This question is mainly for those who reside and work in the US and especially those who do freelance coding as a side job.
I've been thinking about licensing my name for the freelance work I do. The only thing I'm worried about is how this will affect my taxes and such. Is it better to license my name (LLC, Inc, etc.) and thus file a separate tax form for my business or should I just file it under my standard 1040 as extra cash I make on the side and not license my name? I don't have the money to hire a CPA to work this out, so for now, it'll be trial and error. Anyone have experience with this and know what benefits and problems there are with both methods? I believe licensing your name is only $50 or so.
If I do license my name, must I make sure my clients send in the form (1080a I think) that confirms the services and money I've charged? This would require them to be claiming the work they've subcontracted out, which of course many don't. So I don't really see this happening and if so, does that change anything for me?
Also, if you're dealing with clients from other countries, does this change the way in which you claim your taxes on the money you've made?
I'm aware that most do not claim the money they've made from freelancing but being that it's illegal if making more than a certain amount per year (I think it's $600) and this being a respectable forum, I will avoid those kind of talks