I expect to have 0 in taxable income over the next 10 years as all expenses will be paid for using cash during this time. This mean my taxable income would be 0. I have a need to generate 20K per year that I can claim as taxable income and file a tax return.
I'm looking for any legal way that I can setup a sole praetorship or LLC if needed (if these are even needed), and pay myself to do something. As an example I want to be a programmer, I would pay myself 20K per year to learn this skill and would expect that the LLC or company earn 0 in profit over the next several years. At some point the company could turn a profit or has may continue never generating profit or may even dissolve.
I want to limit any tax I have to pay other than what I'm paying myself @ 20K. Again the goal being to generate 20K of taxable income to myself from my cash until the company is profitable several years away.
If anyone can offer suggestions, comments, or other ideas on this it would be appreciated.
