Incorporating at the end of 2009 or beginning of 2010? It May Be Too Late!
This is the time of the year when we see financial stress multiplied, and it can be avoided.
If you are looking to form an LLC (most popular) or corporation in the month of December or by the start of the year (a big mistake to start at that time), keep the following points in mind:
• If you wait until 2010, by the time the entity is filed and everything is in place, more than likely you will be operating as a schedule C for two to three weeks of the beginning of the year.
You are risking an audit! There is a $300 Billion tax gap and the #1 culprit is sole proprietors that file a schedule C!
• Even if online companies tell you that your articles will be filed within 24 hours, you will NOT be ready to start business at that time! Bottom line; if they telling you the full story! Starting your business is NOT the same as having articles filed!
• Secretary of States around the U.S. are becoming more and more overloaded with filings (mostly due to budget cuts)! This means, even if filing expedited, it can take much longer for your entity to get in place and for you to set up a bank account for any end of the year transactions.
Here is some GOOD NEWS!!
There are solutions to all these problems but only if we hear from you ASAP!
Plus there are Immediate Tax Savings! Sec. 195 of the IRC states that capitalization of start-up expenses (up to $5,000) may now be immediately written off against personal income (S corp and LLC taxed as a flow through).
The old rule (a few years ago) said these costs had to be capitalized and written off over at least 60 months. The entity MUST be formed in 2009 to take advantage of this write-off in 2009!
NCP forms corporation and LLCs in all 50 states, helps you build business credit and Keep the IRS off your back! Most importantly we have the tools and systems to help your business get off to a fast start to profits!
Call our company, Nevada Corporate Planners today at 1-888-627-7007 to set an appointment for our senior business analysts to answer your questions and help you get started (avoid the end of the year rush and stress)!