What is the name of your state? New Jersey
I am a working musician. I've been playing keyboards, singing, and saxophone at various venues throughout my area over the past year and a half. So far I've made about $2000 a month doing this. Most of this income, however, is "under-the-table" cash. Seldom do any of the owners put me on their payroll.
I have decided that it might be good for me to form an LLC so that I can report this money as income to the IRS, and consequently, start paying taxes and also get myself into the credit system.
My question is: does this seem like a viable plan? Can I take the under-the-table cash the venue/band owners are paying me for my music service, deposit it in my bank, and then pay my LLC and report that as income to my LLC, or do I have to tell the venue owners to write out checks to my company?
Thank you,
Bill Vivino
I am a working musician. I've been playing keyboards, singing, and saxophone at various venues throughout my area over the past year and a half. So far I've made about $2000 a month doing this. Most of this income, however, is "under-the-table" cash. Seldom do any of the owners put me on their payroll.
I have decided that it might be good for me to form an LLC so that I can report this money as income to the IRS, and consequently, start paying taxes and also get myself into the credit system.
My question is: does this seem like a viable plan? Can I take the under-the-table cash the venue/band owners are paying me for my music service, deposit it in my bank, and then pay my LLC and report that as income to my LLC, or do I have to tell the venue owners to write out checks to my company?
Thank you,
Bill Vivino