I do the same thing for my company. I get random orchid micropropagation requests from nurseries but its sporadic so I use the company and tax ID mostly to buy reagents for research and write to journal authors in a more formal tone. The income is just a supplement and no where near enough to worry about taxes too much. I end up deducting a lot since I use the income to pay for school. I made mine through the company corporation and didn't cost too much. New York state legal fees for filing did take a nice bite out of my wallet though. Anything in NYC is overpriced...
Sebastian S. Cocioba
CEO & Founder
New York Botanics, LLC
Plant Biotech R&D
Sebastian S. Cocioba
CEO & Founder
New York Botanics, LLC
Plant Biotech R&D
From: Nathan McCorkle
Sent: 11/4/2014 7:42 PM
To: diybio
Subject: Re: [DIYbio] Ordering and delivery of primers and GelRed/Green
<masterstorm123@gmail.com> wrote:
> ".register one for cheap like Nathan said and write off your research chemicals" How can you write off chemicals if you don't make any profit yet?
Because presumably you are working /somewhere/ to generate enough
income at least to feed yourself, etc... any 'business expenses' can
be deducted from income, thus making the amount of income you are
taxed on less.
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