Irish Pancakes Inspired by TheKitchyKitchen.com Start your March mornings off with a seasonal flair by making these traditional Irish pancakes! Thick yet crispy, these pancakes are a sweet way to fuel your day. • 2 cups all-purpose flour • 1/2 tsp baking soda • 1/2 tsp kosher salt • 1 tbsp white sugar INGREDIENTS
LEGAL SHIELD, FINANCIAL FREEDOM Understanding the Strengths of LLCs Many small businesses with sole proprietorship form a limited liability company (LLC). LLCs are structured as a hybrid between corporations and partnerships to protect the proprietor while reducing taxes. They have several benefits and are an excellent option for those interested in starting their own business. Personal Asset Protection Like corporations, LLC owners — called “members” — aren’t usually liable for the business’s debts. They can run their company knowing they’re protected from its creditors, reducing the risk of starting and running a small business. LLCs are much more secure than partnerships, another company classification that holds members personally liable for the company and subject to its creditors. An LLC can lose its liability protection in some circumstances. The government can revoke liability protection if a member uses business assets for personal use and vice versa. LLCs must publicly announce their LLC status and possess adequate documentation. While LLCs can be owned by one person, they’re not sole proprietorships, so they shouldn’t be treated as such. Pass-Through Taxes The IRS treats LLCs as partnerships for tax purposes. They aren’t subject to entity-level taxes; instead, they use individual returns through “pass- through taxation.” They are only taxed once, which streamlines the process and potentially reduces taxes. Some people choose to be classified as a corporation rather than an individual, creating an S corp. Those come with their own advantages and disadvantages. Many LLC tax deductions depend on qualified business income (QBI), which reduces up to 20% of QBI classified income. QBIs have limitations for larger companies. Claim Cost and Loss Another pro of LLCs is that you can claim business expenses and losses on your personal tax return, so long as you’re actively managing the company. Doing so shelters you and — if you’re married — your spouse from other sources of income. Forming an LLC is an exceptional option for many small businesses. They can save substantial money on taxes while protecting members from debts. So long as members operate with good faith and best practices, an LLC is the perfect classification. Are you interested in starting an LLC? A CPA can help advise you through the process.
• 1 large egg, beaten • 1 cup buttermilk • 2 tbsp unsalted butter, divided
DIRECTIONS
1. In a bowl, sift the dry ingredients together. Set aside. 2. In a skillet, brown 1 tbsp of butter. 3. In a separate bowl, mix the beaten egg, buttermilk, and browned butter. 4. In a constant stream, add the wet mixture to the dry ingredients while stirring. Do not overbeat! 5. Heat a skillet over medium-low heat. Add 1 tbsp of butter, stir until the skillet is coated, and then add a few large dollops of batter (about 3 inches wide) to the pan. Do not overcrowd. 6. Cook 4–5 minutes a side, until golden brown and cooked through. Serve with butter, jam, and syrup.
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