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How do LLC taxes work?

how do llc taxes work

Posted May 5, 2015 11:33pm

Once a year, like any other taxpayer (that is, one who isn't self employed and pays quarterly). You should have gotten a touch voucher from your secretary of state when you organized your LLC. MNo it doesn't matter how many members your LC has, it only maters how much money it made.

See your own CPA for help.

Douglas Garth Edmunds

Posted May 5, 2015 11:50pm

The first thing you need to do is decide how you wish to be taxed. This will depend on the number of members, and your business goals.

As an example, if you are the only member of this LLC, you are like going to deal with the taxes on your personal return, Schedule C. If there are multiple members, you are likely going to file a 1065 return. In either case, you MIGHT elect to be

treated as an S Corporation or C Corporation for tax purposes depending, again, on your business goals.

You should sit down with your CPA or tax attorney prior to forming the entity to decide how you want to be taxed. An LLC gives you a lot of choices, but you need to make them early on. Changing can be difficult.

Douglas Edmunds is in the business of helping people and companies file for bankruptcy protection. The bankruptcy code requires that I call my firm a "debt relief agency." Any answers or information provided is for general information purposes only and is not intended to be a legal opinion, legal advice or a complete discussion of the legal issues. This is not intended to create a attorney-client relationship. Each individual's situation is different and you should seek independent legal advice from an attorney familiar with the laws of your state for specific information.

Category: Taxes

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