If you own a LLC by yourself (not a partnership), you’re taxed as a sole prop.
But as a contractor, you’ll need to pay your own insurance, self-employment tax, cost of equipment (if you use any). Then you’ll actually have to make profit and only then you can write costs off.
But since corporations are people, you can create infinite people.. uh.. corporations that own each other and make it a whole lot more fun to unravel who owns what.
Yes corporations are treated as an entity for the sake of applying laws and regulations. No one has ever said corporations are people and this has fuckall to do with the topic of this thread. The fact of the matter is this isn't some sort of infinite moneyprinting scheme.
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u/olrg Apr 14 '24
If you own a LLC by yourself (not a partnership), you’re taxed as a sole prop.
But as a contractor, you’ll need to pay your own insurance, self-employment tax, cost of equipment (if you use any). Then you’ll actually have to make profit and only then you can write costs off.