2021, income tax, tax consultant and tax planning

Single Member LLC: What You Need to Know This Tax Season (2021)

LyfeAccounting

FEBRUARY 19, 2021

So in this post, we’re going to break down some of those advantages and disadvantages of a single member LLC in 2021. We will also be discussing a typical operating agreement, how taxes work, and compare it against sole proprietorship. How a Single Member LLC is Taxed. Self-employment Taxes. Pass-through Taxation.

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Tax Credits vs Tax Deductions: Which One Is Better in 2021?

LyfeAccounting

MAY 3, 2021

The tax deduction focuses on lowering your taxable income NOT your tax liability. Your taxable income is going to be based on how much money you made and the tax bracket you fall into. Well because you only owe $500, your tax credit is basically reduced to $500 and you don’t get a refund. Child Tax Credit.

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Single Member LLC: What You Need to Know This Tax Season (2021)

Tax Credits vs Tax Deductions: Which One Is Better in 2021?

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