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RE: US Tax Considerations- Blogging on Steemit: For Profit Business Activities
Okay, so I have an LLC that I really haven't been using. How could I list my SteemIt profits and losses under my LLC?
Okay, so I have an LLC that I really haven't been using. How could I list my SteemIt profits and losses under my LLC?
@kryptic, thanks for asking the first question. My response would be that I have to know more before I can advise.
Some of the questions which come to mind are, when was the LLC formed? Is it a Single Member LLC or does it have more than one member? What option was chosen for taxation method (as a sole proprietor, partnership or corporation)? How long ago was this LLC formed or was it acquired through purchase of another company? Have returns been filed for this LLC already in prior years?...and so on.
For example, imagine you have been running income and expenses through this LLC for another business in a completely different category (catering for instance) and you have already filed returns, the answer would be completely different than if this is a virgin LLC that was formed earlier this year with zero returns filed.
Assuming it's a virgin, single member LLC, with its own Employer Identification Number (EIN), designated to be used for blogging or writing when you filed the EIN and with no tax returns filed. The basics you should do are:
It's a summary of the topics covered in my earlier blog https://steemit.com/tax/@lpfaust/us-tax-considerations-blogging-on-steemit-business-or-hobby-how-the-irs-determines-it
If you'd like, feel free to shoot me an email at [email protected] so I can get more of the backstory I need to help point you in the right direction.
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties.
I told ya @lpfaust it was only a matter of time before you were rewarded properly. CONGRATS AND
Full $teem Ahead!
@streetstyle
Thanks for the recognition and the support @streetstyle. I'm glad to see that, although it took some time (and persistence on my side) in the end it's paying off. I honestly enjoy writing and I'm hoping to turn this into something more full time than part time.
As I have been writing these articles on Steemit, focusing on tax considerations for those who blog here, it's kind of inspired me to begin thinking about writing tax how to books for the layperson in different trades. My passion is to focus on the writer, entertainer, musician and artist but I think small business in general needs to better understand the rules to play the game with any possibility of winning.
There's more than just that I am considering (and I will spare everyone here) and I don't think I would have considered it before Steemit.
Steemit has either forced me to go back and do stuff I used to do or learn and try different things, that is for sure.
@streetstyle, Steemit is creating possibilities for me I'd not considered before. I would not have though about blogging, developing an audience, writing a book or spend time sifting through content to find things which speak to me and share with the group at large. I am incredibly interested in where this experience is taking me.
quality is mostly always rewarded! great job @lpfaust!
I appreciate the recognition and support @cristi. I have been fan and a follower of yours for a little bit. It does mean alot to me when I have a chance to interact with my audience and as I was saying to @streetstyle, I have been hoping to turn this into something more full time than part time. It's both such an amazing high and deeply humbling to be recognized and rewarded.
It's a serious challenge to take something dense, confusing and boring like tax law and turn it into something simplified, useful and understandable to the non-tax practitioner. I'm enjoying dissecting and figuring out how to present it and I'm hoping it's helping writers and creators here.