Tax changes topic for Ellsworth chamber speaker
In the midst of the tax season, Ellsworth Chamber of Commerce members heard about some tax changes Thursday.
Lonnie Feuerhelm of Feuerhelm Langer Ltd. told the difference between corporations and LLCs. The latter offer corporation-like protection, but also provide tax options, Feuerhelm said. Their purpose is to simplify arrangements for small businesses.
"You don't need to keep minutes," he cited as one example of a requirement corporations face.
Section 179 of the code addresses tax breaks, he said. Business owners can now write off the entire amount of some purchases for the first year. A special tax write-off has become available for remodeling restaurants. Additionally, retail improvements might qualify for a write-off, unlike previously.
Read more in the print version of the Herald Feb. 2.