Quote:
Originally Posted by no_worries
Lawyers do not just go after the easy money; they go after ALL the money. If there is an incident, you, your company, your dog, and your neighbor will be named in the suit. If the jury awards an amount greater than your coverage, your assets are fair game. If the O/O is found negligent, no legal structure is going to protect his personal assets. Most people woefully misunderstand the legal process in these cases..... No matter who does your tax filings, YOU are the responsible party.
|
I'm set up as an LLC simply for the options it gives me in expanding my business. IMHO anyone who has more than one truck should be set up as an LLC, as there really is no difference in tax implications since it is a pass-through entity. LLCs offer most of the benefits of a full corporation without the majority of the record keeping headaches. To protect your personal assets (the really big ones, anyway… house, investments, etc.) all you need is a properly constructed trust.
Quote:
Originally Posted by no_worries
As an aside; this particular issue has been flagged as being a high priority for auditors.
|
It should also be noted for those less informed, that the home office exemption is one big, fat red flag to the IRS and it generally doesn’t reduce your tax liability by a significant amount. IMO, NEVER take this deduction.