I've been trying to get set up as an independent contractor, and established an LLC this year for liability and greater credibility with clients. I don't intend to ever grow the business beyond myself, so incorporating seemed like overkill.
I had some income this year from contracting (two different clients), and have been making estimated quarterly payments.
Now that I'd getting started on my 1040, I see that I can choose to file the LLC income as a sole proprietor or as a corporation. What I can't find, though, is information on how to choose or what the implications are. Anyone know where to look? Or have any answers? I've already tried the SBA site and my local SCORE chapter, but all they do is tell me the choices, not why either one might be better for me.
I had some income this year from contracting (two different clients), and have been making estimated quarterly payments.
Now that I'd getting started on my 1040, I see that I can choose to file the LLC income as a sole proprietor or as a corporation. What I can't find, though, is information on how to choose or what the implications are. Anyone know where to look? Or have any answers? I've already tried the SBA site and my local SCORE chapter, but all they do is tell me the choices, not why either one might be better for me.