The Number Evan Wasn’t Watching
Evan has been setting aside 25% of every consulting payment for taxes. Then Arthur asks the question Evan never did: why 25%?
Evan has been setting aside 25% of every consulting payment for taxes. Then Arthur asks the question Evan never did: why 25%?
The house doesn’t need anything major. It just keeps needing something.
Evan makes his consulting business official, then discovers that California’s first bill arrives before the new LLC has earned much of anything.
As Evan’s side income grows, he starts wondering whether it is time to form an LLC—and whether doing so would actually change his federal taxes.
A $4,800 payment for helping a former coworker forces Evan Park to ask a simple question: when does a favor become taxable business income?