Last Chance For 2020 Entity Formation: Set Up an LLC or Corp. for 2020 by November 30th
November 17th, 2020
If you are starting a business, an LLC taxed as S-Corp. offers many advantages, including personal liability protection, reduced self-employment taxes, and possibly even reduced audit risk. A C-Corp. with the new lower corporate tax rates can also make sense in some cases. We can help you make the business entity decision and we can set up the entity quickly and correctly. Call us now!
Benefits Of Setting Up An LLC or Corp.
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, the pandemic has forced many employees to work from a home office. The best workaround to write off business expenses, including a home office deduction, is to set up a side business. We can help you choose and set up the proper business entity for 2020. The window of opportunity to set up the entity is closing, so call us now! Set up an LLC or Corporation by 11/30/20 to allow for any delays in acceptance.
Please contact Brenda@taxplus.com or call 310.398.3231 to request a phone or video conference with one of our Enrolled Agents. For our San Diego clients, please contact Rita@taxplus.com or call 858.279.1640.
We look forward to working remotely with you!