http://www.maniacsolutions.com/internet-marketing-cpa/
Company: LLC, C-Corp, SORP – Taxes on profits Justo!?
I am currently working with some channels in the CPA. [NeverBueAds, Azoogle, Copeac] I'm doing about 1 month k /, and I do not know what I should do about taxes. All that 1K of income is not pure profit, I have also costs used to make money on 1K/month. Need to fill out a W-9 before I could get my winnings. However, I do under my own name, as there is nothing worry. However, I need to create something, like an LLC or something, I feel I only have to pay taxes on my winnings and not all the income. So it would be the cancellation of computers, Internet,% of my home for office space, and then other things related to my search marketing process. Thank you very much for any information you may have.
You may well continue as it is doing now – only owner. You do not have complicated life and create an LLC, C corp or S Corp to deduct your business expenses. Use Schedule C to list your income and expenses. You may deduct from their taxes the business expenses such as hosting fees, advertising fees, purchase of equipment, office supplies, including deductions home business if you operate your business from home. Read the following publications of the IRS Small Business and Self-Employed One-Stop Resource http://www.irs.gov/businesses/small/index.html – this is the main page with links to what qualifies as business deductions. Business Schedule C instructions http://www.irs.gov/pub/irs-pdf/i1040sc.pdf use of your home (home-based companies) http://www.irs.gov/pub/irs -pdf/p587.pdf If your business grows and you get to your business partners, or if you expand your business to another field, then you can consider changing its legal structure to S corp, C corp or LLC. I recommend buying the latest book by JK Lasser tax guide for small business owners, and that details all the possible deductions which can have as a business owner. JK Lasser Small Business Taxes 2008: Your Complete Guide to a better bottom line http://www.amazon.com/JK-Lassers-Small-Business-Taxes/dp/0470152656/ref=pd_bbs_3?ie=UTF8&s=books&qid = 1202607112 & sr = 8 -3
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