I'm planning on starting a business in 2010 and will spend around $10,000 on it during 2010. Will I be better off tax-wise by incorporating as an LLC? Specifically, I'm thinking that I'll be able to deduct the $10,000 from my taxable income next year vs. taking the standard deduction of $5,700 (or whatever it will be next year). I have no other deductions, so other than possibly these business expenses, I would have no reason to itemize. If I can deduct the $10,000, do I even need to bother forming an LLC or could I deduct them just the same without incorporating at all? Also, does it matter whether the business thrives or fails? Or can I deduct the $10,000 from my income regardless? And do I need to worry about classifying the 10K as startup expenses? Any guidance is appreciated.
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