Last Chance 2022 Business Entity Formation
November 4th, 2022
November is the last chance for 2022 Business Entity Formation: LLC or Corporation
Whether you are ready to launch a new business idea or you have a skill or hobby that can translate into a side business, now is the time to set that up for the most effective tax benefits.
The proper business entity will provide a layer of personal asset protection, facilitate certain business write-offs such as home office deductions, provide you control of Social Security and Medicare (Self-Employment Tax), and reduce audit risk.
The 2018 tax bill eliminated Unreimbursed Employee Expense deductions at the federal level. As an employee, you can no longer write off any work-related expenses, including a home office deduction at the federal level. And yet, many employees are still working from a home office. The best workaround to write off business expenses, including a home office deduction, is to set up a side business, “side hustle.” We can help you choose and set up the proper business entity for 2022.
The window of opportunity to set up the entity is closing, so call us now! We have a lot of flexibility to work together in person in Los Angeles or San Diego or by phone or video conference! Call or e-mail to schedule tax planning time to minimize your 2021 taxes!
Please contact Gabriela@taxplus.com or call 310.398.3231 to request a phone or video conference with one of our Enrolled Agents. Contact Rita@taxplus.com or call 858.279.1640 for our San Diego office.
We look forward to tax planning with you!