TaxGuru
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There are some good answers above, including the advice that you consult a competent advisor. Here's a summary of the basics:
* An LLC can be either a corporation or a partnership for US federal income tax purposes. In many (but not all) states, the state tax treatment follows the federal classification. Unless you file an election to be treated as a corporation, it will be treated as a partnership. You have 75 days from the date of organization to make that choice effective on day 1. You can make the election at any time, however.
* The choice between corporation or partnership should be made on the advice of a professional who is familiar with all your circumstances. A corporation generally must pay tax on its net income (after deducting expenses, including your salaries), while a partnership is a pass-through (meaning that partnership income is taxed directly to the partners). Thus, income earned through a corporation potentially can be taxed twice -- to the corporation when earned, and to the shareholders when distributed as dividends. However, many small businesses are able to "zero out" taxable income at the corporate level. In addition, income taxed to the corporation and not distributed may actually be taxed at a lower rate. A corporation may have tax advantages in your situation that outweigh the risk of double taxation.
Again, consult a pro for complete advice. |
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Oladipo Personal Finance Service
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This should not be used as a substitute for legal advice.
An LLC is a state designation only. What most people do not know is that an LLC is not a federally recognized entity. It is considered as a disregarded entity for federal purposes. You would still have to file form 8832, Entity Classification Election with the IRS. You can elect to be taxed or treated as a sole proprietor, partnership, or corporation. |
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Adios
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You have options. How large and complex is your business? Will you have employees? Do you use an accountant? If your business is relatively small and you don't want the expense of hiring/retaining an accountant, you can file your regular 1040 form and use Schedule C to report the profit and loss for your business.
I recommend you read IRS Publication 334 Tax Guide for Small Business. They mention LLC's on page 3.
Download here: http://www.irs.gov/pub/irs-pdf/p334.pdf |
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1dbl007
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I suggest you call the IRS an get informed or local place where you got your LLC. |
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Z and Glory's Mama
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I believe you can find it on this page and the second one will aid your knowledge:
http://www.mycorporation.com/taxforms.htm
http://www.sba.gov/starting_business/legal/forms.html |
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johnny j
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Form 1120:
http://www.mycorporation.com/taxforms.htm
...jj |
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Robin D
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I use Tubro tax for small business and love it. It answers any possible question you may have |
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the_silverfoxx
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www. irs. goverment or call this number its free .1.800 gov form its free and helpful as well . my opion? |
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packermama
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http://www.irs.gov/businesses/small/article/0,,id=99160,00.html |
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twinky
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check the internet there are multiple llc tax forms..or call the irs |
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cats3inhouse
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my advice is : talk to a local tax preparer in your town. they know are the forms. try ; hewitt or anyone local. |
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RedSoxGirl
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Get an accountant. They will help you big time! I work for a small LLC, and they rely on their accountant for things like that and are not stressed about things like that so much. |
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Kabu
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I believe it's part of your regular income tax form. Ask your accountant. |
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jcm_jagfan@sbcglobal.net
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Go to -- www.irs.gov
or call
1-800-TAX-FORM (they are very helpful and FREE) |
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Sam X9
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Joint income tax, if the company were in the name of both you. |
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mpzones
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With LLC you have a choice of what forms to file. You can file as a corporation (1120), partnership (1065) or sole proprietor (schedule C of your 1040). To decide what is the right choice for you, you need to take into account a lot of variables that affect your financial situation. For that you should seek the help of a tax professional. |
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szydkids
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The LLC must file its own return. It then issues a K-1 to its members, which states how much income and interest was generated, and any changes in capital position. You have to add the K-1 information to your personal return.
Even though the LLC files tax returns, it typically does not pay federal tax. It is what is known as a pass-through entity for federal tax purposes. |
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LORD Z
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1040
You will have to be able to itemize your business expenditures so you have to go long form.
You should get a taxman to help you understnad your taxes the first year in. You can use that return as a blueprint for all subsequent years. |
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