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Money and Finances
Reply to "Taxes on small business"
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[quote=Anonymous]You are self employed— a 1099 is what you would give someone you hired as an independent contractor. An LLC is irrelevant for taxes (in theory it might have some benefits for limiting liability if you got sued). You will just report incomes and expenses, and pay your self-employment taxes, on your income tax form (you may need to pay withholding now though) You can track expenses and deduct them and if you have a room you use exclusively for tutoring you can take a home office deduction but it’s an audit red flag so make sure you are following the rules if you do. [/quote]
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