Hello guys, I will try and keep this as brief as possible and I'm going to be 100% honest so hopefully someone can give me pointers on how i should be handling this.
I current work for a company full time making about 40k a year...for the past 5 years I have just been filing a regular 10-40EZ.
About 2 years ago I started an internet hosting company. As of today I lease servers from a data center which runs about $700/mo. I currently only bring in about $500/mo from customers.
I currently do not have any type of business registered, I have looked at setting up an LLC in maybe Nevada or Florida (where i live).
Now I know you can't give me direct answers but can someone please point me in the right direction on what i should be reading up on or maybe some input on what they would do in my situation...
I was going to just file my taxes as i normally do with my 1040ez and call it a day...BUT...would it be better for me to include all my expenses from the internet hosting on my personal tax income? Would I be able to write off everything related to hosting or would it just make my income look even higher even though I make less than i spend?
Would it be better to setup an LLC for the company and then just report the earnings/losses on a company basis?
I want to set my business up to be legal in all senses but right now i do not have the money to even pay an accountant to help me with making sure everything is correct...right now i'm just trying to make enough money to keep my business running and even the fee for setting up the LLC will take me a month or so to collect.
If anybody could help me out or point me in the right direction i would be very thankful for any help.
Thank You!
I current work for a company full time making about 40k a year...for the past 5 years I have just been filing a regular 10-40EZ.
About 2 years ago I started an internet hosting company. As of today I lease servers from a data center which runs about $700/mo. I currently only bring in about $500/mo from customers.
I currently do not have any type of business registered, I have looked at setting up an LLC in maybe Nevada or Florida (where i live).
Now I know you can't give me direct answers but can someone please point me in the right direction on what i should be reading up on or maybe some input on what they would do in my situation...
I was going to just file my taxes as i normally do with my 1040ez and call it a day...BUT...would it be better for me to include all my expenses from the internet hosting on my personal tax income? Would I be able to write off everything related to hosting or would it just make my income look even higher even though I make less than i spend?
Would it be better to setup an LLC for the company and then just report the earnings/losses on a company basis?
I want to set my business up to be legal in all senses but right now i do not have the money to even pay an accountant to help me with making sure everything is correct...right now i'm just trying to make enough money to keep my business running and even the fee for setting up the LLC will take me a month or so to collect.
If anybody could help me out or point me in the right direction i would be very thankful for any help.
Thank You!