I've got a little side business that'll bring in a few grand this year. If I only business expense $1k-$2k, does it even matter since the standard deduction was around 12k? From my understanding, I either take the standard deduction or itemize my deductions (are business expenses the same thing) on a 1040. So unless my deductions/business expenses are > the standard deduction, they don't matter and I'd just go with the standard deduction.
Does that change if it's an LLC?
