Fellow REALTORS, are there any REALTORS in the business that still don't realize that they are in business? I mean incorporating your real estate business into a "LLC". This will save you at least 15% in self employment tax when it's tax time.
It's very, very easy. Step one name reservation this is a $25 fee, but if you search for your name of choice and another business doesn't appear then you know it's available. YOU JUST SAVED $25! Once you have selected the new name for your business you are now ready to follow the easy steps to setting up your "LLC". All from the comfort of your office, that's right you can form your "LLC" online for a fee of $100. Go to www.georgiacorporations.org
Step two apply for an Employer Identification Number (EIN) AKA Tax ID#, go to www.irs.gov, follow the easy steps. and that's it! You have a business now, you can go to your local bank and open up a small business account. Once you open a business account you can then ask your broker to pay you in your company name. Next you pay yourself a salary from your business account to your personal account and let your CPA do the rest! Good luck and consult with your tax provider for further details.
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