Business Noob

[MildSeven]

So, what do I do?

I'm just a college student, with a small set of domain names I'm willing to flip. And until that happens, I am earning income from parking.

What do I do?

Do I set up a sole proprietorship llc? How do I even go about doing that? And what about taxes? How do I "write myself my weekly check" and take out taxes on that?

I've found pages on the internet that leads me to apply for a tax ID. But I'm not even sure if that's necessary.

Do I totally my weekly adsense funds, and take taxes out? or take taxes of the adsense checks?

W-2 What? lol

How do deductions work?

I'll admit, I've tried to do a lot of research on my own. Which is even more embarrassing, because I'm still having to write this post because I haven't got the answers. I want to be legit. Too legit to quit. LOL

I live in Indiana, USA. All help would be super appreciated.

I just know I don't want to go to jail. lol

 

[mosilager]

well there are plenty of folks here that are flipping domains without actually declaring their income from it, so why would you want to be any different?.

but anyhow, it all depends on the direction you are heading. if you want to run a legit business, you can incorporate as a sole owner (which as I am sure you have done your research) puts your personal property at risk in the event you get bankrupt, or your best bet is to create a LLC, which means your personal property cannot be affected.

 

[DNQuest.com]

An LLC or Subchapter-S would be good options. I prefer Sub S.