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Taxes and deductions
I am a resident of the state of Washington but do consulting work in New York can I claim my apartment in seattle as a business expense can I claim meals and travel to New York I currently pay 30% fed tax and I pay 10% New York tax is this correct I am single no dependents
Would it be more wiser to form an LLC or pay taxes as an individual |
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Yorkie:
You cannot claim the apartment in Seattle, as that is your primary home. You MAY be able to claim the apartment in New York, as well as the travel and meals in New York. Setting up an LLC is more a business decision to protect yourself from litigation than a tax decision, and the tax aspect may soon become moot as a new law is being considered to take away the tax benefits of the S corporation tax structure for small, personal service corporations. |
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