Small 50 pot business question

Started by Ryanthecrabber, March 14, 2024, 12:19:26 PM

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Ryanthecrabber

Should I do an llc or just cash only first year for business

Mr. Breeze

Blue Crab Industry Advisory Committee

Mr. Ray III

Quote from: Ryanthecrabber on March 14, 2024, 12:19:26 PM
Should I do an llc or just cash only first year for business

Hope you're going to report all the cash, especially since  the IRS monitors this site.

Wallco99

Quote from: Mr. Breeze on March 14, 2024, 04:05:39 PM
??? :hanged: :help: :behead: :wall:

I opt for your third picture for him. Even though I know he's just a kid in his mom's basement that you guys keep responding to.

Crabslayer

Since you probably won't make enough anyway here's the filing requirements.

Tax year 2023 filing thresholds by filing status
Filing status   Age at the end of 2023   A person must file a return if their gross income was at least:
Single   Under 65   $13,850
Single   65 or older   $15,700
Head of household   Under 65   $20,800
Head of household   65 or older   $22,650
Married filing jointly   Under 65 (both spouses)   $27,700
Married filing jointly   65 or older (one spouse)   $29,200
Married filing jointly   65 or older (both spouses)   $30,700
Married filing separately   Any age   $5
Qualifying surviving spouse   Under 65   $27,700
Qualifying surviving spouse   65 or older   $29,200
This is how it's going to go.  After I kick your A$$ i'm going to run you through the wood chipper and put you in containers in the freezer to use in my crab pots!  The really sad part?  You let an old man kick your A$$!!!

A D V E R T I S E M E N T



rdbeard

Slayer, are you saying income from crabbing alone or total income?

reds

Quote from: rdbeard on March 22, 2024, 08:49:55 PM
Slayer, are you saying income from crabbing alone or total income?

Total income....less 1/2 of Social Security income...

Ryanthecrabber

Quote from: Wallco99 on March 15, 2024, 07:25:04 AM
I opt for your third picture for him. Even though I know he's just a kid in his mom's basement that you guys keep responding to.
I'm late but no I have 2 houses not living in mom's basement here

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