Register business or file individual tax returns?
by shortanswer, Performer
- Created: December 27, 2009, 4:57 pm
I am in a dilemma right now. I am receiving online income through 1099-MISC payments as a freelancer. This is my full time business. Now, do I really need to register my business? While filing taxes, I can deduct my business related expenses even if I don't have a registered business. So, why bother to register the business?
I have no issues with registering the business with the State I live in. However, it comes with some responsibilities such as filing business taxes in addition to personal taxes.
I know having an LLC gives your protection against lawsuits etc. and your personal assets are kept separate by having your own company. But are there any other benefits to forming a company and being the sole owner and the emplyee of that company?
Additionally, I think I will need to pay employment tax if I register the business.
Any thoughts? Did anyone go through this before? Thanks for your advise.
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