Posted: 3/7/2013 5:32:25 AM EDT
| Hi everyone. Over the past 18 months I've moved from being asked by some friends to teach them to shoot and then their friends and now strangers at the range. At this point I'm pretty much teaching mostly strangers and I need to get things a bit more structured. I'm already an NRA Certified Instructor, CRSO, etc. Should I form a single-member LLC? I understand about the liability benefits. What are the tax deductions I could claim every year? Will I need an EIN for anything (will always be a single-member entity)? What am I not considering? Any thoughts on insurance for instructors (non-CHL)? Many thanks. |
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Quoted:
Hi everyone. Over the past 18 months I've moved from being asked by some friends to teach them to shoot and then their friends and now strangers at the range. At this point I'm pretty much teaching mostly strangers and I need to get things a bit more structured. I'm already an NRA Certified Instructor, CRSO, etc. Should I form a single-member LLC? I understand about the liability benefits. What are the tax deductions I could claim every year? Will I need an EIN for anything (will always be a single-member entity)? What am I not considering? Any thoughts on insurance for instructors (non-CHL)? Many thanks. Go with the LLC and the instructor insurance. They are both inexpensive and can give you some real benefits and protections. Probably a question to ask your lawyer and cpa though... As for deductions, there are a lot you can take. Do you have a home office where you do your work? If so you can deduct a portion of your mortgage/rent/utilities, etc. Did you take any training classes to further your education this year? Training/practice ammunition, targets, classroom materials, facilities rentals, training aids, certain firearm purchases, etc, etc, etc. To the EIN question: It's easy to get an EIN and you will likely need one to open a bank account in the name of the LLC. |
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In Pa I have to file Pa. corporate tax even if there is none owed. Not Federal unless tax is owed.
I don't know of any real Tax benefits I receive because of being an LLC. Anything you can use with it I am pretty sure you are probably already using. I am a sole proprietorship LLC just as you would be. You will need an EIN. I talk to my accountant if I were you. |