This is not tax advice; please do your own research.
And note, I’m speaking very generally here.
Probably the best reason to set up a business entity for your podcast production business (like an LLC, etc.) is so that you can clearly deduct all your business expenses and pay less tax.
For instance, you can usually write off all equipment purchases (computers, mics, interfaces, etc.), software and plugin purchases, even “furniture” for your studio, and if you have a dedicated room/office/studio for your business you can usually write off some part of your rent or mortgage, etc. Oh, also marketing services, conferences, travel, business services, etc etc.
This is not tax advice; please do your own research.
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3 Responses
Chris, did you use an accountant to setup a company or did you do it yourself through something like Legal Zoom?
I set it up myself.