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Thread: Taxes- SHould I incorporate?

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    Default Taxes- SHould I incorporate?

    Dear All,

    I am new both to this site and to dancing.
    As a mom of two I am quickly learning about tax deductions and I was told to set up a home business to write stuff off. Now of course these people from my playgroup have no idea I dance once a week. I recently got involved in a network marketing biz coz i figured we need supplements anyway,might as well. What expenses can I write off as an entertainer and is anyone familiar enough with network marketing to know the write offs and if I should start an LLC for either business for tax advantage? Or if I have one license can I co-own two different businesses: nutritionals and entertainment? And how about all the hype about incorporating in Nevada?

    Thank you .
    Ginnie ???

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    God/dess Emily's Avatar
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    Default Re:Taxes- SHould I incorporate?


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    Veteran Member NVJosh's Avatar
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    Default Re:Taxes- SHould I incorporate?

    GAHYING - Where are you located? If you aren't in Nevada, setting up a Nevada corporation will probably be of limited usefulness to you. The post Emily mentioned has a lot of good discussion (thanks, Emily!) and if you want to drop me an IM, I'll be happy to discuss this with you at more length.

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    Default Re:Taxes- SHould I incorporate?

    actually you can operate both businesses as unincorporated sole proprietorships - all you have to do is file two separate Schedule C's, one for each business.

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