My student loan payment is based on my income. If my income goes up, my payment increases.
I am starting a business in addition to my regular income. I was planning on creating an LLC because of the reduced organization requirements vs a C-corp. However, if I understand correctly, the LLC's income is counted as my personal income for tax purposes. Is that correct? That is what I'm trying to avoid, since that will increase my student loan payment. Or does it only count as my personal taxes if I do some sort of distribution?
Is there a type of business entity I can look into that has lower paperwork and records requirements like the LLC but doesn't pass the income to my personal income?