Brand new LLC what tax classification do I choose?
Hello my name is Christina Gomez, I just bought a home on the Big Island of Hawaii. I am starting a vacation Rental where I will be living full time. I have already applied for my LLC and in the process of getting me state tax license and ID. I am not sure what classification to put my business under. I heard if I File as a pass through entity that my self employment taxes are very high. I also read that putting it into a C-Corporation I could pay myself and pay cheaper taxes that way, but I would be paying double taxes. I am sure this question is for a tax professional but if anyone has an insight or the experience with this question, Any info would be greatly appreciated. Should I just stay with a pass through entity and pay my taxes quarterly?