At point does it make sense to go LLC Hello,
I'm an amateur photographer that occasionally gets paid for their work. My return is usually linked to how much I want to take on, which normally isn't a whole lot. However, I do receive small revenue from this work, usually only a few thousand dollars a year.
At what point does it make sense for me to file LLC and use the tax deductions associated with this and create a larger tax shelter umbrella? I already itemize my general taxes and am looking for help; especially since the costs associated with photography are so high. Keep in mind that I could probably generate more than the estimated few thousand dollars if I were "incentivized" to do so.
I am a single male that makes over 100k a year with my normal job so I am absolutely getting killed on taxes.
Any insight or ideas would be great! |