I've posted this elsewhere, but I want a final take from another perspective. I'll keep it brief since it is still early lol
Small personal training business out of my home. It is my side business; I work full time for the local government Monday-Friday during the day. I consider this more of a passion to me than my regular job, as well as a way to make extra revenue since my fulltime job doesn't pay as much as I need it to (but I get benefits, pension, decent pay, etc)
As of now it is a sole proprietorship registered with the county. In a perfect month as it stands with current clients, I make an extra $1,370 per month. That is if no sessions are missed and all clients stay with me. I think I'll have another one or two soon as well. If it is a perfect year, that's around $16.5k from this venture. I hope it continues to grow.
My issue is that a friend (who is financially savvy) suggested me forming an LLC for better tax savings and more protection. The gym is out of my parents home (as I said, living here is expensive) where my wife and I rent the upstairs apartment. My father used the gym under another name. We both are insured individually.
So, will any of this be a problem? Is it beneficial tax-wise? I want to keep all of it on the books while minimizing taxes, as I need the revenue to save for a home. I do reinvest a lot into the business, including advertisements, apparel, education, insurance, etc.
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