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Old 02-11-2014, 05:29 PM
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unkownfl unkownfl is online now
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Join Date: Mar 2009
Location: Orlando/Windermere
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Quote:
Originally Posted by zabmasonry View Post
I'm not an accountant. My understanding of the tax code is that you must file a schedule C and a schedule SE if you have business income over $400, regardless of the situation. I would advise the OP to contact an accountant to contact an accountant.
Yes you're going to do a profit loss statement. Technically it's deductible. Just at what point do you want to take it or count more as income will depend. You may have to enter in your taxes a few ways and see which is best for you. Making 1500-2000 a year I'd forgo the insurance route or whatever and opt to LLC. don't go S corp taxing on your LLC until you earn enough income to make it worthwhile. The LLC will separate you from your business and the liabilities of either being mixed. Get a good auto policy and make sure you have business use. I think the auto issue will be your biggest risk and you need it anyway.

Going to be an ABET EE I think you should be able to compute a few different return forms. I know it has to be easier than DofE.
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