I am a notary public and am just beginning to take classes to be able to transfer titles. I would like to open my own small business some where and stay employed part time. I also have two kids who i usually receive tax credits from and then put the money in a college fund. I am not really sure how it would work out if i opened my own business and i know i wouldn’t be able to pay in. So could i open a llc or corporation?
Yes, starting your own business will affect your taxes. ANY KIND of business. But you simply do your own withholding, just like your employer does for you now. Then you have the money to pay when it’s time. Depending on the type of business, and where you are, etc. you may have to send taxes in quarterly. The best business out there for people of all walks of life is FHTM. It’s a company that is booming even in this bad economy and in fact is giving it’s reps $1,000.00 bonus checks this month! You can learn about it in this FREE live webcast at https://www2.gotomeeting.com/register/240018123. If you miss the webcast, message me and I’ll give you a different date and time and help you get started.
Good luck! 