Tax questions : )

Please.....

[Dpeper]

Heres the situation, I have owned my site for about 4 years, and always made modest income on it per year nothing big. and I have always claimed it as normal income on my taxes. But I am in the process of selling my website, and I want to make sure that I pay the least taxes possible, I am a student so I have no other income.

Is there alot to be saved by creating an LLC or incorporating? Or Whats the best way to claim it?

Based on this is it worth the money to go see a CPA or am I just gonna be finding out something from them that I already knew, like claim it on your taxes regularly. Any information I would really appreciate.

[Dpeper]

Anyone....? even a recommended book on the subject? anything?

[ecommerceprofit]

See a CPA for sure! I used the keen web site for almost immediate advice when I was looking to sell my business - cost me $1.00/minute or so - lots of accountants sign up for this service in the hopes of finding new clients. At the very least see a CPA in your area.

[Dpeper]

So its worth the $150.00 an hour to go talk to one... ehh.

[ecommerceprofit]

Yes, well worth the money. Anyway, good luck.

[percentages]

Dpeper,

I wish you good luck, but please understand it is hard for any of us to help you without you posting more details.

A critical detail here is how much are you selling the puppy for?

If it is less than $10K then just sell it and pay the taxes.

If it is $200K+ then you need to talk to a good CPA.

If it is $1 million+ then you need a tax attorney to help you.

Professional financial advisers all cost money. They are usually worth it. Many good ones will give you a free consultation.

But, at the moment it is the blind leading the blind as we do not really understand what you are doing or looking for :)

[Dpeper]

Well, I fell in between your first and second range, so I guess I will just check it out with a financial advisor.

Donny