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March 2020 Archives

What to know about the LLC structure

Most Pennsylvania-based businesses can be organized as limited liability companies. Such a company could have as little as one member. In this scenario, the company would automatically be taxed as a disregarded entity. This would mean that the profits and losses that the business incurs would go directly to the owner's personal tax return. If the LLC has two members, it will be taxed as a partnership by default.

Taking advantage of the favorable estate tax climate

For people in Philadelphia with significant wealth, the rising estate tax exemption that entered into law with the 2017 tax reform may come as a welcome relief. Many people want to plan their estate to pass as much of their property as possible to their beneficiaries and future generations without losing significant amounts to estate taxation. As of 2020, the individual exemption from estate taxes has reached $11.58 million with increases indexed to inflation, and married couples have double that amount. The exemption was more than doubled from approximately $5 million per person with the implementation of the Tax Cuts and Jobs Act in 2018.

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