Outgrowing an LLC for tax purposes?
by jwoodywild, Window Shopper
- Created: March 24, 2010, 7:56 am
I am the sole owner in an LLC. I am taxes as a sole propietor for tax purposes. This year I made over $150,000 in income and have a contract in place that will pay me around this figure, at a minimum for the next two years.
Given this level of income I am wondering if an LLC is still the best corporate entity for me? Also, I have funded a personal IRA but not a SEP or other type of IRA. Am I missing out on a large tax deduction since I know I can fund up to $25K into one of these accounts annually?
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