Last year I began dipping my toes into freelancing. I haven’t as yet really made enough from it to require reporting that income to the IRS, but have laid a lot of ground work for future work this year and beyond.
Currently wondering whether I should anyway, and if I should be writing off any of my expenses for this, or just wait? I don’t want to miss out on any tax breaks, but I also don’t want to aggravate the IRS. I haven’t even set up an LLC or anything just yet because I wanted to see if it takes off a bit before going to the trouble.
My feelings won’t be hurt if the answer is, just leave it for now or even “form your LLC already, dummy” haha. I’d also love any resources anyone would like to share, as doing a Google search on this topic turns up an overwhelming amount of info, much of it lacking nuance.
Thank you in advance!
original posted by Feeling-Visit1472 to r/personalfinance on Wed, 28 Feb 2024 15:54:29 GMT.