Quote:
Originally Posted by Linda Buquet
Nope not true either that you need an LLC. You can be joe blow sole proprietor and deduct all your biz expenses. I'm still a sole proprietor and have a much bigger business than many affiliates do. You still do a schedule C for all biz income and expenses just like any other business.
The main tax bene of incorporating is that you only pay tax on the salary you take out - not all the income that comes into the biz. (That's very simplified).
Even at my level of income my accountant recommends against me doing an Inc or LLC for tax purposes. He's super conservative though.
So I'm not saying don't do an LLC am only saying carefully review your options. The added paperwork and regulations may not be worth it.
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Well yes but I am also looking at it from the perspective that I am currently on a fast-tracked MBA program, and if I have already started my own LLC it will also look great for my future employers. I'll do plenty of research before I actually do it, I was just thinking that it would be good experience. The more I do while I'm young the better my knowledge base for the future.