Ok well for the first time since I've been interested in doing things online I've finally started a website that makes me enough money that it's over $600.
I know that if I start a business, I think I'll get taxed at the regular income level as well as a self-employed person - so another 15%.
I have a bunch of write-offs this year that will probably show that I lost money or came close to it (laptop included) - so should I make it as an LLC or something - or just claim it as personal income?
Of course i"ll contact an accountant and an attorney before going through with this, but I'd like to have a little more background information before doing so.
Yea I'm going to set it up as a sole proprietorship. I've been saving all receipts (in various folders b/c I have 2 websites now and a candy vending business) so I should be good come tax time.
I still need to make an appt. or call my accountant and figure out HOW to set them up though
Yes, smoothing it all out now will save you from having a lot of potential trouble in the future. Still the best advice would come from your lawyer and accountant.
Perhaps one of the biggest reasons people fail in their online business is a lack of basic planning, and staying focused on their most immediate priority each day.
Sounds like you are on the right track....including setting up business for tax purposes....consider sole proprietership to start....get tax advice from a professional....
__________________ Hope your business is going well!
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