BUSINESS START UP
S corp I started was to limit my liability. You could be legit as far as income or the business itself.
If you worked 20 years already on the books your paid into SS, I have no idea what you would get when you turn 65.....SS is important if God forbid you become disabled or you pass away and have younger children.... If your worried about taking so much cash and the getting jammed up for taxes, id discuss this with a good (tax) attorney who caters to small business. Forget about what you read here, consult people who are professionals
The other thing that going legit as far as opening a restoration shop which involves body work is the township, you can absolutely expect inspectors to visit and you will have to have your shop up to code and that isn't cheap
On the other hand, doing it on the side, all it takes is one pissed off neighbour or one irate customer who thinks you screwed him and they call the authorities. You will be shut down in a day and possibly state and feds coming around looking for their cut
Id probably start a S corp and build a small shop with separate paint and compressor rooms, have a spray booth, and whatever else codes call for
Your CPA can tell you what deductions you can take
Once you get your feet wet you can decide if you stay a one man shop or expand
