What is an S Corporation? An S Corporation isn’t a separate type of business. It’s a special tax status that a business can choose, so it’s taxed differently by the IRS. S Corporations vs. LLCs It’s important to understand that for tax purposes, a Limited Liability Company (LLC) isn’t automatically separate from its owner. By default, it’s taxed the same way as a sole proprietorship (for one owner) or a partnership (for multiple owners). The main difference is that S Corporat

Here’s what you need to know about the new tax law called the One Big Beautiful Bill. 📅 When does it start? Most of the new tax rules...

📄 What You Need to Know: Tip Income Deduction (2025–2028) The government is proposing a federal income tax deduction for tip income....

As the year ends, LLC business owners should focus on tax preparation by doing a year-end clean-up . This process keeps your financial...