I’m starting my own yoga business and trying to figure out how to do my taxes before launching. It’s not a traditional yoga studio or anything, it’s going to be primarily online (YouTube, email newsletter to subscribers, subscription sites that host yoga and fitness videos from various teachers) with in-person workshops/retreats (hosted around the world.) I’m currently based out of Colorado (just in case that makes a difference for taxes.)
I want it setup so that money from my business comes to me personally since business expenses will be coming from me personally, and I set aside money for taxes which I then pay later when filing taxes. It will be just me, and I won’t need a salary since I’ll earn whatever is left after setting aside taxes and covering business expenses.
I think that means I need a sole proprietorship? Does having yoga insurance make it unnecessary to file as LLC?