Open LLC Or Adding Income to Full Time Job

Discussion in 'Business & Tax Advice' started by natedogg, Aug 17, 2014.

  1. natedogg

    natedogg Regular Member

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    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.
     
  2. Battleaxewarriors

    Battleaxewarriors BANNED BANNED

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    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.
     
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    Last edited: Aug 17, 2014
  3. coolio10

    coolio10 Junior Member

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

    natedogg Regular Member

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

    Battleaxewarriors BANNED BANNED

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    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 :p
     
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