Why YOU Should Become an LLC

You need to become an LLC today!

No literally, you should be an LLC. There is a reason why wealthy people register themselves and children as LLC’s, and Madison’s Accounting Tax Service is here to tell you why.

We have all heard repeatedly about the importance of starting a business and using said business for tax benefits. However, whether you have a business or not, you can register yourself as an LLC and reap those same benefits. 

Registering yourself as an LLC can increase your tax refund. As an LLC, any expenses acquired from your regular employment can count against you W-2.

So, what does this mean? Work expenses not paid by your employer can be claimed as business expenses and possibly lower your tax liability which could result in fewer taxes paid and more money back in your annual return. Similarly, loss of profits can have the same effect. 

In a world of transactional relationships, and the current economic uncertainty, it is a good time to position yourself to keep as much of your income as possible. For the one-time fee of registering yourself as an LLC, you could decrease your taxes annually, leaving more money in your pocket. 

Many tax preparation services claim to get you the max return, however, they do not share information regarding the many solutions that help outside of tax time. Here at MATS, we care. 

If you want to know more about how to register yourself as an LLC, tax solutions to get the maximum refund, or help with your 2020 tax return, contact MATS and let us help. 

Follow Madison Accounting and Tax Service for tips on taxes, personal finance, and more.

- Written by Lauren Thomas