I've been trying to figure out what entity to set my online tutoring business up as and how to set up my tax structure, and am considering becoming an LLC and filing as an S Corp. I'll make $50,000-$60,000 this year and probably up to $70,000 next year. I keep forgetting I also rent out a tiny house on our property as a short term rental to travel nurses, and need to also figure out what to do about that business wise and tax wise. So far this year we only had a tenant for 3 months, and I expect we'll only have them about 6 months of the year. So that would be about $7800 a year if it was only 6 mo, up to 15,000 if it was 12 mo.
So do I need to create a separate business for that, or just do sole proprietor and Schedule C for that income, or somehow add it into my tutoring business? If I did S Corp for the tutoring, that money would also be taxed less, but can you add businesses like that? Is my renting a business?
