TAX HELP: SHOULD I RUN 1099 INCOME THROUGH MY SEARCH LLC?
I am currently building out a search effort while doing part-time M&A consulting. The consuling work occupies[redacted]hours per week and will be a substantial number on my 2021 tax return. My goal is for the consulting work to power a self-funded search.
Currently, I earn 1099 income personally. But I am considering setting up an LLC to capture the consulting income, so that I can deduct the expenses associated with running the self-funded search.
I'm wondering what the tax impact of taking the 1099 income on my personal statement versus running it through an LLC would be. I am also wondering about the implications if I later decided to convert to a traditional (funded) search.