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Business & farm
Most US businesses are taxed as pass-through (or flow-through) entities that, unlike C-corporations, are not subject to the corporate income tax or any other entity-level tax. Instead, their owners or members include their allocated shares of profits in taxable income under the individual income tax.
Pass through entities include Partnerships, S-Corporations, and LLCs (other than single member that don't elect S-Corp status).
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‎February 14, 2021
1:14 PM