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Should I register as a business right away?

Discussion in 'Business & Tax Advice' started by jlei523, May 12, 2011.

  1. jlei523

    jlei523 Regular Member

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    I just started a website that I plan on promoting heavily. I will generate revenue from adsense.

    I'm U.S. based.

    Questions:

    1. Can I write off taxes from services in the buy/sell forum here?

    2. Is it a good idea to get a business license right away or should I wait for a year to see where my revenue is?
     
  2. killer2021

    killer2021 Regular Member

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    I'd wait. Don't rush into it.

    Some people spend all their days planning for the, "good times." Meanwhile they don't focus on making the good times happen. In other words, they spend too much time planning and not enough time making money.

    As for the your questions:

    1. Yes, as long as it is related to the business. If you don't incorporate then you file the adsense income as business income where you can deduct your expenses. Make sure you keep a log just in case of audit.

    2. Wait until you are making 10k/year then you can look into getting incorporated. Its really not a big deal. The main reason to incorporate is to protect you from liability. If you are making your money through adsense then not much risk of lawsuit unless your website is breaking laws.
     
  3. jhonson5

    jhonson5 Power Member

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    Occupation:
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    1. yeas you can write
    2. it is secure to wait a year; but if you are confidence enough you can register. I recommend to wait a year.