IMPORTANT POINT TO KNOW...
Did you know that EVERYONE should have a HOME BASED BUSINESS for the major tax advantages.
Consult with a good tax person or CPA but they generally agree that having a home based business can get you many many deductions that can help get you across the finish line on with holding and paying taxes.
Example: Fred owns a syndicated advertising business and makes around $800 per month as a part time side gig. The expenses, family weekend outings, overnites, gas expenses, oil changes and even household related office expeses all are 100% expense if the company pays the tab.
On paper Fred might be losing money or breaking even but all the expenses are deducted ...legally of course but FRED can use much of this to offset from his personal gains as well...
As you can see,...anyone with a home based business, and yes we recommend a LLC is very effective way to go, can come out way ahead vs not having a business.
Want to learn more?
We will be doing a seminar soon on how to use a HOME BASED BUSINESS to hedge your tax position for BIG GAINES