with no liability protection. If the owner contributes to the retirement plan, it is not a business deduction and likewise, will be include in self-employment tax. The owner can’t deduct their own fringe benefits as a business expense, only their employee’s. If the owner’s business was not willed to another, the business will no longer exist upon death.
Partnerships:
Partnerships, unlike sole proprietorships, are entities separate from their owners but there is still one level of tax imposed. If…
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