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In the second course, we talked about choosing a name for your company and then making sure it was protected under the law. It is often the tax elections you choose that make all the difference in your bottom line and how to save tax money. I was on the internet looking at LLC sites the other day, and I was stunned to find a number of sites that bragged that an LLC was a “pass-through” entity. When the LLC was first introduced in the United States in 1977, the IRS was asked how it would be taxed. Because the IRS doesn’t care how you have it taxed, this gives you a great opportunity to save tax money.
When the attorney hands the LLC papers to you or you get your wad of papers from an Internet Legal website, the clock starts ticking. If you don’t meet all the deadlines and file the different elections in the right order, the IRS gives you a default tax status. The problem is, if you get the default tax structure, you may be losing a lot of opportunities to save tax money.
The important thing for you to understand is that your little business is your most important tax shelter. The S corporation gives you the option of taking some of your earnings as a “distribution” rather then as a salary. The S corporation also gives you the option of taking deductions for your business travel and expenses. The S corporation also gives you the option of taking deductions for your business technology and equipment. I have researched and written a comprehensive course on several more tax saving scenarios for small businesses called Advanced Tax Tactics, but I hope that you can see the point I am trying to make. Of course to lower your AGI, you’ll need the right LLC elections and you must learn how to use the law.
The tax advantages you get with your LLC can mean the difference between business success and business failure.
The IRS has a three-year statute of limitations for taxpayers to collect their refund money.
If you need that extra push to file your 2012 tax return, check out our 2012 Tax Calculator before you even create an account. Looks like you’re ready to get started! Create your account now and begin entering your 2012 tax information. If you have any questions throughout the process, give our tax team a call or connect via livechat.

We provide you with FREE Live Chat so that you can get real time assistance as you are online, filling out your taxes. As early as the 1990s, gunsmiths and firearm enthusiasts have been receiving invitations and offers through the mail for a membership with the American Gunsmithing Association, or fondly abbreviated as AGA.
Though the group has yet to have an official website, we can get valuable information about who they are (including their mission statement and their objectives) from online sources such as their official blog, their publication’s website, and a few gunsmithing forums.
As a group dedicated to gunsmithing, AGA provides members with gunsmithing tools and techniques specific to different types of guns.
All these information come in handy when a gunsmith wants to repair his firearms, perform an upgrade, or enhance his knowledge about gunsmithing.
Last, through their AGA membership, gunsmiths can get discounts, savings, and other price reductions from gunsmithing shops and services.
AGA should not to be mistaken with AGI, or the American Gunsmithing Institute, as some people do. What are your IRS choices if you have an LLC, and what happens if you don’t meet the IRS filing deadlines? They touted the LLC as being better than a corporation, because it was a pass-through taxing entity. They had also made code sections for partnerships, limited partnerships, and sole proprietors. If you choose to have it taxed as a Sub Chapter S corporation, the IRS thinks you have a Sub Chapter S corporation. You get the double asset protection of an LLC, and you get to choose how you pay your taxes. Your LLC will default to a sole proprietorship tax structure if you have a single member LLC, or a partnership tax structure if your LLC has more than one member. You can save tax money on every dime you make (even your W-2 income), if you use your LLC right.
With an LLC, you can do lots of things that will not only give you a deduction, but will actually save tax money and lower your AGI.
If you make a distribution you will save the “social taxes” (Social Security and Medicare) on the amount you take as a distribution.
Did you know that it is also the last day to file a 2012 tax return and claim a tax refund? Once those three years are up, all unclaimed refunds land themselves amongst others within the IRS walls of tax years past. Why give up your refund to the IRS when you can file your 2012 tax return today and get your hard-earned money back?

The PriorTax team will review your information and make a pdf version available for you to download.
Since you cannot e-file a prior year tax return, you’ll need to mail your return to the IRS.
Many of them want to learn how to create or re-create guns in the confines of their home, but they do not know how to get started. With the topics covered and discussed in the blog, you can say that AGA is teaching gunsmiths to be responsible gun owners. The AGI is a learning website that gives every firearm enthusiast an opportunity to hone their gunsmithing skills.
Upon registration, you will be given access to their instructional videos that you can watch anytime. I am happy to go all Pioneer Woman and scrub laundry on a washboard and do dishes by hand, but when you get the go-ahead from your rockin' husband to buy THESE, you buy them, dangit. Your attorney never really gets into the tax discussion either and nobody ever hires their CPA and pays the big bucks to avoid getting tripped up when they form their LLC.
It’s something you have to work on, but suffice it to say your LLC gives you more tax advantages than any other entity. In each issue, there are expert articles that contain step-by-step instructions to follow, images and resources to check out, and schematic representations to pattern from.
But with AGA, they will know which equipment to use, what software to consider, and what kinds of issues they need to address.
At the moment, the site offers three courses that include machine shop, welding, and gunsmithing courses.
Some of the topics these videos have include how to build or customize all types of firearms such as handguns and shotguns.
More like they had a big tub of these in the kitchen at Kingfisher Bend Ranch in Evanston, Wyoming and I used the living crap out of them. Never mind on that little spoiled brat splurge for ME by ME for my 40th birthday party last year.

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