7 Meanwhile, states like New Hampshire and Tennessee do not recognize S-corp pass-through designations and so they are treated the same as C-corps. Find out about your state business taxation policies through the IRS directory. When To File Your LLC Taxes Here are some important dates ...
if your LLC has a tax responsibility of $1,000 or more in one quarter, filing quarterly LLC taxes might be a requirement. Keeping track of your income and owed taxes will help you determine if you need to pay taxes quarterly or annually...
It may seem terrifying at first, but youcanlearn how to do your own taxes. Let's take a look at what forms you'll need to fill out, tax credits and deductions you can take, and your filing options. You can DO this! When you do your own taxes, you build your financial know-how...
It would be on Form 1040, Schedule C, that you would be reporting all the business income and expenses as the sole owner of your LLC. This process is similar to the one followed by sole proprietors. You would be required to pay taxes to the IRS as per your personal income tax rate ...
Self-employed taxpayers likely need to pay quarterly tax payments and meet key IRS deadlines. Here’s a closer look at how quarterly taxes work and what you need to know when filing your tax returns.
Understand Your LLC’s Federal Tax Options LLCs are taxed as pass-through entities. Pass-through taxation means that all of the business’s profit passes through to the LLC member’s individual tax returns. Each member then pays self-employment taxes and income tax on their share of the busi...
Taxes for bloggers should be handled as if you're running a small business. Here's my detailed guide on how to do taxes on blog income (and blog tax tips).
An LLC is an excellent choice for business owners who want the liability protection of a corporation but without the double taxation. The LLC is a type of organization with all the advantages of a corporation, along with the ability to pass business prof
Should an LLC Owner Be on the Payroll? If you’re thinking about starting an LLC, you have several options for how you want to organize your company regarding paying taxes. Whether or not the owner is on payroll depends on how you decide to file: ...
The IRS limits deductions and credits by income, so the lower your AGI, the better your chance at qualifying for additional tax benefits. You can findmore “above the line” deductions on Schedule 1. How to Do Your Own Taxes Doing your own taxes like a pro takes time and reading, planni...