Small business owners who officiate

[bainsey]

My wife and I opened up a LLC this year. (My division is tech consulting.) I'm trying to figure whether it's advantageous (taxes or otherwise) to count my officiating income and expenses under the LLC. Who knows what the advantages and limitations are?

[BatteryPowered]

My advice is to consult your tax advisor. I am assuming you established a relationship with one when you started your LLC. If you did not, then my advice is even more applicable.

[so cal lurker]

Originally Posted by BatteryPowered

My advice is to consult your tax advisor. I am assuming you established a relationship with one when you started your LLC. If you did not, then my advice is even more applicable.

What he said.

I suspect your tax/legal advisor will tell you it's not as simple as just deciding you want to count it that way, but that, for example, you may have to pay the expenses from the LLC and to convince who ever pays the game fees to contract with your LLC rather than with you, which they may or may not be willing to do.

But don't take advice on this from random people on the net, consult with someone who actually knows - and that you can hold accountable for reliable advice. (You don't want a discussion with the IRS to be based on "I read it on the internet" . . . you can find "advisors" who will tell you the IRS is unconstitutional an you don't have to pay taxes at all, but the IRS has never bought that argument for some reason . . . )

[BillyMac]

Originally Posted by so cal lurker

You don't want a discussion with the IRS to be based on "I read it on the internet"

"Don't believe everything that you read on the internet" (Abraham Lincoln, 16th U.S. President)