Author Topic: Managing the blog as a business  (Read 79 times)

smartmoneyandtravel

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Managing the blog as a business
« on: January 27, 2018, 09:04:48 AM »
Jeremy,

Some questions on managing a blog

1. How did you go about getting the blog structured as a business? How did you progress, anything you would change to be more efficient if you could redo the process? 

2. How do you manage the income to be tax efficient? (401k? taxes? paying yourself?)

Thanks!

gocurrycracker

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Re: Managing the blog as a business
« Reply #1 on: January 28, 2018, 10:19:26 PM »
It isn't necessary to do anything. Simply by seeking profit through a blog you have a business.

Unless you formally create a business structure (typically an LLC or S-corp) you are self-employed / sole proprietorship.

A business of any structure is inherently tax efficient, as you are only taxed on profit which is equal to income minus expenses. They can all have a 401k.

It is generally not necessary or advantageous to create an LLC unless you need liability protection (e.g. you operate heavy equipment in public areas) or to create an S-corp unless you have high income (much greater than ~$50k/year.) I'm not a corporate attorney, so consult with your own CPA/lawyer.

GCC has always been a sole proprietorship. I may change that in the future to become an overseas corp.