Q. Concerning the , you specifically stated that sole proprietors, partnerships and S corporations enjoy this deduction. Is the same deduction allowed for an LLC? D.G., Pensacola, Fla.
A. Yes. Actually, what we said was that the IRS limits the deduction to taxable income from the active conduct of all trades or businesses. This would include limited liability companies (LLCs), as well as the business entities you’ve already mentioned.
Tip: Generally, the IRS taxes an LLC like a partnership, so income is passed through to you and reported on your personal return.
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