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Tax Question: I Own A LLC And Often Pay For Some Business Exp. Can I Deduct These On My Personal 1040 Return?
Question by Scott W | Posted in United States
I pay for expenses such as protection and sometimes the rent out of my personal account to keep the business afloat. Can these expenses be deducted on my individual taxes as opposed to the LLC tax return
Answer: As the other contributors eminent you deduct all expense on your "C" if you are single member LLC.
If multimember it's more complex. You will get a K-1 after the end of the tax year. On it will be your appropriation of income and/or loss.
If your operating agreement
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Can I Show That I Closed LLC In Last Year In Books And Then Do Not Need To Pay LLC Tax?
Question by MktgSavvy | Posted in United States
I closed my LLC this year in Feb. But from December of last year I did not do any work. Do I still need to pay this year’s LLC fee ($800) to the state? Can I show that I closed LLC in last year in books and then do not require to pay LLC tax?
Answer: there is no such aspect as an llc tax - yes you can show you closed your llc in the books but if you did business for 11 months - you still have to pay taxes - but there is no such thing as an LLC tax.
I'm debating on a corportation or llc. My calling will profit less than 50,000per year and I would like to now what taxes are involved. Can anyone give me advice and tax rates. Thanks!
Answer: Neither. Cleave with a Sole Proprietorship. You'll pay less in total taxes, legal fees, and tax prep costs.
LLCs and body of men are oversold to neophyte small business owners and offer little if any sake for them. The liability protection provided by either an LLC or corp is easily
Can I Get My $800 LLC Tax Refund If I Never Really Used My LLC?
Question by Skytide | Posted in United States
I have an LLC in California, but I didn't do any concern that requires me to have this. I'm going to cancel my LLC and just be a Sole Proprietorship. However, I paid the $800 california LLC tax already, and was wondering if I can get that refunded. I've been an LLC for less than a year.
Answer: if it's a reduced tax than no you can't get it back. Some states have a minimum tax for a business, even if the business is in existence for only a day. Massachusetts has a minimum $456 tax (I have no intimation where they got $456 from), for both C & S corps. And also a $500 annual filing fee with
Tax accounting documentary detailing tax administration opportunities with LLCs: • Eliminating: Withholding, FICA, Self Pursuit Tax and Workers ...
Should You Use an LLC for Your Real Estate Investing? Probably–and ...
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LLC Taxes
LLC Taxes Benefits, Procedures and Advice ... A 1040 tax return is required to be filed with a Schedule C if there is one owner in LLC. All the garner of the ...
Key Tax LLC
We are an Arizona LLC specializing in tax preparation for individuals and businesses. ... to convey a combined approach their objectives as they relate to "all things tax" ...
