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Do I Need An LLC for My Cryptos?

Welcome to Wyco-ffee break, where we give you tips and tricks to any Tax, Payroll, Bookkeeping, and PPP queries.

We had a caller recently, who is a nurse practitioner but making a good amount of money. Moreover, he has also invested in cryptos ($50,000 estimated).

The first factor that needs to be brought into perspective is, when it comes to Tax Implications, it does not matter whether you are a Limited Liability Company (LLC) or you are doing taxes by yourself because you will be classified as ordinary income.

A lot of people gravitate towards an LLC because they feel they are going to benefit from it. However, that is not a fit choice for everyone. It is not a matter of one size fits all. Because, if you want to become an LLC, the first factor you need to keep in mind, is the assurance that you’re taking home money and not incurring losses, mainly because that defeats the purpose of an LLC’s tax flexibility. Moreover, if you’re an LLC, you can put yourself on an S-Corp elected if you’re taking home around $50,000.

But, on the other hand, if you’re looking into asset protection, what you need is the right insurance coverage, such as, error omissions, professional liability, or etc. What is essential is the fact that you secure yourself on what you are doing on your service, prior to becoming an LLC, especially if you’re not making any money.

(I’m not a lawyer but if you would like to consult to one, please click the link provided below)

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However, there are so many other ways to save on taxes and that is exactly the reason why we are here. If you have any questions or want to know more, feel free to click the link provided below and book Your Free 30 Minute Consultation with us. Because here at Wycotax - you deserve the max. Stay Safe.

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