Hello All!
I have a few simple tax questions, I apologize if they are asked improperly, or if they are answered in other sections on this site. I just ask that you be patient with me, and point me in the right direction.
I currently have a full-time W-2 job, that makes approximately $125k/year. Additionally I freelance, and bring in an additional $20k-30k/year, which I am issued a 1099 (or multiple 1099's) for. My question is simple. What would you recommend that I do for my taxes? Do I just handle my taxes like normal, declaring both the W-2 and 1099(s), or should I look into an S corp or LLC for my 1099 income? My case might be very simple, but I honestly do not have the experience so I need someone to guide me. If you were in my shoes, what would you do?
I should also note that the freelance work is pretty stable around $20k-30k/year, but that does not mean I could make less or more. It might be more realistic to cast a wider net, perhaps $15k-40k. I am not sure if that changes anything or not. Additionally, I have a wife that works. She makes around $80k/year and received a W-2.
Thank you in advance for your responses.