Everything I'm reading says this is not the case, sole props are considered pass-thru also and are eligible for this just like LLCs.
Am I misunderstanding how it works?
I'm sure CA would love it if all these new LLCs got formed, more $$$ for them!
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I think the Franchise Board is telling that to them.
You are correct, no LLC is needed.
I think the Franchise Board is telling that to them.
You are correct, no LLC is needed.
Maybe there's a new ambulance chaser, er, attorney just opened up near by?
I am posting one of the pages from this free webinar. It is now available without credit, but watch for others that will give CPE https://www.cpaacademy.org/archived_show/a0D4400000UpQSEEA3
This is a wonder real short version of how the QBI is done.
A friend just did a return for one of those wonderful house flippers that formed a CA LLC. Gross sales price 1.4 mill created an LLC "fee" of $6,800. I don't think the attorney warned them of this aspect.
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