Open LLC Or Adding Income to Full Time Job

[natedogg]

Hey Guys! I currently have a full time job and been doing online marketing for a side income (hopefully full time 1 day I been earning more money online and was wondering if I'm better to open a LLC and pay quarterly taxes (if that how online businesses work). Should I add the extra income to my full time job at the end of the year for tax purposes? If I open a LLC, can I claim deductions like buying a computer, outsourcing, seo etc. I'm from the US. Thanks guys I just have no clue about taxes for businesses online.

 

[Battleaxewarriors]

Starting a company comes with alot of benefits.

You would be able to:

-Use your home as a "office"
-You can purchase computers,cellphones and so on because you "need" it to bring in the money.
-You would be able to purchase a car for lets say..."meetings" and transportation

And the after u buy/pay for everythign you "need" you tax your money


Without a company i believe you need to tax the money and then purchase the equipment you need and that would be a revenue loss for you.
But you should call the IRS and see that they say, they forced me to start a company after my IM income reached 4000 usd/ month.

 

[coolio10]

You should look into opening offshore companies to reduce your tax rate

 

[natedogg]

That would be cool but I don't know how legal that is. Any recommendation on a company

You should look into opening offshore companies to reduce your tax rate

 

[Battleaxewarriors]

That would be cool but I don't know how legal that is. Any recommendation on a company

That is 100% legal.
And the good thing is that we work on the internet, so it is a EASIER progress.

And you dont really need to tell them exactly where your money comes from.

"Internet Marketing" is good enough, that's what i've said.
No way i would reveal everything