I am thinking of openning a firm. It not necessarily is related to the architecture. It could be anything. For now, I just want to open a firm for tax purpose. Anyone has experience ever?
What is the process to achieve my goal? Thanks for any advice.
What? They didn't teach you how to start a firm in school?
I'm shocked. Demand a refund of your tuition!
I would recommend visiting your local chapter of SCORE.
I am a huge fan of aggressive tax avoidance, but by making your sole purpose of starting a business to minimize your tax liability, you are treading in dangerous waters. Any business started merely for tax reasons could get you in big trouble with the IRS and that means federal prison.
If you earned more than $600 a year by freelancing, you are already considered a business (aka a firm), so you can write off some of your expenses. I don't know how different that is from an actual firm, I guess you can write off more loses too, or pretend your car is your company's car so you can write off tax on it... can get in big trouble with IRS though.
If you are doing it as a tax write off you need to show something to write off related to the business. Ie income, business expenses, clients. You can start a business one year and have no clients and just expenses but in time you'll need to show that its a legit business. But If it continues and you just have write-offs the IRS will smell you out and come after you ..... you don't want that.
Oct 25, 10 7:42 pm ·
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What is the procedure to open a firm?
I am thinking of openning a firm. It not necessarily is related to the architecture. It could be anything. For now, I just want to open a firm for tax purpose. Anyone has experience ever?
What is the process to achieve my goal? Thanks for any advice.
Step 1: buy spellcheck...
Hmmm...sounds shady... has trying to write off all your possessions? lol
if you don't know the procedures, why bother.
i don't think you are ready if you don't even know where to start.
Step 2: hire accountant/lawyer...
What? They didn't teach you how to start a firm in school?
I'm shocked. Demand a refund of your tuition!
I would recommend visiting your local chapter of SCORE.
I am a huge fan of aggressive tax avoidance, but by making your sole purpose of starting a business to minimize your tax liability, you are treading in dangerous waters. Any business started merely for tax reasons could get you in big trouble with the IRS and that means federal prison.
federal pounding in the ass prison you mean.
you can't start a firm with pencil - pen only.
i just heard a computer click in ny...
i dont know how to either but i like the idea...anytime you can screw the IRS do it...
also, i think the fun part about it is not knowing. just do it and dont listen to anyone else, and if you get in trouble...props for trying.
i would start at the library
also: Starting a New Design Firm, or Risking It All!
plus: How to Start and Operate Your Own Design Firm
Money & Balls
i got balls thats about it though
Why don't I just sell you my firm.....then you won't have to do anything except fork over a fist full of greenbacks.
If you earned more than $600 a year by freelancing, you are already considered a business (aka a firm), so you can write off some of your expenses. I don't know how different that is from an actual firm, I guess you can write off more loses too, or pretend your car is your company's car so you can write off tax on it... can get in big trouble with IRS though.
If you are doing it as a tax write off you need to show something to write off related to the business. Ie income, business expenses, clients. You can start a business one year and have no clients and just expenses but in time you'll need to show that its a legit business. But If it continues and you just have write-offs the IRS will smell you out and come after you ..... you don't want that.
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