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Key 2024 inflation-adjusted tax parameters for small businesses and their owners
November 21, 2023
Categories: C Corp, Deductions, Depreciation, Federal Income, LLC, LTCG, Partnership, Scorp, Tax Brackets
The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and brackets If you run your business as a sole proprietorship or pass-through business entity (LLC, partnership or S corporation), the business’s net ordinary income from operations is passed through to you and reported on your personal Form 1040. You then pay the individual federal income tax rates
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The advantages of using an LLC for your small business
August 1, 2023
Categories: #hh, Business, LLC, Tax
If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want to know your options for setting it up. Here are the basics of operating as an LLC and why it might be a good choice for your business. An LLC is a bit of a hybrid entity because it can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax