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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.
What else can I help you with?
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 do I file an extension for LLC taxes?
To file an extension for LLC taxes, you typically need to submit Form 7004 to the IRS before the original tax deadline. This form allows you to request an additional six months to file your tax return. Make sure to provide all required information and pay any estimated taxes owed to avoid penalties.
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.
Can you file a business llc and personal taxes separately?
Well, honey, of course you can file your business LLC and personal taxes separately. They're like two separate entities with their own set of rules and regulations. Just make sure you keep those finances nice and tidy, so the IRS doesn't come knocking on your door. Good luck, darling!
How do I pay LLC taxes?
To pay LLC taxes, you typically need to file a tax return with the IRS and your state tax agency. The specific forms and deadlines can vary based on your location and business structure. It's important to keep accurate records of your income and expenses to calculate your tax liability correctly. You may also need to make estimated tax payments throughout the year. Consider consulting with a tax professional for personalized guidance.
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).
How do I pay taxes for my LLC?
To pay taxes for your LLC, you typically need to file a tax return with the IRS using Form 1065 for partnership LLCs or Form 1120 for corporate LLCs. You may also need to pay state and local taxes depending on where your business is located. It's important to keep accurate financial records and consult with a tax professional to ensure you meet all tax obligations.
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.
How do I file for an LLC?
To file for an LLC, you need to choose a name, file articles of organization with the state, create an operating agreement, obtain any necessary licenses or permits, and pay the required fees.
