The Week of Mark Rushton LLC

Hi everybody,

Mark Rushton of Mark Rushton Gallery here...

Back to the day job this past week.  Lots of furniture moving.  Continued shopping.  The entertainment of a new foundation being dug next door.  And on and on and on...  More distractions than I wanted, but they happened, and you have to deal with them.

The best thing to happen was the formation of Mark Rushton LLC, a limited liability company.  I got an EIN assigned to me from the IRS.  Then my CPA filled out IRS form 2553 for me to sign and send certified mail to the IRS, and through this I have elected S Corp status.  I also created a business bank account.  Next week, I hook up with a bookkeeper the CPA uses and I'll get payroll services set up.

My art/music business has always been handled as a Sole Proprietor, which means it's been handled under my own personal Social Security number.  But a few months ago I inadvertently heard a CPA casually talking during a podcast about how he convinced a client to switch to LLC and elect S Corp status with the IRS.  I felt like what the CPA said might be pertinent to my situation.

I tracked down the CPA and paid for a consultation call.  I took notes because I didn't really understand everything, and I've had a few questions along the way, but he agreed to take me on as a new client.  I was going to switch CPAs anyway because of the move.

Artists of all kinds are usually quite terrible at business.  Grade schools, colleges, and universities don't teach any business skills to these people.  It doesn't happen!  And if the artist is seeking business advice from other artists, they're almost guaranteed to get everything wrong.

My CPA said the only reason for somebody to form the LLC and elect S Corp status was to avoid double-paying payroll taxes, which are Social Security and Medicare taxes.  That's it!  I'll take the CPA's word for it rather than some chattering fool in a Facebook group.

LLC is not for everybody.  It is for me because I've built my "recording artist" business into something that generates income in the past decade.  If I was just starting out, either as a recording artist or a painter, and with a separate day job and spousal income, then Sole Proprietor is likely all that's needed.  But if you've got a growing business, I'd say it's worth it to pay for an hour of a good CPA's time.

There are extra expenses for going to LLC and electing S Corp status.  The LLC cost $50.  The business bank account has a nominal monthly fee.  I have to hire a bookkeeper to process my payroll, and I hear that's around $60 to $70 a month.  Filing the tax return just for the LLC, Form 1120S, which is due on March 15th, isn't cheap.  But, in my situation, the savings by not double-paying Social Security and Medicare taxes is worth it.

*



In other news, I'm starting to use Rockwool on the walls and ceilings in the new studio space.  This stuff works!  I'm really impressed.  But I have a long ways to go.

Moving is exhausting.  I thought I'd hit the ground running a little faster.  That's OK.  I'll get back to it when I can get back to it.



Who am I?  I'm a professional recording artist and fine artist who has managed to hang on to creativity.  

I've released music and sounds since the early 2000s under many different names, including my own.  I largely create ambient, beat-driven electronica, and avant-garde music and soundscapes, as well as field recordings and sound effects.  

I'm also a fine artist / painter, making original paintings, limited edition prints, and functional merchandise.

Join my email list:  https://www.markrushtongallery.com/mailing-list
Instagram:  https://www.instagram.com/markrushton/
Facebook page:  https://www.facebook.com/markrushtongallery
YouTube:  https://www.youtube.com/c/MarkRushton/videos
Twitch:  https://www.twitch.tv/ambientrushton

Mark Rushton Gallery:  https://www.markrushtongallery.com
Mark Rushton Web Site:  https://www.markrushton.com

Music links:  

License Mark Rushton's Music for your project:   https://www.markrushton.com/musicservices/

Spotify - follow Mark Rushton:  https://open.spotify.com/artist/3o7In5aHAnzK7WYGHY5Khx?si=fIvBiAxdQEOVHrVPbO7QfQ

Spotify Ambient Rushton Podcast Rotating Playlist:  https://open.spotify.com/playlist/5EC4Y2eIYArYsxVb8LEGsH?si=K9RdQuJ8RB-pYsjHQzqMZQ

Walmart+ Referral Code:  http://share.walmartplus.com/mark8673
Songtrust Referral Code:  (save $10):  https://app.songtrust.com/signup/?discount_code=178652a-Ecs




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