Hello, I am a diesel mechanic that works on heavy equipment. I am young and have no wife, no kids, and rent. I'm currently a W2 employee, but I spend a butt load on tools, work clothes, and some equipment.
I plan on spending a similar amount on tools this year also, and I also do toy with the idea of forming my own mobile mechanic business in the future, but likely will not work as an independent mechanic for a year or two, if I ever do.
Beginning of 2017 I was making $27/hr. I'm up to $32/hr for reference and will get two more raises this year for my yearly review, and when I move into a mobile service truck. Plenty of Overtime. Also for reference, I got just shy of $5k back on taxes last year
So my questions are:
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Can I form an LLC as a W2 employee?
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Can I start an LLC and claim expenses against it, even though I do not plan on performing any work under that LLC, or generating any sort of revenue under that LLC for an undertmined amount of time. (Possibly years, possibly never, Just being realistic) Or is that fraudulent?
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Would it be profitable tax wise for me to form an LLC and claim these expenses against it? (Filing fee and yearly fee = $820, Expenses = $16k+)
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I have already spent around $10K this year for tools and work related equipment, would I be able to claim anything I purchased before forming the LLC that is related to this? Or would I only be able to claim expenses after the LLC is formed?
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Can I claim something for the LLC that I use for my W2 job? If I do actually start performing work under the LLC, then everything purchased would absolutely be used for that LLC so it would be relevant.
I appreciate anybody for taking the time to read this, and greatly appreciate any help in this matter. Just trying to benefit from the system, but I do not want to be a criminal or do anything fraudulent. Any related advice is also appreciated. Thanks
Submitted July 01, 2018 at 03:21PM by PocketSurprises https://ift.tt/2lM0UkT
