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Is an LLC Worth It for Sole Proprietors?

The Motley Fool

LLC stands for "limited liability company," which is a business structure that combines the pass-through taxation of a sole protectorship with the limited liability of a corporation. The main benefits of creating an LLC include: Liability protection: An LLC protects your personal assets by separating your business and personal assets.

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Does Retiring Abroad Impact My Social Security?

The Motley Fool

tax liability. You'll need to consult with a tax advisor to find out to what extent the country in which you reside might tax those benefits. citizens' Social Security income from their tax liability calculation altogether. For some retirees, bank accounts aren't a convenient way to handle money.

Taxes 246
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Is Your Small Business Ready for This New Federal Reporting Requirement in 2024?

The Motley Fool

In most states, with just some simple paperwork and a small fee, you can set up a small business that has its own separate identity for banking , taxes, and liability purposes. There are many ways to set up a business structure, such as an LLC (limited liability company), corporation, or other business entity. 1, 2025.

Legal 246
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Top 5 Tips to Make Your Side Hustle More 'Serious' (and Successful)

The Motley Fool

Whether it's a graphic design consulting business, a small online craft store, a cupcake bakery, or a home-based meal prep service, a side hustle can be a great way to earn extra cash. Your side hustle should be putting piles of extra cash in your bank account , not just giving your friends free cupcakes.

Legal 244
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Can I Claim the Child Tax Credit This Year?

The Motley Fool

And it's definitely a good idea to start gathering your paperwork, whether it's 1099 forms from your brokerage account or tax forms from your employer. This meant that someone with no tax liability could still receive the full value of the credit from the IRS. And if you're not sure, consult a tax professional.

Taxes 246
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3 Times to Choose a Traditional IRA Over a Roth IRA

The Motley Fool

Bonus offer: unlock best-in-class perks with this brokerage account Read more: best online stock brokers for beginners Still, there are a few scenarios where the traditional IRA makes sense. Younger investors are often better off choosing the Roth IRA, especially if their earnings are relatively low and they don't have a large tax liability.

Taxes 245
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Paying Taxes on Social Security Benefits: 3 Pitfalls for Retirees to Avoid in 2024

The Motley Fool

Much of that income will be made up of retirement account withdrawals and capital gains from investments in retirement. In fact, many retirees can often sell long-term stock and bond holdings without any tax liability, thanks to a generous 0% tax bracket for capital gains. Pitfall No. 1: Capital gains The U.S. Pitfall No. Pitfall No.

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