New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
My new business will be conducted in FL although my main residence is in MN. Are there any limitiations with writing off business expenses on my tax return when setting up a new S corp in FL as opposed to setting up the entity in my home state of MN.
Dear Paul,
I will give you a more general answer since I am not familiar with the details of your business. If your business if physically located in Florida, but managed from your home in Minnesota then it would be safe to say that your business is conducted in both states and as such would require registration in both states.
This way you would be able to deduct all the expenses incurred by the business in both states (which would include your home office deductions). For more specific advise I would need to know the nature of the business and the extent to which you will be involved in managing it from your Minnesota location.
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