Now May Be the Best Time to Incorporate
Posted on Monday, January 2nd, 2012 at 3:33 pm.
If you incorporate or form an LLC in the New Year, you can make a clean break for taxes!
There are many more benefits to structuring your business – let’s cover some of them:
You can deduct losses for as long as you have them.
As a sole proprietor, you can only turn a loss for so long. Three years in a row, to be exact: you can lose the ability to deduct certain losses on your taxes if you fail to show a profit during three of the last five tax years.
A formal entity give you more tax flexibility.
You can potentially be eligible for over 300 plus different tax deductions.
A legal business entity lets you keep the business going.
A sole proprietorship or partnership terminates when an owner retires or stops working, but a corporation or an LLC keeps going.
A legal business can limit your liability.
A legal business entity can protect your personal assets against liability for business debts.
A formal business entity can make you look more “legitimate.”
Even though this is not a legal reason, many entrepreneurs find that a formal legal business entity gives credibility to a business.
Visit our support community to view the difference between the different types of entities.
To request a free consultation call us toll free at 1-888-656-1293 – Our Small Business Advisers are standing by.
Precision Corporate Services is a leading Tax and Accounting Firm providing Tax Services in all 50 states. Our firm specializes in new and existing business: Entity Formations, Tax Planning, Bookkeeping, Personal & Business Tax Preparation, Business Owner Training, Business Credit Establishment and Consulting. We also specialize in working with: Home Based Business Owners, Internet Based Businesses, Brick and Mortar Businesses, Real Estate, Stock and Forex Investors establish their Accounting and Asset Protection. If you need a Tax Professional to ensure you are keeping more of what you earn through IRS compliance, request a free 30 minute tax consultation 1-888-656-1293
Tags: corporations, llc, precision corporate ser, s corporations, start a business
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