Do you guys have experience registering an LLC for side hustles? I am considering trying different things, such as making YouTube videos, writing blogs, etc, to generate more income. Also, I may be able to write off some expenses such as travel costs (flight, hotels, meals) if I make travel videos, or computer, desk, chair as business expense, right? Is it worth the effort to register an LLC for doing such things? I know I may need to hire an account for taxes and it can be a lot of pain.
Is google paying so less that you have to do side hustle? Or I am just a poor person content wise the peanuts thrown at me
Intel it's simply this mindset which is stopping u from achieving anything. Google is not paying him less, he got into Google following growth mindset, which is what's the next he can do now to improve himself
Well said Amazon 👏
Don't do it in CA, huge waste of money. LLC taxes $800 every year no exceptions.
You literally have no side hustles yet, an llc is pointless. Get some income from them first, convert to llc later.
You're putting the carriage before the horse. Get your side hustle going first. Once you're making $10k a year, go ahead and incorporate your LLC. You'll quickly realize it's not that easy to get something going.
Setup an LLC you'll save more in long run and protect your personal assets. Yeh you pay more for an accountant but guess what that's a professional fee and you get to deduct it from taxes. Steps Get an EIN number ( this is your biz ss#:from the Fed gov) 2minute phonecall/web reg Register with it in the state doing biz as Open a biz checking account with that info Get a biz phone/cell/zoom Voice Setup your website If you plan at anytime to get investment setup a C Corp. Don't want the hassle of doing this all yourself use a reg agent like legalzoom.com and pay exta-200-300
I do not completely agree with some of the comments in this post about not needing an LLC. It depends on the side hustle you are working on. If there is enough risk, LLC can protect you from liability, but it does come with some cost like fees, accountant etc., As you also mentioned, it can help you write off a few expenses.
Make consistent income first and then setup an LLC or else it’ll cost you more than you gain. Even if you set it up in Delaware and live in CA, you’ll still have to pay the Delaware franchise tax and the CA tax (800) each year. Setting everything up is the easy part, making consistent income is where you have to work.
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I registered a Sole Proprietorship for my side hustle at my local county office, and then used that to register a business account with the same bank where I have my personal accounts. Sole Proprietorship vs LLC https://www.forbes.com/advisor/business/sole-proprietorship-vs-llc/
I am curious do you feel it saves you some taxes by doing it? I understand all write offs must be business expenses but some expenses also feel like personal expenses, such as meals, travel expenses, computers, software, etc.
I use TurboTax and it guides me on what I can and cannot claim as business expenses. I believe you have to be able to show a profit to be able to claim certain type of expenses. Talk to a CPA.