Any GPL CPA's out t...
 
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Any GPL CPA's out there?

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Jupiter ♃
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I am likely going to put GPL under an LLC sometime this summer. Moving away from relying on donations and instead relying on revenue based on ads and whatnot.

I have @SkiUMahLaw to help with legal things. (Thanks Eric) But I think I will be needed a CPA to help out with figuring out all the money/taxes stuff.

I have asked my ex-wife about a few basic things since she has been an accountant for 25 years. But I do not think she wants to get too involved.

So I was wondering if there are any GPL CPA's out there that I could get advise from and maybe use down the line to handle all of that stuff for GPL. Right now, just looking for a bit of guidance... Which could help me decide what type of LLC should be setup.

Honestly, I think once setup... I could handle most of it myself. But I would like to get everything setup properly as to not get myself in to any tax issues.

If anyone is interested... Let's hear from ya.

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Jupiter ♃
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FYI... This doesn't mean more ads are coming... I just want to be able to share the revenues with @eckes & @vegoe and not have to have all of the tax burden on myself like it is right now. It also allows me to use those revenues to pay for things like the podcasting software and not use them out of my own pocket. Same with the hosting costs. Sort of a self funding thing. Then whatever is left over each year, that would be income for me... But those expenses are for the LLC and not me.

By creating an LLC, this allows me to do all that.

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Jupiter ♃
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Bump...

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Jerry Peters fka DAWoJ
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Sorry, no CPA experience here.  I know a good CPA I could probably refer you to but he would charge you for his work.


   
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Jupiter ♃
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Oh I expect to be charged. But I just thought I would give a GPL’er first dibs on doing any kind of work like that. 

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streakygopher
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Posted by: @jupiter

I am likely going to put GPL under an LLC sometime this summer. Moving away from relying on donations and instead relying on revenue based on ads and whatnot.

I have @SkiUMahLaw to help with legal things. (Thanks Eric) But I think I will be needed a CPA to help out with figuring out all the money/taxes stuff.

I have asked my ex-wife about a few basic things since she has been an accountant for 25 years. But I do not think she wants to get too involved.

So I was wondering if there are any GPL CPA's out there that I could get advise from and maybe use down the line to handle all of that stuff for GPL. Right now, just looking for a bit of guidance... Which could help me decide what type of LLC should be setup.

Honestly, I think once setup... I could handle most of it myself. But I would like to get everything setup properly as to not get myself in to any tax issues.

If anyone is interested... Let's hear from ya.

I've been set up as a single member LLC for years and basically it means that I can file my taxes using my SSN. I have a fed tax ID number but it's really not necessary. 

The LLC is nice because it allowed me to set up a SEP IRA, which has higher contribution limits. It's also a protection against liability, which is important to me, but I doubt that's all that important to you in this case. 

By incorporating you will have to pay FICA twice--once for you as an individual and also the corporate obligation. If you generate a lot of income through the LLC, this could be fairly significant, although as an LLC you can also itemize deductions, including medical premiums and expenses.

Again, if you show income, you can deduct a bunch of expenses, such as phone, internet, mileage, gopher hockey tickets, compiters, peripherals, and pretty much anything else to offset the income generated by the site. 

Set up a separate checking account to use ONLY for business income and expenses. The IRS gets squirrely about co-mingling LLC and personal funds, and you risk piercing the corporate shell if you ever need your LLC protection against liability.

Setting up a single member LLC is simple to do. Just go on the State of MN website and follow the instructions.

 


   
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streakygopher
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Quick follow up, I'm not sure why you need a CPA for any of this. It's pretty straightforward. I have an engineering background, not accounting or finance, and I found the process pretty simple. I use TurboTax to do my taxes, and they have an option for individuals or individuals who also are an LLC. If you have personal income AND LLC income, each is handled separately through TurboTax, but both are tied to tour SSN, which again is the benefit of the single member LLC. Also, if you pay someone for services, you'll need to report this, typically via 1099. TurboTax does this for you too.


   
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Jupiter ♃
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You may be correct on the CPA part... At least as I have been reading over the past few days. Just getting a few answers from my accountant ex-wife has helped a ton too.

I may also use the LLC to not only for GPL, but maybe myself as I am an independent contractor that may benefit from it.

Right now I am just trying to recover from surgery, but hopefully once I am healthy again I will start working on ll of this.

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