![]() That exceeds the $157,500 so you may even need another 3rd LLC to create that does your advertising. So, let us say that you made $280,000 in income from your services as a consultant. ![]() The first, your service business cant take the deduction, but the second company may be able to do so if it owns a building and you use the services income to pay the LLC that owns the building that you use for your practice rent. To go around that obstacle, you need to create two separate, companies. However, business people with service businesses such as doctors and lawyers, may not be able to grab the deduction if their income is too high. Tax Cuts and Jobs Act is a 20 percent deduction for qualified business income from pass-through entities, including S corporations and limited liability companies. The new 2018 tax law allows for a 20% reduction in small business taxes if your taxable income is below $157,500 if single or $315,000 if married. How to save with an LLC and the new tax law. How to profit from the new tax law that allows 20% reduction in taxes for small businesses with one LLC or two LLCs
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