Hello! So right now I am making about $10,000 to $15,000 a year through AM.
For the past three years, I have been filing yearly and paying around $3,000 in taxes at both the state and federal level.
I would like to take advantage of "writing things off", but have no idea how to do it, what records I am supposed to keep, etc.
I am 18 and am entering college. Any money I make is looked at through the FAFSA which determines how much I should pay out of pocket toward my tuition. Would it be best to form a real company, have the money go through that, and then it would be ignored as personal income? Of course I would have to cut myself a paycheck as needed, but the rest of the money could sit in the company until a later date. I do not plan on really getting "employees" or anything.
What is best?
For the past three years, I have been filing yearly and paying around $3,000 in taxes at both the state and federal level.
I would like to take advantage of "writing things off", but have no idea how to do it, what records I am supposed to keep, etc.
I am 18 and am entering college. Any money I make is looked at through the FAFSA which determines how much I should pay out of pocket toward my tuition. Would it be best to form a real company, have the money go through that, and then it would be ignored as personal income? Of course I would have to cut myself a paycheck as needed, but the rest of the money could sit in the company until a later date. I do not plan on really getting "employees" or anything.
What is best?