Original Program: 2018 Basics of Business Law, October 4, 2018
This session provides a basic overview of certain federal income tax considerations relating to different forms of operating a business.
It discusses the different forms in which a business may be operated for federal income tax purposes - which do not always align with corporate or business law characterizations.
It also addresses the basic framework of taxation of each of these forms of business and/or their owners, including recent changes in law relating to that taxation (specifically US federal income).
It also summarizes in additional detail one particular aspect of the “Tax Cuts and Jobs Act” – the 20% deduction for Qualified Business Income available to individuals.
The materials also provide an illustration of the operation of these tax rules to different forms of business and discusses tax-related considerations for choice of entity.
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