I’ve written before on why establishing your business as an LLC is essential entrepreneur knowledge — and it’s often as easy as looking up your state’s free online registration portal. But assuming the tax plan makes its way into law, any self-employed individual will find an LLC to be even more handy than ever. Here’s why.
Get an LLC
Tom Wheelwright, a CPA and CEO of the Tempe, Arizona-based CPA firm ProVision, gave a statement to TechCo offering his reaction to the tax bill and its impact on freelancers. The tax bill “targets” self-employed people without an EIN, political activist and cofounder of civic tech start-up DailyClout Naomi Wolf stated on Twitter, adding that the bill cuts “almost all” their deductions, from child and dependent care, education expenses, job expenses, and home office deductions. Another self-employed commenter recalculated a few past years and found that they would pay $5,000 more for each of them. The advice in one of the comments: Set up an LLC.
— AC Collins (@accollinsbooks) November 26, 2017 You can learn more about what’s changing over here or here, but the experts seem to agree: An LLC is the best path forward for small-time freelancers and tiny businesses. Read more tips and tricks for small businesses on TechCo
