I'm in Canada so I'm not sure how much or if it's any different than it would be in USA.
Do we register our business and if we do should it be Sole proprietorship, or LLC.
You can start as self-employed till you become established, then think about an LLC; you do not need just as yet.
Resource About taxation in canada? I advise reaching out to a professional, as no two people's situations are the same.
Setting up a business is very easy in most states in the USA. I wouldn’t even worry about it in the beginning. Spend your time training and taking action to achieve your goals.!
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What should we do as far as taxation and setting up our busniess?
I'm in Canada so I'm not sure how much or if it's any different than it would be in USA.
Do we register our business and if we do should it be Sole proprietorship, or LLC.
Whatever route you take, never try to evade paying your due taxes. It just isn't worth being caught out by the revenue men. They have the authority to go through everything.
On the plus side, keep all your valid receipts, claim for everything that can be legitimately linked to your business. Here in the UK I can also claim a small percentage of my household bills as I use a separate room as an office.
Tax evasion - not declaring what you should and trying to cheat.
Tax avoidance - claiming for everything that you legally can in order to reduce your tax burden.
The way I look at it, if I'm paying tax then I'm making money.
Good luck Robert.
Bux
You can start as self-employed till you become established, then think about an LLC; you do not need just as yet.
Resource About taxation in canada? I advise reaching out to a professional, as no two people's situations are the same.
Setting up a business is very easy in most states in the USA. I wouldn’t even worry about it in the beginning. Spend your time training and taking action to achieve your goals.!
See more comments
Whatever route you take, never try to evade paying your due taxes. It just isn't worth being caught out by the revenue men. They have the authority to go through everything.
On the plus side, keep all your valid receipts, claim for everything that can be legitimately linked to your business. Here in the UK I can also claim a small percentage of my household bills as I use a separate room as an office.
Tax evasion - not declaring what you should and trying to cheat.
Tax avoidance - claiming for everything that you legally can in order to reduce your tax burden.
The way I look at it, if I'm paying tax then I'm making money.
Good luck Robert.
Bux
Thank you very much for that Bux