u/AlexsPetGrooming

Alright so I am self employed through my single member llc.

Question 1, should I be paying ss, Medicare, and other taxes as I pay myself or just keep 30% of income in the business savings account until tax time?

Question 2, since I get tipped should I separate that from the business income and report that separately or just deposit it with the rest of the business money into my business account? From my understanding, if I track tips separately then I can take advantage of the "no federal tax on tips". I make anywhere from $20-70 in tips per day and work 7 days a week so it would be a significant amount.

Last question, for paying myself can I just write checks to myself or do I NEED an accounting software to do this?

I am going to talk with an accountant on Monday for more in depth stuff but any advice anyone can give me i appreciate.

reddit.com
u/AlexsPetGrooming — 12 days ago

If I have a business me and my girlfriend run together but I'm legally the only worker and owner at the moment, what is the best way to set this up? Llc or s corp?? Do I only pay myself or do I pay us both separately?

We aren't married

Income estimates are 8-12k usd a month.

We also want to buy a house by the end of the year.

reddit.com
u/AlexsPetGrooming — 14 days ago
▲ 2 r/f150

I have a 2016 f150, 3.5 eb, 6 speed.

For quite some time now I've been having this issue of the truck shuttering and sometimes shutting off but only when I'm in drive at a stop and once the transmission reaches operating temps. It doesn't happen when the transmission is cold.

I had it at the dealership multiple times, first time they said they couldn't get it to do what I claimed it was doing and suggested changing the spark plugs, second time i had it in they changed out a lead frame or something like that while it was still under the extended warranty, the third time I took it back within two days because I was still having the issue and they said they don't know and can't help me anymore and the worst part is this happened right at the end of the extended warranty so I went over the miles on the way home and no longer have a warranty.

Has anyone else had this issue, anyone have an idea of what it could be? I had the transmission replaced at about 45k miles, the truck has about 90k miles now. I thought it could possibly be torque converter but I don't know.

Honestly considering selling the truck because i don't want to deal with anymore transmission issues, it was already at the dealership for 3 months getting the trans swapped the first time.

reddit.com
u/AlexsPetGrooming — 14 days ago