For any of you freelancers, did you form and LLC? I keep hearing that I should really do this for the tax benefits etc., and was curious if you went this route, the route of a DBA and if it’s really worth it.
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I’ve been freelancing for the past 5 years in addition to my full-time job and do it simply as a sole proprietor, taking extra taxes out of my regular paycheck to cover the self-employment taxes, and using Schedule C on my tax forms to claim the income/loss (or rather, my CPA does). From my research, for what I do (freelance design), it just wasn’t worth it to form an LLC cause I don’t have employees and I don’t really make any large expenditures (one of the benefits of being an LLC is you’re not liable if your company goes bankrupt or whatever.) I still get to deduct my expenses (computer, magazines, supplies, etc), and I simply use my name, not a DBA, cause I want any credits to be my name and not a company name.
I’m curious to see what others do as well.
Of course, it all depends on your situation, what your goals are and all that. It’s best to talk to an accountant about the tax benefits of each for your situation, especially if you can find one who’s familiar with your type of work.
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i agree with the above comment, the internet is with a doubt growing into the most important medium of communication across the globe and its due to sites like this that ideas are spreading so quickly.
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I’ve been freelancing for
I’ve been freelancing for the past 5 years in addition to my full-time job and do it simply as a sole proprietor, taking extra taxes out of my regular paycheck to cover the self-employment taxes, and using Schedule C on my tax forms to claim the income/loss (or rather, my CPA does). From my research, for what I do (freelance design), it just wasn’t worth it to form an LLC cause I don’t have employees and I don’t really make any large expenditures (one of the benefits of being an LLC is you’re not liable if your company goes bankrupt or whatever.) I still get to deduct my expenses (computer, magazines, supplies, etc), and I simply use my name, not a DBA, cause I want any credits to be my name and not a company name.
I’m curious to see what others do as well.
Of course, it all depends on your situation, what your goals are and all that. It’s best to talk to an accountant about the tax benefits of each for your situation, especially if you can find one who’s familiar with your type of work.