C corp status:If the LLC elects to be treated as a C corp, it files its own corporate tax return usingForm 1120and pays taxes at the corporate rate. This setup can help owners lower their overall tax liability but also leads to double taxation of dividends. S corp status:Electing S co...
Wondering if you need to file taxes even if your LLC didn’t earn any income? Learn whether you need to file and how to file taxes for an LLC with no income.
Feel like you’re paying too much or not enough in federal taxes? Here’s how to calculate and adjust your tax withholding.
A member of an LLC that is considered a disregarded entity for tax purposes You may be required to calculate your self-employment and income taxes in quarterly estimates that are submitted to the Internal Revenue Service. If you don't, you may be responsible for paying additional penalties or...
For More Information, See My Related Book: Independent Contractor, Sole Proprietor, and LLC Taxes Explained in 100 Pages or Less See it on Amazon. Topics Covered in the Book: Estimated tax payments: When and how to pay them, as well as an easy way to calculate each payment, ...
You didn’t start a business to calculate taxes. Luckily, experienced financial professionals such as chartered public accountants (CPAs) can take the job off your plate. Ask your current bookkeeper for recommendations, or check if your accounting software lists trusted tax specialists. When choosi...
Your small business taxes are based on the type and structure of your business. If you recently started a small business, you might be wondering which forms you need to file and what your tax obligations are as a business owner. Check out this small busi
Minimizing taxes may be the difference between a profitable business and one that is just scraping by. You all are probably thinking, “I don’t have extra time do deal with taxes.” I heard your concerns, and that’s why I’ve come up with seven tips th
Step 1: Name your Wyoming LLC To start a Wyoming LLC, begin by naming your business. Coming up with a distinct name helps your LLC stand out from other companies. This is also an opportunity for you to hone your branding tone and reflect on your mission and vision. ...
Moreover, stay organized to stay compliant with the state and federal agency by filing the correct forms. And always pay your LLC taxes at the correct time. If you could not pay some of your taxes in time, request an extension avoid any penalties. For more of LLCs, to forget to go ...