1099 Contractor vs LLC: What’s the Tax Difference? LLCs must pay employer taxes if they have any employees, but independent contractors must only keep track of their self-employment taxes. When it comes to taxation, LLCs are between sole proprietorships and corporations. A corporation is ...
This article is about late S corporation elections and not a drill-down of the nuts and bolts tax savings. If you need more information on how this works and other S corporation advantages, click on the button below: Avoid Self-Employment Taxes ...
If your LLC is filed as a corporation, you won’t need a 1099 for the business. However, if your LLC employs independent contractors, you will need to file 1099 forms for these individuals. How do I dissolve my LLC? The steps may vary state to state, so check your state’s LLC diss...
An LLC License is like a golden ticket for starting a special type of company, offering protection and unique benefits. There’s a roadmap of steps to follow, from picking a unique name to understanding how to manage your LLC in other states. If ever you decide to wrap up your LLC, th...
Yes, there is a fee for filing a DBA. First, could you tell me the LLC name you filed (or plan to file) and the DBA you’d like to use? I just want to make sure you actually need a DBA, since many people are confused. It’s hard to answer your question without knowing some...
intended to offer legal advice specific to your business needs. If you need legal advice, you should consult with an attorney. Rankings and reviews are the personal opinions of the authors and/or editors. For questions, while starting a business, we recommend consulting with an attorney or ...
That’s why we recommend that all LLCs have an Operating Agreement –including Single-Member LLCs. Furthermore, an Operating Agreement is an “internal document“. Meaning, you don’t need to file it with the state or the IRS (Internal Revenue Service). Just keep a copy with your busines...
Entrepreneurs who plan to itemize their taxes can claim a deduction for the charitable donations they make. If you’re interested, you’ll need to attachIRS Schedule Ato your Form 1040 to claim this write-off. However, there’s a limit to the amount that you can deduct in this way— usu...
You’ll have to remember to log in next year and download or print the 1099 form. If the business files a separate tax return (C-Corp, S-Corp, partnership, or LLC taxed as an S-Corp or a partnership), the business has to include the interest income on its tax return. If the ...
A single-member LLC is easier for tax purposesbecause no federal tax return is required, unless the business decides to be treated as a corporation for tax purposes. The income is reported on the member's tax return. A multiple member LLC must file tax return, and give the members K-1 ...