VO-BB - 20 YEARS OLD!

CarynClark · Posted: Mon Sep 22, 2008 7:56 am Post subject:

Funny this topic should come up.

Kafer, I'm an LLC. The name is VoiceChick Productions LLC. I use my SSN though... so regardless if people write the check to me (Caryn Clark) or VoiceChick Productions LLC, it "goes under" the LLC and in my LLC's checking account, b/c I'm honest like that (LOL). We have an accountant, but as I understand it, my business's income and tax deductions are part of my and my husband's personal return, rather than filing a separate return for a corporation (which, we do with my husband's biz, b/c it is a corp).

However, on my list of things to look into this week is getting a Tax ID # for my LLC. I'm not real cautious with my SSN, but I should be or I'm gonna end up getting burned one of these days. I'm constantly faxing w-9s to God knows where (people I do business with, but still...), and those have my SSN. But, I should use a Tax ID instead.

I'm wondering though, if I should wait till year end to get the Tax ID for fear of screwing up our taxes this year.

Edited to add: Yes, I have a business license too. The county "requires" it. They just want my $50/year though... they don't care about floor plans and such.
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Caryn Clark... The Hip Chick Voice!

"A positive mental attitude and having faith in your ability is quite different from being irresponsible and downright stupid." - Dave

KaraEdwards · Posted: Mon Sep 22, 2008 8:06 am Post subject:

Interesting stuff everyone! I know one of the things I'll need to do when I settle in Florida is look up the state's laws on home businesses. I'm assuming each state is slightly different? I don't know. I only know the laws in NC.

It's so good to have a place filled with so many smart people Smile

Love the VO-BB!
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CarynClark · Posted: Mon Sep 22, 2008 8:53 am Post subject:

No state income tax in FL, Kara!! YAY!
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Caryn Clark... The Hip Chick Voice!

"A positive mental attitude and having faith in your ability is quite different from being irresponsible and downright stupid." - Dave

KaraEdwards · Posted: Mon Sep 22, 2008 8:55 am Post subject:

I know!!! That almost helps make up for the unbelievable property taxes and home insurance premiums- hah!!!

-sorry for the threadjock-
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SkinnyJohnny · Posted: Mon Sep 22, 2008 9:10 am Post subject:

Kara,
I know when I lived in Florida and set up a business people started coming out of the woodwork for money. At that time (before electronic means of getting the product out) it was sales tax on dubs. I had to bill send out two bills, one for services (exempt in Florida) and another for dubs which I had to charge tax on. Then at the end of every month, I had to submit my total dub sales and pay the sales tax on those. I talked to 3 different people at the state tax office about the fact that I wasn't selling reels and tape but what was on those reels and tape. And guess what...I got 3 totally different answers. I ended up having to pay the sales tax, which I charged to the clients. It was just a hassle every month.
Then there was the tangible property tax. I had to list all of my equipment, how old it was and my estimate of the current value. Then I paid tax on that.
Insurance was more for me as well, because I had to have coverage for my studio under a business plan. I was working out of space that I rented from a video guy but had to provide my own insurance.
Good luck!
John
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John Weeks Voice Overs
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ccpetersen · Posted: Mon Sep 22, 2008 9:15 am Post subject:

When we lived in Denver we had to pay "personal property tax" on business equipment. That might be a gotcha to look for, too.
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KaraEdwards · Posted: Mon Sep 22, 2008 9:44 am Post subject:

WHAT?? Oh- now that's just crazy! I thought studio equipment was a tax deduction- not something to be taxed!! OK- note to self- find a good CPA immediately in FL...

Thanks for the heads up on things to ask about!
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CarynClark · Posted: Mon Sep 22, 2008 10:35 am Post subject:

My equipment is depreciated... I don't pay any tangible tax. And, I don't pay any sales tax either.

(BTW, something tells me they've done away with the tangible tax as of this year... I recall my husband talking about it, or something like it. I could be way wrong on that though.)
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Caryn Clark... The Hip Chick Voice!

"A positive mental attitude and having faith in your ability is quite different from being irresponsible and downright stupid." - Dave

BenWils · Posted: Mon Sep 22, 2008 10:53 am Post subject:

I believe Florida has an impact tax? I think this is on bigger property like cars, boats etc you own or bring into the state. Check with your accountants.

I know when I was much younger, I bought a car off of a guy wanting to get rid of it because he was moving to Florida and didn't want to pay the tax on it because it was his sporty car just for fun.

Caryn, I don't think you need to wait till year end. The gov't will just assign the Tax ID # and note that your business taxes will be reported under that Tax ID #. I got mine several years back and it was after our accountant did our taxes in April. So I believe anytime is fine.
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Ben

"To be really good at voiceover, you need to improve your footwork and hip snap."

Mandy Nelson · Posted: Mon Sep 22, 2008 10:54 am Post subject:

Oh, it all makes my head spin! And once again, I've loved reading Frank's insight.

In the city I live in, all I had to do was file a piece of paper saying I'm DBA Dandysound at my address. I don't pay anything. It's kind of weird here b/c I'm not zoned so it's not officially ok with the city but because I put in this paper and got a receipt, I can have a proper bank account.

As for taxes, the space in my house is deductible as is the appropriate portion of heating, electrical, cable, internet, etc. I don't understand it but I know it's the way it works so...

I have the same kind of set-up for my yoga biz, too, except for the taxes b/c I don't teach out of here. But I do pay rent to teach and that is deductible. And I barter yoga for my accountant. I hope I can get away with that when we move.
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ccpetersen · Posted: Mon Sep 22, 2008 11:08 am Post subject:

If you take deductions for business use of home (BUOH) you do have to "pay" that back when you sell the property, as long as you have a capital gain.
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Mandy Nelson · Posted: Mon Sep 22, 2008 11:10 am Post subject:

Jeffrey Kafer · Posted: Mon Sep 22, 2008 11:18 am Post subject:

CarynClark · Posted: Mon Sep 22, 2008 11:40 am Post subject:

Don't know, but I/we don't.

And believe me, my accountant is not that "good" if you catch my drift. I often think we pay way more in tax than we should.
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Caryn Clark... The Hip Chick Voice!

"A positive mental attitude and having faith in your ability is quite different from being irresponsible and downright stupid." - Dave

SkinnyJohnny · Posted: Mon Sep 22, 2008 1:35 pm Post subject:

Jeff,
It's written in the tax code that "hip chicks" don't have to pay. Wink

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