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Reasons an LLC might be the ideal choice for your small to medium-size business
September 25, 2024
Categories: LLC, pass-through deduction, QBI
Choosing the right business entity is a key decision for any business. The entity you pick can affect your tax bill, your personal liability and other issues. For many businesses, a limited liability company (LLC) is an attractive choice. It can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes. This duality may provide the owners with several benefits. Like the shareholders of a corporation, the owners of an LLC (called members rather
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9 tax considerations if you’re starting a business as a sole proprietor
February 8, 2024
Categories: #hh, Deductions, pass-through deduction, Schedule C, Self Employment, Small business, Sole proprietorship
When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Here are nine considerations: 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you’re currently eligible to claim the 20% pass-through deduction, subject to limitations. The deduction is taken “below the line,” meaning
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