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Absolutely.
I've run my own business before. Besides taxes there's a lot of other things required of you, if you're running it on the up and up.
Fire inspections, adherence to building codes (if you're having clients to your business) Social Security, Business Licenses, etc.
I personally am sick of seeing local ads for someone wanting to sell studio time that you KNOW aren't paying the legitimate legal expenses. Meanwhile, there are legitimate, tax paying businesses that are being run OUT of business.
There are a hell of a lot more expenses than just buying gear.
-Riv
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