0
votes
2answers
33 views

LLC and tax filing with spouse

In florida my husband and I are the only managing members on an LLC. Are we able to file our taxes with one of us claiming 100% of profits and losses and the other as 0% if we are filing jointly.
0
votes
1answer
62 views

Elect corporation S status for my LLC

I'm the sole proprietor of an LLC in the state of Michigan. I'm not looking to do anything fraudulent or alike. I simply want to know if I elect to have my LLC to be treated as an S type corporation, ...
2
votes
2answers
72 views

LLC v. W-2 Taxes when filing in Florida

I'm considering working as a contractor in Florida. Currently I'm a W-2 contractor, but considering a Corp-to-Corp contract since it's a higher rate. Just now I read Florida's Tax Page - ...
1
vote
0answers
23 views

Does dividend payments to a holding company invoke tax in Australia

I've been doing some reading about holding company tax law, and from what I've read, most of the time when dividends are paid from a operations company to a holding company there is no tax. But I can ...
6
votes
1answer
221 views

Is PAYE Mandatory for Making Salary Payments

I am the director of a limited company in England and Wales and am the only worker and shareholder. I understand that it is advantageous for me to draw a salary from the company and also take some ...
4
votes
1answer
171 views

Tax Benefits of Loaning to Loss-Making UK Company

I have a limited company in the UK that is, unfortunately, currently making a loss. The company has been loaned cash (about £2000) by myself but isn't making a profit yet and I have taken no salary ...
0
votes
2answers
79 views

How much of my losses due to investments in a LLC can I deduct?

In 2013 I invested $90k for a 20% interest in a LLC and am a material participant. The LLC reported losses of $340k in 2013 and $180k in 2014. My losses were $68k in 2013 and $36k in 2014. How ...
2
votes
1answer
48 views

old LLC - revival question and Tax implication

I have a LLC in AZ that I opened in 2007 for consulting purpose on the side, filed taxes on it the first year then life got busy and did not do any consulting on the side for last 7 yrs and never ...
2
votes
3answers
267 views

Creating a Limited company while still fully employed

I am thinking of doing contracts instead of full time employment in the IT sector. I have researched that I can go Limited and employe an accountant for all the tax, payroll and dividends. I have not ...
3
votes
2answers
191 views

Do I owe taxes in the US for my LLC formed in the US but owned by an Indian citizen?

I formed LLC in 2010-Connecticut. I am NON US resident, from India. I use paypal for all my transactions. Business type is online training. I pay $800 per month for person working for US LLC as ...
2
votes
2answers
100 views

LLC Partnership Earned Income vs. Partnership Share

When filing taxes for an LLC-Partnership, what should be done if the earned income varies from that of the partnership share? For example, if there are 4 members, and $100,000 is earned, their ...
3
votes
1answer
106 views

Should rented software be included on my LLC's balance sheet?

I am an incorporated freelance user experience (UX) designer with an LLC, and my state requires a personal property return with a balance sheet every year. I'm using cash accounting for my business ...
4
votes
1answer
134 views

In an LLC Partnership, does each partner report expenses in the partnership tax return or personal tax return?

Does each partner report their business expenses in the LLC partnership tax return or their personal return? Does the amount each partner reports as a business expense, affect the ownership in the ...
1
vote
1answer
72 views

Does the filing fee for an LLC count as a business expense when paying taxes in the US?

I formed an LLC this past year. Does the filing fee to form the LLC count as a business expense for tax purposes? What about for each reoccurring year?
1
vote
1answer
49 views

In an LLC formed in the US, if the partner puts in money, does this show up as income on my personal taxes?

I formed an LLC this past year where the ownership of the LLC is split 50/50 between me and my partner. When we created a bank account, my partner put in $400 and I put in $0. Besides the interest ...
1
vote
2answers
236 views

How does LLC affects my taxes?

I read this article http://www.watsoncpagroup.com/kb/How-does-an-LLC-or-S-Corps-income-affect-my-taxes_73.html but still can get it. My scenario: I work for a company full time and earn (let's say) ...
0
votes
1answer
101 views

What is the average cost of a LLC tax return and what it entails? (FL)

I want to understand the cost associated with complying with yearly maintenance of a Florida LLC. This answer outlines some of the costs, but does not specify what is required
4
votes
1answer
144 views

Can a husband and wife who are both members of the same LLC file a joint tax return?

My question is basically summed up in the title. My wife and I are active members of a new LLC which also has other members. The LLC is taxed as a partnership, so profit/loss is simply passed through ...
2
votes
1answer
256 views

US tax liability for a non-resident with a US LLC that does business in the US

I'm a non-resident of the US and I've never been to the US. However, I have an LLC in the US. I sell computer software warranty services where we fix computer problems remotely from India. I have a ...
2
votes
1answer
76 views

Consult as an individual or as a company?

I work full time (so benefits, etc are covered), and recently have been offered a consulting position for a previous employer. I have read and fall within the acceptable guidelines of the Moonlighting ...
1
vote
1answer
75 views

Equity or alternative compensation in an LLC?

I am currently working for a real estate startup (LLC) that wholesales REOs nationwide. I was one of the earlier employees to get hired. Since my time of employment, the company has been expanding ...
1
vote
1answer
131 views

What's the minimum revenue an LLC must make in Florida or NY states?

Here in Italy, if you open a small company (sort of LLC) you must have a minimum revenue, and therefore you must pay a minimum amount of taxes every year. Too bad for you if you are not making money; ...
5
votes
3answers
454 views

Owning properties through an LLC - how to split the LLC expenses?

I own some rental properties through my LLC. While most of the expenses can be attributed to a property and find their way to schedule E, I'm puzzled about the LLC expenses... In California its ...
1
vote
2answers
91 views

If you work from abroad for a week, does that count as a business expense?

I'll be working from abroad (I'm in the US and going to the UK) for about a week. I'll be spending my days 8+ hours working, and spending the nights out. Can I deduct the plane ticket for this trip ...
1
vote
1answer
3k views

Do I need to file income taxes for my business if it made no money?

I have an LLC. It made no income this year. Do I need to file any tax return forms for it? If so, what forms are should I file? My LLC is incorporated in the State of Illinois. I'm a US citizen. I've ...
1
vote
1answer
162 views

File LLC as S Corp?

I am in the process of creating an LLC and am trying to decide whether to file as an S Corp. I make $80,000 at my day job and would be paying myself (via W2) at least 30,000, so I would be above the ...
4
votes
1answer
148 views

How does LLC ownership work in relation to U.S. tax law?

If an established LLC business offers ownership to a new member, will that member owe federal tax even though that member has still not realized any gain? Let's say for example the LLC is worth $10M ...
4
votes
2answers
2k views

What are the tax implications of lending to my own LLC?

Well, as I mentioned before, I'm buying rental property under the name of my LLC (California). I used cash for the purchases, but the initial investment I made in the company was not enough to cover ...
1
vote
1answer
273 views

Can a single-member LLC have a fiscal year not as the calendar year?

Well, the title pretty much is the question. I'm in California, and its a disregarded entity. It matters for the LLC tax, and a positive answer will save me $800 cash. With references please, ...
0
votes
1answer
33 views

Is there a NY tax form to use when one is missing a K-1 (or 1065) from an LLC?

I invested in an LLC that has for the most part gone under. The LLC exists but I do not think that I will receive a K-1 for for 2011. My understanding is that there is a tax form I can fill out to ...
4
votes
1answer
247 views

Foreign company incorporated in US and W9

I own a translation company and my clients are reluctant to contract a provider based abroad, although I have a US Bank account, US tel, US PO Box (I lived in US for a while). I need to be able to ...
5
votes
3answers
857 views

I am the sole owner of an LLC. Does it make a difference if I file as an S-Corp or a sole-member LLC?

As an LLC with one owner, I had the option of filing using Schedule C on my household taxes, effectively treating business income (in this case, losses) as I would a sole proprietorship. My plan had ...
5
votes
4answers
448 views

Should LLC be opened in US or overseas?

I am a dual US and EU citizen looking to open an investment holding company under an LLC. For optimal tax circumstances, should the LLC be opened in the US or overseas?
8
votes
2answers
1k views

Setting up general ledger/tax reporting for a Real Estate Rental LLC in GnuCash

I have downloaded the GnuCash accounting software for use with our real-estate rental LLC, in hopes of following more universal accounting practices and determining our individual cash basis, but my ...
5
votes
4answers
888 views

What's the difference between TaxAct and TurboTax?

I've always used TurboTax, but found an edition of TaxAct that will do state, federal plus schedule c for about 33 percent of the price of the Turbotax edition? Does TaxAct not do some important ...