Partnership entity LLC
Report 6k in my LLC as income
Can’t expense groceries or clothes. Could take a portion of it as business related.
Need to show that the expenses had a business purpose.
Stay out of California, New York, Massachusetts, Illinois. 2.5% in Arizona vs 14% California.
Penalties could be assessed in certain cases
If I have a loss 3 years in a row they could question if I’m running the business to make a profit (hobby loss rule)
Set up a business bank account and try get a business credit card. Move money from personal account into business account to pay it off.
Go to corporation commission website. Come up with a name for my LLC. Fill out the forms. Costs $85 (deductible).
S corp I’d have to pay myself a salary with payroll tax and so on.
I may have to file as a foreign entity. New York LLCs are $1,600 per year.
Try run everything through business bank account.
When I file a 1065 they will know about my dad but they won’t when I set it up
Golfing isn’t deductible so entertainment but it is as promotion / marketing. I don’t have to pay for the others to make it viable as a deductible expense.