

If the sole purpose of creating the LLC is to avoid taxes with no economic substance then the IRS will undoubtedly disallow it. This is hair brained idea and really just common sense.

“Yo mane, I’m gonna setup dis LLC and deduct all muh personal expenses. I’m gonna save so much in taxes, yo.” Are you that dense, Butler?

Its to protect personal assets.

[siablo14]

You want the Saul Goodman of CPAs?

I'm the kind of CPA that pushes the envelope and advocates fiercely for my clients but also don't put them at unnecessary risk. If I created a tax shelter for the sole purpose of avoiding taxes, the risk is not worth the reward.

If this scheme saves you $10K in taxes but will cost you $30K if you get caught - ask yourself is this an acceptable risk to take for this amount of money?

Yeah. It makes sense to save 10K and I won't be caught because my CPA usually knows how to make things seem murky.

I see you are not in the big leagues. It cool though with your honourable behaviour you will get into heaven.

[siablo14]

You could also spend time in prison for fraud and tax evasion. It’s not worth the risk. There are plenty of other tax saving strategies that are legal.

Such as?.......

[Motorcity Cobra]

Actually disagree with not using LegalZoom, they actually remind you if something needs to be renewed. Saved my ass back in April when my state fees were due.

I can see how they could be useful for that. But I'm a google alerts man myself