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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55288
Experience:  29 years of experience as a tax, real estate, and business attorney.
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My husband and I are professional classical musicians---we

Customer Question

My husband and I are professional classical musicians---we perform and teach for a living. Most of what we do is self-employed. We currently do much of our work from home. We are considering renting a separate office space to teach in and meet clients. The rent would be $400 per month.

Will we be able to write the entire $400 off as a business expense since it is only used for our music business? Do we need to be come an LLC?
Submitted: 6 years ago.
Category: Tax
Expert:  Richard replied 6 years ago.

Good afternoon. Yes, you could write the entire $400 off...and you don't need to form an LLC for can simply report your income and expenses on Schedule C and then it will roll over into your 1040.



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Customer: replied 6 years ago.
Thank you!

What tax benefits are there to forming an LLC?
Expert:  Richard replied 6 years ago.

There really aren't any tax benefits to having an LLC...the operations just flow through to the there aren't any negative aspects....but the only reason you would form a LLC is to limit your liability ... which would protect your other assets from liabities of your business...but teaching music lessons is not likely to result in any potential I doubt the expense of forming an LLC would be worth it to you.