this post was submitted on 16 Mar 2024
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chapotraphouse
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And then I bet they just make a new LLC to buy all the assets of the old one and reset the 10 year timer
That’s what independent contractors do. They flush all income through it then deduct all car mileage and miscellaneous expenses through it and “pay” themselves a meager wage from that income. The LLC or S-corp shows paper losses and since it is a flow-through entity they get to deduct those losses on their personal income taxes