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If your LLC only has one owner, the IRS treats it the same as if you were a self-employed sole proprietor and ignores your business’s structure entirely (i.e., a disregarded entity). This means that your LLC’s profits aren’t dealt with separately, and you will instead pay personal ...
If your LLC only has one owner, the IRS treats it the same as if you were a self-employed sole proprietor and ignores your business’s structure entirely (i.e., a disregarded entity). This means that your LLC’s profits aren’t dealt with separately, and you will instead pay personal ...
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the property of their respective owners, who are not affiliated with, connected to, or sponsored by or of On-Line Taxes, Inc. TurboTax is a registered trademark of Intuit, Inc. TaxAct is a registered trademark of TaxAct, Inc., and TaxSlayer is a registered trademark of TaxSlayer, LLC ...
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...
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An LLC is a business structure that separates the owner from the business in order to limit the owner’s liability, but it is taxed as a “pass-through” entity. This means that business profits flow straight through to the owner, and the owner pays income tax on those profits—just like...