Being a person is hard work, occasionally. As a person I have responsibilities, all of which come with consequences if I follow through with them or don’t. One of these fun little responsibilities is called taxes. Yech. I’m just getting into this odd world of money owed and labyrinthine paperwork and I can say honestly it’s not exactly the fun little thing I was expecting. Odd, that.
To make things a little easier, I’ve been doing what any nerd worth his (or her) salt should be doing when the going gets tough- research. This is a bit of a problem for two reasons. One, I know very little about taxes, the laws behind taxes, or any other conceivable aspect of taxes that I might use as a starting point. Two, my primary means of gathering information is my computer, so the dry subject of tax law will occasionally and spontaneously transform into videos with cats in them. That said, I have learned at least a few things about how I might save a little money, or rather, I think I’ve learned a few things. The following may be completely off base, without merit, or in any way useful to anyone serious about protecting their money.
That said, as an independent IT consultant I am, essentially, my own business. Whatever I get a portion of it is owed to the federal government and another portion to the state I’m living in. So right now I’m considering setting up a LLC (limited liability corporation) in Nevada with my business’s name. By doing that, the money made from my work goes through my business which is in a state known for not having a corporate income tax or personal income tax. I wouldn’t even need a physical presence in that state, either. While all of my business transactions would be handled where I live, I’d still qualify as a foreign corporation based in Nevada still subject to Nevada’s laws.
I’m still looking into it, but I think this is a good start for me and where I want to take myself professionally. Games cost money, you know.