![]() If you live in a community property state and own an LLC with a spouse, it may also be considered a disregarded entity. If you’re the only member of your LLC, it could be classified as a “disregarded entity.” You won’t need to file a separate tax return for the LLC - instead, you’ll report your business income and expenses on a Schedule C that’s attached to your personal tax return.When it comes to filing and paying taxes, the rules that apply to your LLC can depend on how many owners (called members) are part of the LLC, how the IRS classifies your business, and how you chose to classify your LLC. An LLC is a business entity that’s formed at the state, not federal, level. “I find the main thing that’s hard to get across to people is that an LLC isn’t a tax designation,” says Russell Garofalo, founder of Brass Taxes. You might expect your tax situation to drastically change after you form a limited liability company (LLC).
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