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feraco
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01/29/13 05:31 AM (12 years ago)

Taxes

Hello I am trying to get my taxes done and I just want to make sure of how this works. The money that is made from the appstore and google play store are royalties? I created an LLC and put all the earning into a business account. Do I get taxed on h royalty earnings? Any advice would be helpful before i go to my accountant.
 
KozmoWeb
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01/29/13 05:51 AM (12 years ago)
I would expect this revenue is taxed like any other. But please talk to a reliable accountant to see how it applies to your particular case. There are so many rules it would be easy to mess this up!
 
MacApple
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01/29/13 05:57 AM (12 years ago)
@Feraco @KozmoWeb makes a very good point, talk to a professional. That said income needs taxed, always good to put a portion of revenue away. If you have an LLC you can do things like claim some of your mortgage payment on your taxes if you use your house an office, certain rules apply of course, there are some benefits to having an LLC.
 
LA
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01/29/13 07:08 AM (12 years ago)
@MacApple, You know the old saying that there are two things in life are definite: Taxes and de...? LA
 
ATRAIN53
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01/29/13 07:35 AM (12 years ago)
Just curious if you don't mind.... How much is an LLC in NY? It's @ $800 in IL - It's like $300 in FL. and what did you use? LegalZoom? llc.com?
 
MacApple
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01/29/13 07:41 AM (12 years ago)
Don't use legal zoom or any of these guys. You can do it all yourself on your local Gov website, LLC is free in KY, file papers yourself in mins. Legal zoom would take a couple of hundred.
 
feraco
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01/29/13 08:08 AM (12 years ago)
I think it was a few 200- 300 through legal zoom. I took the easy fast way.
 
ATRAIN53
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01/29/13 08:12 AM (12 years ago)
dhoh!
 
ATRAIN53
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01/29/13 08:18 AM (12 years ago)
True you don't have to use a service like LegalZoom, you can do it yourself. But the State Filing Fees in IL are $300 and the Articles or Org are $500-600. I'm looking for a way around them but they are required. KY surely has to have some fees... (I'm sure IL fees are insane, this state is BROKE. Spend too much $$$ prosecuting elected officials!)
 
Rad Doc
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01/29/13 08:39 AM (12 years ago)
@Feraco, How long ago did you start the LLC? Make sure you have a detailed list of revenue vs expenses before you get to the accountants office. The fee to file NYS taxes for an LLC is rougly $350-400 per fiscal year.If the LLC is very young, you may claim a loss for X amount of years if your out of pocket costs to form the LLC were an excess of X amount of dollars. You have to realize, it takes personal interest and funds to start a LLC, so make sure your acct writes that off as a loss on your personal returns as well. You should be fine.
 
MacApple
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01/29/13 08:48 AM (12 years ago)
Can't remember the exact costs but comes in at less than $100. A few filing fees of $20-$40 and so on. Annual reports cost if someone files for you but again needn't cost. Aware that KY is a bit different though. From memory annual report costs less than $20 to file.
 
feraco
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01/29/13 09:25 AM (12 years ago)
Thanks for the advice.
 
Outbreak
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01/29/13 10:40 AM (12 years ago)
I believe in CO it is $25
 
mrDavid
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01/29/13 09:34 PM (12 years ago)
My filling fee was $125 in PA. Downloaded the forms myself from gov site. Looked at legalzoom, and laughed - can't believe they are making so much money! Cheers, David https://buzztouchmods.com
 
ATRAIN53
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01/30/13 07:40 AM (12 years ago)
Just more confirmation my state is brutal. I need a FL or NEVADA mailing address.....
 
Calypso Kid
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01/30/13 10:10 AM (12 years ago)
Does Apple send a form 1099 out or any other documentation regarding money they paid you? Is an LLC really needed?
 

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