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My husband and I are professional classical musicians---we

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perform and teach for a...
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
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3/30/2011
Tax Professional: Richard, Tax Attorney replied 6 years ago
Richard
Richard, Tax Attorney
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Good afternoon. Yes, you could write the entire $400 off...and you don't need to form an LLC for this...you can simply report your income and expenses on Schedule C and then it will roll over into your 1040.

 

 

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Richard
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Customer reply replied 6 years ago
Thank you!

What tax benefits are there to forming an LLC?
Tax Professional: Richard, Tax Attorney replied 6 years ago

There really aren't any tax benefits to having an LLC...the operations just flow through to the owners...so 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 liability...so I doubt the expense of forming an LLC would be worth it to you.

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