The general principle is that expenses that would have been incurred without the job are not deductible. If you wouldn't have otherwise gone to the city, then the plane tickets are deductible. For lodging, you do normally have housing expenses, but hotels tend to be more expensive, plus you probably still have to pay rent/mortgage at your residence, so the ...
The IRS clearly states that for businesses to claim deduction on trips, the travel’s primary purpose should be for business. You can claim mileage, travel costs, per diems under tax deductions. The standard allowable rate of mileage and per diem also varies from state to state and the IRS updates the rate annually. To know exactly how much can you save on ...
My #1 goal is to separate this from my finances and not have to pay taxes myself. Would an LLC meet those needs?
To be brief, unfortunately this question totally misunderstands what an LLC is.
It would be beyond the scope of a QA site to offer a from-scratch explanation.
The other question:
How do I figure out the best way to do this?
Setting up ...
I understand that a nonprofit will allow donations to be tax
deductible but it seems like there is a higher cost and much more
paperwork to fill out.
A non-profit and a charity aren't the same thing.
A non-profit is a business or organization that is designed to not make a profit. A charity is an organization that is allowed to accept donations and have ...
I don't know Florida laws, but you will likely need to register your LLC in Florida as a foreign company. This generally means an annual fee (maybe the same as the annual fee for a Florida LLC) and annual reporting requirements.
In most situations, small businesses should register an LLC in their home state.
I don't know what would happen if you disregard ...
Let's use $200,000 as an example
The LLC makes it very easy to account for the automatic 20% tax deduction. This would be $40,000, dropping the remaining to be taxed (AGI) down to $160,000.
The additional income lets you shelter and defer up to $57,000 (at time of writing) into a Solo 401k. Dropping the remaining to be taxed down to $103,000.
And then some ...
You must talk to a tax professional who can assess your individual situation, and can give you professional advice. The internet does not know your risk factors, personal goals, net worth, skill level, etc. The following answer makes a lot of assumptions, and will not match your personal situation.
Currently, in the U.S.
You're self employed, so you're ...