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C corp, s corp, llc, citizenship please help!
Hello ladies please help
I’m in a process of getting my citizenship ( us) but so stupidly filed 1099 from streamate two years in a raw. It says IFC technology on a form and checks but of course it won’t be a problem for Uncle Sam to see what it really is. Do you guys think I’m in trouble? Technically I didn’t break any law, camming is legal in Cali and I didn’t lie on my taxes I titled as a Performing artist but I still so freaked ;( adult job not something people/ government want to see on a file
This year I wanna do things right, please please help. I expect my income this year to be around 70-100k. My goal is to hide ends the best way possible and maybe better tax rate? C or s corp? Or llc? I really tried to google but understand nothing! Please help! I also was thinking about setting it in Nevada maybe? To be more discreet. And change title from performing artist to a chat agent? or will it look shady and obvious?
Thank you
Love love love
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Re: C corp, s corp, llc, citizenship please help!
If you didn't break any laws, you shouldn't have anything to worry about. If you're unsure about how to file your taxes, you should go to an accountant, and if you have any legal questions, talk to a tax attorney.
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Re: C corp, s corp, llc, citizenship please help!
C-corp will result in double taxation, first when the corporation earns income and second when it is distributed to the sharehoder[s]. S-corporations and LLCs are only taxed once at the individual rates. All three have a certain amount that is taxed at zero. So it pays to run some simulations and calculate the taxes.
HTH
Z
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Re: C corp, s corp, llc, citizenship please help!
I don't think that USCIS cares how you earn your living as long as it's legal. I've known a number of people, including several Eastern European girls working in the U.S. as strippers, who have gone through this process. More than anything they just want to know that you have the means to support yourself, which you are amply demonstrating. Indeed the fact that you went through the process of obtaining a tax ID number and filing your taxes is a positive thing. But to be sure, talk to your immigration attorney.
As far as setting up an entity as a cover, you'd probably be better off not doing that. For starters, it won't help you hide what you do if they are determined to learn how you earn a living and, second, there is no tax benefit to it for a single person operation.
The primary benefit of an entity blocker is a legal liability shield between the business and your personal assets. But given what you do for work, I struggle to see what you could possibly do that would get you sued for a large sum of money. Hence the costs, including setup and potential tax impacts, probably outweigh the benefits in your case.
In any event, good luck!
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Re: C corp, s corp, llc, citizenship please help!
Quote:
Originally Posted by
rickdugan
The primary benefit of an entity blocker is a legal liability shield between the business and your personal assets. But given what you do for work, I struggle to see what you could possibly do that would get you sued for a large sum of money. Hence the costs, including setup and potential tax impacts, probably outweigh the benefits in your case.
In any event, good luck!
You are personally liable for almost everything you do, regardless of whether you have created a business entity. Those who tell you otherwise want to take your money to fill out a form available free from the Secretary of State.
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Re: C corp, s corp, llc, citizenship please help!
Quote:
Originally Posted by
slowpoke
You are personally liable for almost everything you do, regardless of whether you have created a business entity. Those who tell you otherwise want to take your money to fill out a form available free from the Secretary of State.
It's a lot more complicated than that. Case law on when the blocker is deemed to be pierced varies dramatically from state to state. Often it revolves around (1) the circumstances under which the liability occurred (normal business issues vs. gross negligence/willful malfeasance); and (2) how well you have maintained clear separations between business and personal assets.
My business entity has signed a variety of agreements, including office leases, credit cards, graphic design, printing, equipment leases, etc., etc. None of it is personally guaranteed by me, nor is it likely that they could go after my personal assets if the business was ever to declare bankruptcy. If, however, I was grossly negligent or committed willful malfeasance in the course in providing a sensitive service and the result was serious economic hard, then I could certainly be named personally in the lawsuit along with the entity.
But again, in this instance the OP is a cam girl providing personal (yet remote) services from a laptop. It's not really conceivable how she could have either a client or major vendor suing her for anything serious, so the need for a blocker entity is non-existent.
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Re: C corp, s corp, llc, citizenship please help!
If you have employees, it can be different, but it if is just you, and in most cases it will be, you will not be able to avoid liability for your own actions by virtue of having a business entity.
It seems unlikely most paper corporations will get a loan without a live human with good credit jointly liable on the note. If someone managed to do that, congratulations.
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Re: C corp, s corp, llc, citizenship please help!
Quote:
Originally Posted by
slowpoke
If you have employees, it can be different, but it if is just you, and in most cases it will be, you will not be able to avoid liability for your own actions by virtue of having a business entity.
It seems unlikely most paper corporations will get a loan without a live human jointly liable on the note.
A legal entity is a legal entity. My business entity, of which I am the sole owner, has in place agreements with a number of vendors. It also has its own bank accounts and tax ID #. Unless a counter-party enters into a tri-party agreement with me as a guarantor, its recourse begins and ends with the business. If that were not the case, companies wouldn't bother layering holding companies to separate different lines of business.
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Re: C corp, s corp, llc, citizenship please help!
Thank you! Its very very helpful!
Will I be marked forever with this job on my record or there is an expiration date for it? I mean for employment and/or license.
Would it still make sense to open S corp for tax purposes? My accountant saying 1099 is the worst way possible to pay taxes
Thank you
love love love
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Re: C corp, s corp, llc, citizenship please help!
If you get drunk and drive a dump truck over a car load of brain surgeons all those layers will do you no good, even if the truck has your business name painted on the side.
Assuming your entity has assets, people may do business with it, but as a general rule no one will lend money to a piece of paper.
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Re: C corp, s corp, llc, citizenship please help!
What layers? There is only S corp, well potentially
Lend money to a piece of paper? What are you talking about?
If you get drunk and do shit you’ll pay for it, you me , anybody.
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Re: C corp, s corp, llc, citizenship please help!
Quote:
Originally Posted by
slowpoke
If you get drunk and drive a dump truck over a car load of brain surgeons all those layers will do you no good, even if the truck has your business name painted on the side.
Assuming your entity has assets, people may do business with it, but as a general rule no one will lend money to a piece of paper.
Yes back to willful malfeasance. Sure if you do something criminal or seriously negligent, you may be personally named. Nobody said otherwise.
As to the rest, I will say that newly formed businesses sometimes struggle to obtain credit and secure vendors purely under their own names, but once you've built a track record of earning money and paying bills it's a different ballgame. I don't pay most of my vendors upfront and my business has a credit line with a major bank. Now granted we're not talking about enormous sums of money, but they are taking risks nonetheless based upon nothing other than the business' ability to pay. Plenty of small businesses also buy hard assets using loans that are secured by those assets.
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Re: C corp, s corp, llc, citizenship please help!
Ooooo wow
I didn’t know I had this option :)
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Re: C corp, s corp, llc, citizenship please help!
Does that mean I also might set myself with 401k?
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Re: C corp, s corp, llc, citizenship please help!
Sersay, as I said before, given what you do, setting up a business entity doesn't really make much sense. I was really arguing a broader point with slowpoke, not opining on your specific situation.
As far as this being on your "record" for employment or license purposes, future employers and license boards generally will not have access to your tax return information. So you can tell them whatever you want about how you spent your time.
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Re: C corp, s corp, llc, citizenship please help!
I’m so confused, can you please explain it to me once more?
How it won’t be on my record if I am legal resident with ssn and work authorization ?
S corp won’t make much sense because of the maintenance?
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Re: C corp, s corp, llc, citizenship please help!
Main purpose of S corp was save money on taxes. Nothing else, no credit lines, not even hide the ends( I didn’t know this option exist until I read this forum) the idea came from my accountant which I can’t 100% trust because he will be charging me for the whole thing. I’m watching YouTube trying to understand more but once they start explain details my brain just won’t listen, I just can’t process this whole thing
The only thing I understood there is no way I’ll be able to do it on my own, I’ll need to pay my accountant like each 3 months or so? To keep everything in order
To sum this up, it might not worth it ( s corp) if I’ll keep someone on a payroll to maintain this whole operation
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Re: C corp, s corp, llc, citizenship please help!
Single person entities are best done with an LLC. Corps are best for multi employee situations. Simply choose a state that doesnt reveal LLC members without a court order like Delaware, sign up with a resident agent there( its one requirement) pay your 300 per year taxes and its done. get your Tax ID# and open a business bank account to handle all your financials that occur with the business side.
Nothing will be shown to the citizenship boards. You make sure all checks and deposits are made out to the LLC and at each year end, you make sure to fill out your business spending exemptions. Everything you spend for work is deductible. Only one time in the past 10 years did a friend in the same situation ever pay more than the 300 base tax, and that year was when she had an enormous gift amount come through her bank that she had to declare.
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Re: C corp, s corp, llc, citizenship please help!
Quote:
Originally Posted by
Sersay
Main purpose of S corp was save money on taxes. Nothing else, no credit lines, not even hide the ends( I didn’t know this option exist until I read this forum) the idea came from my accountant which I can’t 100% trust because he will be charging me for the whole thing. I’m watching YouTube trying to understand more but once they start explain details my brain just won’t listen, I just can’t process this whole thing
The only thing I understood there is no way I’ll be able to do it on my own, I’ll need to pay my accountant like each 3 months or so? To keep everything in order
To sum this up, it might not worth it ( s corp) if I’ll keep someone on a payroll to maintain this whole operation
when it comes to YouTube, stop watching it for business advice. if you dont trust your accountant, find a new one you do trust. Usually new ones are the best because they are up to date on info and have no bad habits from years of being an accountant.
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Re: C corp, s corp, llc, citizenship please help!
Thanks Omega, short and simple!
YouTube is very overwhelming and probably not really reliable source for business advises but I found one guy I like, his name Mark Kohler. Please don’t make fun of me if he is super famous, I just met this funny dude
So he basically said the same thing you said, open LLc first and at the end of the year you might also open s corp, depends on a the amount of money and your goal. It will be easy to move assets from one to another
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Re: C corp, s corp, llc, citizenship please help!
Quote:
Originally Posted by
Sersay
Thanks Omega, short and simple!
YouTube is very overwhelming and probably not really reliable source for business advises but I found one guy I like, his name Mark Kohler. Please don’t make fun of me if he is super famous, I just met this funny dude
So he basically said the same thing you said, open LLc first and at the end of the year you might also open s corp, depends on a the amount of money and your goal. It will be easy to move assets from one to another
I wouldnt bother adding the S corp simply because it doesnt have the same protections and non disclosure rules like the LLC does. Anyone can access an S-corp shareholder list with a simple information request. No privacy while an LLC never gives out its members when done in states like Delaware.
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Re: C corp, s corp, llc, citizenship please help!
Quote:
Originally Posted by
Sersay
Thank you! Its very very helpful!
Will I be marked forever with this job on my record or there is an expiration date for it?
If you mean your tax records, then yes, the IRS will know about it forever. But, they won't share that information with anyone without your permission, or a valid search warrant issued by a judge.
If you mean will Social Security know about it forever, yes they will. Again, they won't share that information without your permission, or a valid search warrant.
Quote:
My accountant saying 1099 is the worst way possible to pay taxes
It's a little more work to get all the 1099s together. But, if you do your accounting right through out the year, you won't have to worry about 1099s. Your contemporaneous recourd of income and expenses will be a much better record that 1099s issued at the end of the year.
HTH
Z
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Re: C corp, s corp, llc, citizenship please help!
Zofia I guess I meant employer/ license situation. What do they check?
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Re: C corp, s corp, llc, citizenship please help!
Quote:
Originally Posted by
Sersay
Zofia I guess I meant employer/ license situation. What do they check?
I'm not sure what you are asking. The IRS and state departments of revenue will know where you were employeed forever. As will the Social Security Administration. Beyond that, states and/or localities that require a stripper license will know for as long as they retain records. Each agency may have its own records retention policies.
As far as a subsequent employer doing a previous employment check, that depends on the level of depth they want to go to. A full FBI background check will probably determine where you worked a few years back. If you have ever given a resume to a government agency the FBI can probably find it. Likewise, if you have ever told anyone about your work, the FBI might stumble across it. Anything less than a full background check by the FBI is unlikely to turn up stripping in your background unless you have social media posts about it. That's the easiest way to find out. Any number of services do a deep dive into social media on job applicants. I interviewed three different companies that said they could do a "deep search" on potential job applicants. I gave them my name, D/O/B and a couple of addresses to see what they could turn up. None of them found out that I had stripped even though I had an adult entertainment license in Louisville, KY for three years. And, I paid income taxes on my dancer income all the years I danced. Needless to say, none of those companies got my business.
HTH
Z
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Re: C corp, s corp, llc, citizenship please help!
You right, it depends on a level of depth they want to go because it’s out there for them to find
I got this from another thread:
When a US girl is paid for webcam work, for dancing etc., the business making the payment must track such payments. At the end of the year, that business must issue a 1099 form to the IRS ( with copy to the girl ) which shows the name and 'employer' ID of the paying business, the name and SS# / EI# of the 'payee' etc. These 1099 forms do become part of a central database via the IRS. By requiring a would-be job applicant to complete a form 4506-T IRS records release form, potential future employers, state professional licensing boards etc. can easily access the girl's past years tax returns and 1099's ... IF those 1099's were issued using the girl's SS# and directly appeared as business income on her personal tax return, they will be made available to the prospective employer and/or state professional licensing agency that filed the 4506-T request with the IRS