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Did you pay your taxes? (lemmy.nz)

submitted 6 months ago by thal3s@sh.itjust.works to c/whitepeopletwitter@sh.itjust.works

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Related: Robert Reich posted earlier today that Tesla paid ZERO taxes on $5 billion in sales (earnings?), so that’s just fucking great.

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[–] Frigidlollipop@lemmy.world 4 points 6 months ago (1 children)

I feel like this is all well and good until you need insurance. If you damage something and get sued without insurance/LLC, they're suing you directly instead. Dicey territory depending on what you're being sued for.

[–] OshagHennessey@lemmy.world 2 points 6 months ago* (last edited 6 months ago)

Assuming you're actually doing work and not just using the business as a loss center, yes.

If you're actually doing work, it's well worth your time and money to form an LLC.

However, an LLC can't deduct the same things as a sole-proprietorship. So, if you simply want a business on paper to serve as a loss center, that's probably the better choice.

Again, this is just MY understanding of things. I'm in no way trying to give advice or tell you what YOU should be doing, only you can decide what's best for you.