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I have an LLC (in Oregon) that I'm not using yet, and my accountant advised me that I don't need to worry about it unless it makes money. I would get a second opinion on that, and hopefully one that applies to your state, but at least you've got one answer now. I hope it helps.
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∙ 15y ago
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Can you file a business llc and personal taxes separately?
Do I have to file personal taxes if I own a small LLC? Or just file business taxes.
How do I know if I have to file an LLC tax return?
This site has all the answers!http://www.finweb.com/taxes/llc-tax-return-the-forms-you-need-to-file.html
How does an llc effect personal taxes?
Income from an LLC goes directly to pay an individuals personal taxes. This is because there is no K-1 form associated with it.
How much tax do you hold out from your income generated by your llc?
A Limited Liability Company (llc) would need to have its accounts certified by an external accountant (an auditor) and would have to pay ALL taxes due.
We live in California-community property state.My husband owns his own business. I am not listed as part owner. We file our taxes jointly. Am I responsible?
If his business is an S-Corp, incorporated or an LLC then the only thing on your joint taxes should be his income (in the form of a job-based income), not any business-related taxes or revenue. If he is a sole-propriater, and claims all his business income on your joint taxes, then your filing, as a couple, has equal liability.
What tax form should an LLC owned by a husband and wife file to report income and expenses?
LLC (Limited Liability Company) is a type of business that's allowed by state statute. But LLC isn't recognized as a classification for federal tax purposes. This means that an LLC must file a tax return as a corporation, partnership, or sole proprietorship. An LLC with at least two members can choose to be classified as a corporation or as a partnership. If you choose corporation status, you must file Form 8832 (Entity Classification Election). You don't need to file Form 8832 if you're an LLC filing as a partnership. Corporations file Form 1120 (U.S. Corporation Income Tax Return). Partnerships file Form 1065 (U.S. Return of Partnership Income). Each partner's share of income, expenses, etc., is then entered on Schedule C (Profit or Loss from Businss). For more information, go to the IRS Small Business screen at www.irs.gov/business/small. Select from the left column A-Z Index for Business to view/print the article, Limited Liability Company (LLC).
In a two member LLC how do you file taxes to be treated as a partnership?
LLC is Limited Liability Company. It's allowed by state statute. But the IRS doesn't recognize LLC as a classification for federal tax purposes. Under IRS Default Rules, a Limited Liability Company with at least two members is considered as a partnership. Form 8832 is Entity Classification Election. An LLC with two or more members would only have to file Form 8832 if the LLC didn't want to file as a partnership. As a partnership, the LLC would file Form 1065 (U.S. Return of Partnership Income). For more information, go to www.irs.gov/formspubs for Publication 541 (Partnerships) and Publication 3402 (Tax Issues for Limited Liability Companies).
Is an LLC required to file tax return if no income?
In certain states, all corporation are required to file a tax return regardless of income. This is also to pay their annual dues or fees to the state.
Does a LLC need to file quarterly taxes?
depends on how it has elected to be taxed - generally if electes to be a pass therough/partnership...it has no tax liability to report so no. (Beware: the same may not be available at the State level). Even if a pass through...you probably want to inform your stakeholders - who will eventuially end up with the taxable income and need to include it in their estimates...what they may expect.
Can an LLC claim bankruptcy if it owes state taxes?
Any corporation can file for bankruptcy, whether or not it owes taxes. If the corporation is to be liquidated, any taxes it owes are the first priority to be paid, before the debts owed to others.
What the last day to file business income tax?
This depending on the type of business you have. A Sole Proprietorship has the exact same due dates as personal taxes as it is reported on your personal return. A Corporation, LLC, etc. are due on March 15th. Most businesses cannot file their return by this date so they file for an extension which is automatic if requested and gives you to September 15th.
What are llc taxes and what do they have to do with business?
LLC taxes are taxes packages that apply to limited liability companies. These taxes are separate from taxes that a regular company would pay and some companies who pay these taxes are sometimes exempted from other taxes.
