LLC, and S-Corp Advantages
Owning your own business can create significant tax savings opportunities. In speaking with colleagues however, I believe that the majority of non-business owners are simply unaware of the significant tax savings you can achieve though owning a small business. Otherwise, more full time employee's would start their side businesses and leverage the tax benefits received by the company that pays them every two weeks.
Some of the key financial benefits of this side business is the opportunity to reduce tax and legal liability through the ownership and maintenance of the business as a LLC with a S-Corp provision. Also, the careful management of expenses and depreciation creates further tax incentives. This is a much larger topic to cover in a summary article, so I will address this in more details in future writings.
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