Is there a difference in the tax consequences for flipping in a single member LLC vs your personal name? Any suggestions as why to do one over the other?
For starters- talk to your tax pro.
There is no surface value difference. SMLLC has no impact on taxes.
Should you decide later with your tax pro that an S corp makes sense- that is an election made TO an LLC- so it would apply to income earned in that LLC- but side by side there is no difference.
What I have read is that there is no difference. I was told if your income is going to be over $40,000 to have the LLC switched to an S. Corp to minimize taxes. Definitely talk to your tax person though. Every situation is different.
No difference from a tax perspective if you flip in your personal name vs a SMLLC.
If you are the sole one in the LLC there should be no difference for taxes. Usually just for liability, but if you don't have an insurance policy for the LLC, there is really no point. You would still be a sole proprietor
@Eric Nguyen , thanks for the reply. I'm unfamiliar with insurance for an llc- is this something most people obtain?
Aside from the tax ramifications, you may want to research the legal ramifications of flipping in your personal name vs. within a LLC.