Looking for some advice from Mustachians with small biz, legal, or tax experience. I'm pretty clueless about business taxes, and trying to do my due diligence before I take action:
Should I make my side gig into an LLC? And if I do, what will it mean for my taxes?
I have a side gig that's pretty profitable - I earn between $10k and $20k per year spreading lime (think fertilizer) on farmers' fields using my own spreader truck. I'm not incorporated now, just been doing it as a side hustle. Since it's seasonal work - mostly in the summer - it fits in nicely with my job as a teacher.
However, I want to be covered so that if I, say, run over somebody with my truck, they can't sue the pants off me. Also, I know there are tax benefits, but not sure if they're enough to justify an LLC.
Is an LLC the best route to go? And if so, what'll I need to do when I file taxes?
I've done some reading on websites like legalzoom and incorporate.com, but I'd rather get the educated advice of a fellow Mustachian :)
Thanks!