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Income from an LLC goes directly to pay an individuals personal taxes. This is because there is no K-1 form associated with it.

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10y ago

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Can the IRS come after an LLC for personal taxes?

Yes, the IRS can come after an LLC for personal taxes if the LLC is a pass-through entity and the owners have not paid their personal taxes.


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!


Can I use my LLC business account to pay my personal taxes?

No, it is not recommended to use your LLC business account to pay your personal taxes as it can lead to confusion and potential legal issues. It is best to keep personal and business finances separate to maintain clear financial records and compliance with tax laws.


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.


Can personal property be placed and protected IN an LLC?

Can a LLc protect personal dept?we have (3) propertys in a LLC can that be protected?


How can personal debt be transferred to an LLC?

Personal debt can be transferred to an LLC by having the LLC assume the debt through a formal agreement or by using the LLC's assets to pay off the personal debt.


If you own a ccorp that owns a llc and your personal account is linked to the llc account since you will pay taxes at year end anyway can you move funds from the llc to your personal account legally?

The c corp needs to issue a dividend or pay you a salary. It's important not to co-mingle funds. (you might want to talk to your accountant about this)


Does past personal bankruptcy effect new llc and members and are they liable for any past debt?

Yes i dont know why


Is LLC credit separate from personal credit?

Yes, LLC credit is typically separate from personal credit. This means that the credit history and score of the LLC (Limited Liability Company) is distinct from the personal credit history and score of the individual owners of the LLC.


Who typically has to pay LLC taxes?

LLC taxes are typically paid by LLC members. These members include Single-Owner LLCs and Multi-Owner LLCs. The IRS treats LLCs like a sole proprietorship or partnership.


Does the officer of an LLC pay taxes?

Yes, of course.


Does my LLC have a credit score?

Yes, your LLC can have a credit score separate from your personal credit score. This score is based on the financial history and creditworthiness of your LLC, not your personal finances.