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Personal Income Tax Services, LLC strives to keep all clients, big and small, up to date. TheOffice Address:145 Maple Drive, Warrendale, PA 15086 Phone:(412) 573-1888 Email:Click to email Business Hoursby appointment ONLY Monday - Friday 9am to 9pm ...
The owner reports business income on a Schedule C that’s filed with their personal tax return, and the income gets taxed at the owner’s personal income tax rate. Multi-member LLCs are also pass-through entities, with each owner reporting and paying taxes on their share of the business’...
LLC profits usually pass through to members before taxes, while profits for some corporations are taxed at the company level first. LLC vs. S corp—what’s the difference? An LLC is a type of business entity while an S corporation is a corporation with a special federal tax election. Eithe...
LLC vs. sole proprietorship:Forming as an LLC rather than a sole proprietorship allows you to protect your personal assets from business debt and lawsuits. While LLCs are fairly lightweight compared to other corporate structures, paperwork and taxes are more cumbersome as an LLC than they are as...
The C-corp itself is subject to taxes, while the shareholders are separately taxed on dividends they earn from the company. An alternative to the C-corp is the S-corp, which serves as a pass-through entity, meaning profits and losses pass through the business directly to shareholders' ...
However, an LLC is not an IRS-recognized business structure for federal taxes. Rather, with an LLC, you get to choose how you’ll be taxed. Read on, and we’ll explain. How do LLC taxes work? As an LLC, you could have up to four options for how to pay federal taxes. Your compa...
LLC profits usually pass through to members before taxes, while profits for some corporations are taxed at the company level first. LLC vs. S corp—what’s the difference? An LLC is a type of business entity while an S corporation is a corporation with a special federal tax election. Eithe...
An LLC is a formal business arrangement that requiresarticles of organizationto be filed with the state. An LLC is easierto set upthan a corporation and provides more flexibility and protection for its investors. LLCs may elect not to pay federal taxes directly. Instead, their profits and loss...
An LLC passes taxes to owners and protects their personal assets; an S corporation is a tax-filing status that allows a company to pass taxes to shareholders.