TCJA is to be applies to taxable year 2018 to 2025.
Itemized Deduction (Schedule A)
Itemized deductions are expenses pay by the taxpayer during the taxable year. Include the following:
TCJA is to be applies to taxable year 2018 to 2025
Itemized Deduction (Schedule A)
Itemized deductions are expenses pay by the taxpayer during the taxable year. Include the following:
* Medical and dental expenses
* Taxes paid
* Interest paid
* Gifts to charity
* Applicable disaster, casualty and theft losses
* Other miscellaneous deductions
In general if the taxpayer’s itemized deductions are greater than the standard deduction, the taxpayer should choose to itemize
Today will be talking of the medical and dental expenses
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A limited liability company (LLC) is a business entity that offers limited liability protection and pass-through taxation. LLC legally exist as a separate entity from the owners. Owners can’t typically be held responsible for the business debts and liabilities.
LLC are being a pass-through taxation, profit and losses are reported on the owners tax return. If the LLC is composes of two or more members must file an informational tax return as partnerships.
Businesses that can benefit from the LLC Structure
* Businesses with a limited number of active owners
In an LLC all of the business owners are able to enjoy limited liability and have a full access in the business management
* Business that want to split profits and losses flexibly without and extra level of income taxation
LLC Members can split profit and losses any way they want to, plus they have only one income tax taxation to deal with.
* Start-up companies that may lose money
New businesses usually lose money in their first two years. Start-ups want to ability to pass early-years losses along to owner to deduct against their other income.
* Companies that aren’t 100% insured
If your business is at risk being sued by employees, suppliers or competitors and can’t afford to fully insure itself, you’ll want to protect your personal assets against the treat pose by lawsuits.
If you have question or need additional information of the formation of a Limited Liability Company (LLC), contact us
