Kiritsis & Associates
The tax pitfalls of Sole Proprietorships become more visible, when looking at ways that they can be mitigated by choosing to carry the business operations, as an LLC.
1. Better able to claim business expenses. Often time, the line between personal expenses which cannot be deducted vs a business expense that can be deducted for tax purposes, can be pretty gray. Forming an LLC could help bolster a taxpayer's assertion, that the expense in question, is indeed a business expenses.
2. Better able to avoid hobby losses. The IRS may argue under certain substance over form type of guidelines, that a business loss should be disregarded as an offset type of deduction, because your activities resulting in that loss were a habit.
3. Better able to claim 20% income deduction. Recently, Congress passed a tax law, as part of the sweeping Tax Cut and Jobs Act (TCJA) in 2017, allowed for certain businesses meeting certain criteria, to deduct up to 20% of that business' income. Forming an LLC, could go a long way for business owners, to properly claim their 20% income deduction.
Law Offices of Kiritsis & Associates
Phone # 212 922 0005
Manhattan Office (Main Office):
633 Third Avenue
New York, NY 10017
Brooklyn Office (By Appointment Only):
1023 74th Street
Brooklyn, NY 11228
New Jersey Office:
7309 Ventnor Avenue
Ventnor, NJ 08406
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We hope you would find this website useful with regards to finding potentially relevant information for your legal issue. The Law Offices of Kiritsis & Associates PLLC is a boutique law Firm Group headquartered in Midtown Manhattan, with offices in Manhattan, Brooklyn (NY) and New Jersey. We strive to provide professional legal services for individuals and various business entities. Our clientele ranges from including aspiring entrepreneurs, startups to established business organizations.
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