Huth Thompson LLP

Posts by James Corn

LLCs Electing S Corporation Status

Limited Liability Companies (LLCs) are a popular choice of business entity among small business owners. This is because a multi-member LLC combines the limited liability of a corporation with the tax flexibility of a partnership. There may be times, however, when LLC members choose to make an S Corporation election. Before that happens, it is…

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Qualified Business Income Deduction

One of the highlights of the new tax law is a great new deduction for business owners called the Qualified Business Income Deduction. It is a 20% deduction against the net income of a taxpayer’s qualifying business. For high income taxpayers there are certain rules that apply if they have what is known as a…

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