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2023 Tax Considerations
(Date posted: November 9, 2023)
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- Individual Income Tax Provisions
- Education
- Trust and Estate Income Tax
- Estate, Gift and Generation-Skipping Transfer Taxes
- Pension and IRA Provisions
- Business Provisions
- Sole Proprietorships, S Corporations & Partnerships Tax Changes
- Inflation Reduction Act of 2022
- Analysis of Key Tax Provisions in Secure 2.0
- Analysis of Key Retirement Provisions in Secure 2.0
- Illinois Makes Changes Affecting Various Taxes
- Things to Consider Before the End of 2023
- 2023 Tax Rate Schedule
- 2024 Tax Rate Schedule
Reasons an LLC might be the ideal choice for your small to medium-size business
(Date posted: September 5, 2024)
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 than shareholders or partners) generally aren’t liable for business debts except to the extent of their investment. Therefore, an owner can operate a business with the security of knowing that personal assets (such as a home or individual investment account) are protected from the entity’s creditors. This protection is far greater than that afforded by partnerships. In a partnership, the general partners are personally liable for the debts of the business. Even limited partners, if they actively participate in managing the business, can have personal liability.
Are you liable for two additional taxes on your income?
(Date posted: September 3, 2024)
Having a high income may mean you owe two extra taxes: the 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Let’s take a look at these taxes and what they could mean for you.
Navigating tax complexities: Craft partnership agreements and LLC operating agreements with precision
(Date posted: August 28, 2024)
Partnerships are often used for business and investment activities. So are multi-member LLCs that are treated as partnerships for tax purposes. A major reason is that these entities offer federal income tax advantages, the most important of which is pass-through taxation. They also must follow some special and sometimes complicated federal income tax rules.
6 tax-free income opportunities
(Date posted: August 27, 2024)
Believe it or not, there are ways to collect tax-free income and gains. Here are some of the best opportunities to put money in your pocket without current federal income tax implications:
