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Yeah, that's fair (yeah you can also deduct health care premiums on Schedule C). I think the liability shield is really important though, and if you're not wild
by camgunz 5y ago
Yeah, that's fair (yeah you can also deduct health care premiums on Schedule C). I think the liability shield is really important though, and if you're not wild about the S corp administrative overhead you can choose to be taxed as a sole proprietor.
- nilsbunger 5y agoAn LLC doesn't help you against your own actions though: "forming an LLC will not protect you against personal liability for your own negligence, malpractice, or other personal wrongdoing that you commit related to your business" from https://www.nolo.com/legal-encyclopedia/limited-liability-protection-llcs-a-50-state-guide.html https://www.nolo.com/legal-encyclopedia/limited-liability-pr... My understanding is it won't help you if you're just consulting by yourself, because everything is your own action.
- camgunz 5y agoYeah I mean, if you commit negligence or malpractice (which are serious, not like the client didn't like your work) you're liable, so you need insurance. And you can still go to jail for actual crimes. But the creditor/bankruptcy liability is nice and basically free.