2023 Business Entity Formation: Final Call for 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 the following:

• 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)
• 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 work-related expenses, including home office deductions 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 2023.

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 2023 taxes!

Please contact Jennifer@taxplus.com or call 310.398.3231 to request a phone or video conference with one of our Enrolled Agents. Contact Jessica@taxplus.com  or call 858.279.1640 for our San Diego office.

We look forward to tax planning with you!   

TaxPlus Team