need some advice brothers

[Hill Kuntry Boy]

i might be gettin laid off from my job at the end of this month. wanna open up my own business. does anyone on here have knowledge on advantages and disadvantages of doing so. as far as tax breaks, what all i can/can't claim and so on. hopefully someone on here can help me i trust yal more than some city slicker that acts like he knows it all. im sure someone on here is a business owner. thanks and God bless.

[kenforu]

What type of Buiness that makes a difference.

[Hill Kuntry Boy]

basically any construction. i know most trades, plumbing, elec, framing, sheetrock, paint, and farm/ranch services, outfitting, land management, fencing

[BOWMAN1836]

So a handy man business? To have just one of the businesses you listed you will need to be licensed. A's far A's tax breaks when I started MIT business I went to a few free small business simanars and learned a lot of good knowledge. Might try that out. Hope it works out for you. And insurance is going to be your biggest expense starting out I'n a field like that. Overhead isn't bad the aller the better you can get material A's a job comes along. So IMO try a few of those or look it up on line.

[Hill Kuntry Boy]

i was thinking Galm Home & Ranch Services that way it covers it all

[tsu1998]

I would suggest setting it up as an LLC with an S-Corp as you as a sole member for tax purposes. If its set as sole proprietor you are going to be subject to self employment tax. As far as expenses get you a good CPA to keep you out of trouble.

[Mudslinger]

The only ones that you need to be licensed for to do work in most areas is a plumber or electrician. The others may require a permit from the city or municipality which means you will need to be insured or get bonds for each job if necessary, to pull permits at least. TX does not have a contractors license.