Quote Originally Posted by lady scrapper View Post
I love your saying at the bottom of your posts. LOL! as a girl, i get laughed at..but not after i cash my scrap checks!! ha ha. and yes I have also looked into the 1099 new "thing". I am wondering if forming an LLC and paying 7 to 8% taxes with legal deductions would be worth the record keeping headache as opposed to just paying almost 30% tax on a 1099 in the state of wisconsin. I do not have the answers yet, but am meeting a lawyer soon to go over my best options. Love the scrap forum guys!!
An LLC doesn't get you out of paying personal income tax. If you incorporate, you'll pay yourself a salary right? Don't get me wrong, there are some tax benefits to be looked at, but don't think that forming an LLC will bring your taxes down from 30% to 7-8%.