The default tax situation for an LLC is that it doesn’t pay federal income taxes directly. Instead, its profits go straight to the owners, who then report this money and pay personal income and self-employment tax on their earnings. This process is known as “pass-through taxation.” Belo...
The default tax situation for an LLC is that it doesn’t pay federal income taxes directly. Instead, its profits go straight to the owners, who then report this money and pay personal income and self-employment tax on their earnings. This process is known as “pass-through taxation.” Belo...
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LLC tax filing can be a challenge, and it never hurts to revisit tax requirements, especially when filing as an LLC (Limited Liability Company) for the first time. By understanding the obligations for your specific tax structure and knowing the deadlines, you can file your taxes with confidence...
“LLC” is short for limited liability company. The LLC is the most popular business form for small businesses. Why are LLCs so popular? Two main reasons: LLCs provide business owners with limited liability from debts and lawsuits , and LLCs owners don’t have to jump through all the ...
Paying taxes is everyone's responsibility. Tax return preparation is not an easy task, and it is always suggested to seek professionals' help for flawless tax transactions in Philadelphia.
Limited Liability Company (LLC) Owners Pay Self-Employment Tax When forming an LLC, the owners are not considered employees of the company. Instead, the IRS regards LLC owners are self-employed, thus required to pay a self-employment tax. Hence, you are responsible for both the employer and...
In most cases, an LLC only has to file an annual tax return, since income and losses are passed on to the individual owner. However, 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...
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This article focuses on the possibility of Limited Liability Company (LLC) members facing personal liability for LLC taxes. Although all LLC statutes contain general language, shielding the protected parties from the debts, obligations, and liabilities of the LLC, the enabling statutes of some states...