Discover how small business tax filing varies by business type. Learn the different methods to prepare and file your taxes, whether you're a sole proprietor, partnership, or corporation.
1. Single-member LLC:The IRS treats single-member LLCs as sole proprietorships for tax purposes.This classification falls into the “pass-through” taxation category, which means that the LLC itself does not pay taxes and does not have to file a return with the IRS. ...
Unless otherwise designated by the owners, an LLC is not separately taxed as a business. For income tax purposes, the IRS treats the business as a partnership by default. Instead, an LLC is taxed as a “pass-through” entity, meaning that income taxes are passed through to its owner or...
Filing taxes for your business can be overwhelming and you might need a bit more time. Luckily, the IRS allows for both individual and business tax extension. This will give your business more time to file their tax returns. Keep in mind that the due dates for business tax extensions are ...
LLC? A primary benefit of an S corp is self-employment tax savings. S corporation shareholders can work for the company and receive salaries, which incur payroll taxes. If an LLC is taxed as a sole proprietorship or partnership, its profits are subject to self-employment taxes. by Michael ...
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Discover how to file a tax return without a headache. Learn how to file a tax return correctly and simplify the income tax filing process.
You keep things simple with a business that’s easier to run, similar to a partnership or sole proprietorship (for example, you aren’t required to file corporate taxes). Who can form an LLC? The good news is that just about anyone can start an LLC. You don’t need a huge company,...
By its end, you will have a firm handle on taxes. This chapter will lay the groundwork for everything you learn in this book; nothing else will make sense without it. Come back to this chapter once you have finished reading the entire book; you will probably discover that it all makes...
The Kentucky Articles of Organization costs$40if you file online. This is a one-time fee to create your LLC. If you want tofile this yourself, see our step-by-step guide:Kentucky Articles of Organization. Or, you canhire a companyto do it for you. ...