Michelle

14 years of tax strategy and planning experience, including in-house corporate tax leadership. Meliora works with businesses $2M–$20M that need high-value, high-touch tax guidance.

QBI deduction: what business owners should know The qualified business income (QBI) deduction allows eligible owners of sole proprietorships, single-member LLCs, partnerships, and S corporations to deduct a percentage of qualified business income. Under prior law, the deduction was generally up to 20% and was scheduled to expire after 2025. A note for SSTB businesses If you are in a specified service trade or business (SSTB), your structure decision gets more nuanced. SSTBs generally include...

The flip side: cons of an S election A common story I encounter is when a new client comes to me and said that they have already made the S election for their business. At this point I usually cringe a little because they took very general advice from the internet and not usually a qualified CPA who knows their specific facts. The S election is great, but it works better for some fact patterns than others. Let’s dive in to the downsides of making the S election. You will notice a theme is...