“In most states, there is no reason to form a Corporation anymore “
CPA/attorney and LAB member, Jeff Vandrew, on the difference between entity choice and tax status: A single member LLC has a choice of the following tax statutes: disregarded entity (like a sole proprietorship), S-corporation, or C-corporation. A multi-member LLC has a choice of the following tax statutes: partnership, S-corporation, or C-corporation. A corporation has a […]
Tax Deductions and Pro Bono Work
You can't deduct the value of your time and services for charity, but you may be able to deduct other expenses for your pro bono services.