Opening up LLC for gambling business
I have a gambling strategy that I’d like to use as a side business for a few hours everyday. (My actual job pays 110,000 and I am in New York City. I am a 22 year old single). Would it be tax efficient to open an LLC to avoid increasing my adjusted gross income? (Does increasing my AGI by $10,000 even make a difference in taxes?) If so, is it beneficial to open one out of state (to reduce annual filing fees)?
This Question Has Not Yet Been Answered.
