Now is a great time to start a new business. As we have discussed in recent posts, you have several options when deciding which business entity to form your client?s new business as: LLC, Corporation, Partnership, and DBA are a few. At Attorneys Corporation Service, Inc. we can assist you in forming your client?s new business quickly and accurately, no matter which legal entity you choose.
Many of our clients, accountants and lawyers, are interested in the financial savings and costs associated with a business entity, especially how it relates to their clients. Here we go over a few of the tax ?benefits? of forming a business as an LLC.
Health Insurance:
Healthcare is a big issue these days, for employers and employees. As an LLC, the business owner will be able to deduct the cost of obtaining group hospitalization and medical insurance for all employees who are not members of the LLC. Caveat: this may or may not be affected by the implementation of Obamacare. Currently, LLCs are eligible for the deduction regardless of the type of entity tax rules it is subject to. The deductible amount also includes the portion the LLC pays to provide employees with long-term care coverage. Additionally, if the LLC is classified as a partnership, its members are considered to be self-employed. All self-employed taxpayers are eligible to deduct the cost of acquiring medical, dental and long-term care insurance for themselves, a spouse and all dependents.
Other Business Expenses
Smartphones are a must for every business owner and fortunately, a business cell phone plan might be deductible. Of course, it needs to be completely separate from a personal phone. ?Further, as an LLC, the business owner will be able to deduct up to 50% of the cost of meals relating to business entertainment or business development and the cost of meals with employees is 100% deductible.
This is not an exhaustive list of tax-deductible LLC expenses and the LLC may or may not be the ideal option for your client. But whether you choose to incorporate, file as a DBA, or form an LLC, Attorneys Corporation Service, Inc. can assist you from start to finish. From running a business name availability check to drafting and filing your client?s article and creating a customized corporate or LLC kit, look no further than Attorneys Corporation Service, Inc. for your business formation needs.
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Related Posts:
- Payroll & Income Tax Deductions Graph
Source: http://blog.attorneyscorpservice.com/llc-tax-deductions-and-expenses/
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