mgb
01-29-2013, 07:43 PM
Hi Everyone,
I'm new here and currently in the process of starting an LLC in Connecticut.
I will be doing residential security systems and other low voltage systems such as audio/video, CCTV, Intercom & Data.
I've been in the field for 18 years, I currently work with in the commercial market with these systems.
My plans are to start out small but I want to really try and market it well. If I get more than I can handle I
Will either have to refuse some work or sub to others I know in the field.
I have also already talked to my boss and he's fine with me doing this in the residential market. I'd like to take on very small commercial too such as small stores but I will deal with that as it possibly comes.
I'm very interested in your ideas on cost effective marketing.
I have done a good deal of research on the LLC process and I'm aware of the costs such as the $250
Business entity tax and all that.
And I understand filing the 1040 ES quarterly as well as filing business profits & losses on schedule C at the end of year.
I think I'm getting an understanding of the income tax and all but I'm still a bit lost and nervous in that regard.
With my regular job (which I'm keeping), I typically get back a return every year on my taxes of about 3 to 4 thousand from federal and a few hundred back from state.
So I'm hoping to be conservative in my quarterly estimated tax payments.
A couple of questions:
1) Self Employment taxes
- now this is another 15.3% on all my profit on top of my income tax, correct?
2) Sales tax
- on the whole thing right? Meaning if parts for the job cost me $500 and I do the whole job for $1000, the sales tax is based on the $1000?
3) As far as doing these estimated income tax payments, do I file them with both federal and state.
It seems to me almost like I'm basically given up half of what I make. I know the fact that I overpay now will help to offset this a bit but I kind of want to keep getting decent returns at end of year.
I also do a little work on vintage arcade coinop equipment for some places and I just report that as extra income on my 1040.
Any insight is appreciated. I know I threw a lot out there but I'm just kind of trying to get things sorted out.
I'm new here and currently in the process of starting an LLC in Connecticut.
I will be doing residential security systems and other low voltage systems such as audio/video, CCTV, Intercom & Data.
I've been in the field for 18 years, I currently work with in the commercial market with these systems.
My plans are to start out small but I want to really try and market it well. If I get more than I can handle I
Will either have to refuse some work or sub to others I know in the field.
I have also already talked to my boss and he's fine with me doing this in the residential market. I'd like to take on very small commercial too such as small stores but I will deal with that as it possibly comes.
I'm very interested in your ideas on cost effective marketing.
I have done a good deal of research on the LLC process and I'm aware of the costs such as the $250
Business entity tax and all that.
And I understand filing the 1040 ES quarterly as well as filing business profits & losses on schedule C at the end of year.
I think I'm getting an understanding of the income tax and all but I'm still a bit lost and nervous in that regard.
With my regular job (which I'm keeping), I typically get back a return every year on my taxes of about 3 to 4 thousand from federal and a few hundred back from state.
So I'm hoping to be conservative in my quarterly estimated tax payments.
A couple of questions:
1) Self Employment taxes
- now this is another 15.3% on all my profit on top of my income tax, correct?
2) Sales tax
- on the whole thing right? Meaning if parts for the job cost me $500 and I do the whole job for $1000, the sales tax is based on the $1000?
3) As far as doing these estimated income tax payments, do I file them with both federal and state.
It seems to me almost like I'm basically given up half of what I make. I know the fact that I overpay now will help to offset this a bit but I kind of want to keep getting decent returns at end of year.
I also do a little work on vintage arcade coinop equipment for some places and I just report that as extra income on my 1040.
Any insight is appreciated. I know I threw a lot out there but I'm just kind of trying to get things sorted out.