Do You Need a Corporation? Let's Talk
A lot of my clients who own businesses have not formalized the kind of business they are. I always tell them, "do you want to deduct this lunch you're paying for?" When they say yes, I tell them to think about a corporation.
Corporations protect your personal assets from lawsuits. So you can keep your house. So you can't lose your personal vehicle if someone slips at your store and sues you.
You can also begin to deduct a lot of expenses you didn't know about. Do you drive a lot for work? Deduct your mileage. That's right, for every mile you drive, the IRS lets you deduct 54 cents. Not bad for all that running around you do (especially if you go to court houses all over the state . . .)
Call me today if you want to talk, otherwise, lunch is on you, and you won't be able to deduct it!
This blog is attorney advertising material and does not create an attorney-client relationship.