Forums: Discussions for entrepreneurs and small business.

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The Elite Consulting Group, LLC
www.serenity-eltie.com

include it in the company, as long as all of your personal and business records reflect that is your intent you will be fine.

I agree.  You should endorse the checks over to your company "without recourse."  That way if the check happens to bounce, the bank can look to your company and not to you personally.


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Michael W. Crosby, CPA
(832) 693-2711
http://www.michaelwcrosbycpa.com

So my adjunct income should just be deposited into my business account although it is not made out to my business name (made out to me)?

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The Elite Consulting Group, LLC
www.serenity-eltie.com

Since with a llc all income is considered flow-through or personal income by the IRS, I can`t see any difference between whether you deposit personally or to the business.  If you DO deposit in the llc account, be sure and record it as owner equity rather than as income from client work.

It will need to be included in your wages when you file end-of-year taxes, and you should also be doing tax deposits to the IRS to offset the `april pain.`  I deposit 20% of my estimated net income to the IRS on April 15, June 15, September 15, and the balance January 15 of the following year (which follows IRS regulations).


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Lily E. Chambers CPS, CQU
"Why hire a mere mortal when you have access to a Goddess"
www.virtualofficegoddess.com