@david4002 wrote:
Not true...Many YouTubers have LLC's for their side business while working full-time jobs. They definitely pay taxes and can deduct expenses to attempt to grow their channel and online subscriptions. Your comment is idiotic saying that $0 means no deduction. Many small businesses starting out go negative the first many years before they make equity and a profit. Just a dumb response. Do not listen to this guy...
A single member LLC is the exact same position regarding federal tax laws as an unincorporated sole proprietorship. Either way, there are strict rules regarding how businesses must account for the purchase, use and disposal of assets such as motor vehicles. Failing to follow those rules can result in large tax penalties.
