Setting up an LLC for tax purposes?

[Lavern19]

Hi all,

I started hosting back in January to earn extra income and with the money really adding up, I’m wondering if I should set up an LLC and switch my listing over to that for my taxes. I think my Airbnb income + my 9-5 career income will take me into a higher tax bracket and I may end up needing to pay a lot more than I want. Has anyone else done that? What are your thoughts?

[Emiel1]

@Lavern19 

I suggest to type "LLC" in the search box at top of page, as the topic has been discussed before and maybe you find already some usefull information in previous postings.

Kind regards,

Emiel

[Lisa723]

This depends completely on your personal tax situation; consult your CPA/attorney. You're going to end up paying the taxes one way or another as the business profit will still accrue to you.

I think a primary motivation for an LLC is to separate personal from business liability.

https://www.legalzoom.com/articles/why-you-should-form-an-llc