Jan. 1: Once more for the official monthly tax moves — Happy New Year! Some people are champing at the bit to get their taxes filed, mainly because they are expecting an Internal Revenue Service refund. But remember, you need to get all your tax documentation before you can accurately co...
Limited Liability Company (LLC):An LLC combines the liability protection of a corporation with the tax benefits of a partnership. LLCs can choose their tax treatment, including being taxed as a C corporation, which involves filing Form 8832. This flexibility makes LLCs a popular choice for many...
Your status determines which tax forms you have to fill out and how many claims and deductions you can take. People stress out over receipts and hope they are doing their taxes correctly so as to not welcome an audit. April 17th is the date taxes are due for LLCs, partnerships, and...
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Write a business letter to the IRS if you have an LLC that pays taxes as a sole proprietor. Use the name change box on Form 1065, 1120 or 1120S if you are taxed as a partnership or corporation. A limited liability company, or LLC, is a business structure defined by state law which...
Sole Proprietorship: You need to fill out Schedule SE for your self-employment taxes and Schedule C for business profit/loss. Single-Member LLC: Like a sole proprietorship, you need to fill out Schedule C. Unlike a sole proprietorship, you do not need to fill out Schedule SE. ...
A Limited Liability Company (LLC) is a legal business structure that combines the flexibility and simplicity of a partnership or sole proprietorship with the liability protection of a corporation. It offers owners, known as members, limited personal liability for the company's debts and obligations,...
If you do require an EIN, you canapply for oneon the IRS’s website. Types of business taxes The taxes you’re required to pay depend largely on two elements: the type of business you own and the state you do business in. According to the IRS, these are the differentbusiness taxesyo...
Sole proprietorship/LLC/partnership businesses aren’t subject to corporate income tax; you’d fill out your personal tax return and pay the taxes on those profits at your individual income tax rate. → Learn about 14 tax tips for business owners. Local income taxes Local income taxes are ta...