Can I get tax education credits for SDC?

[Merlin]

Here is the link to setup a TD business account.  The account will grant checks and a debit card, and you can invest in dividend paying stocks, or publicly traded oil trusts, futures, options, or boring but effective index funds!  For now you can choose the sole proprietor account option and poof you're in business.  Most states do not require sole proprietors to register.  You'll use your own social instead of a tax id.  If you're going to spend a few thousand on accounting, finance, business courses, they should pair nicely with your new venture.

https://www.tdameritrade.com/account-typ...ialty.page

This might lead to you converting to an investment club account or one under an LLC if you choose to open one, but most importantly, learning how to invest leads to lifelong benefits through the miracles of compound interest beyond the rate of inflation.

I would suggest the LLC option as you would get a separate tax ID on your annual tax forms.

This isn't a tax forum, so we should avoid giving tax advice. But, that said, I should point out that if you create a business entity in some states (such as California) you will have to pay an annual state tax that could have a minimum regardless of whether you generate income or not. The minimum tax is $800/yr for California, for example. I don't believe this tax is levied on sole proprietorships since they don't operate as an independent legal entity, they are just an extension of you. But it does affect other passthrough entities like LLC's and C-Corps.

I also recommend that anyone who is considering pursuing activities like this just to gain additional tax deductions to seek guidance from a tax professional before doing so. You don't want to get on the bad side of the IRS or your state tax board because you didn't know about something.