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Posted by rdrnws on May 25, 2007, 1:41 pm
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Hi,
which would be the most appropriate group(s) for posting a
few - elementary - LLC taxation queries? TIA,
Nikolas
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Posted by Harlan Lunsford on May 25, 2007, 10:50 pm
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rdrnws wrote:
> which would be the most appropriate group(s) for posting a
> few - elementary - LLC taxation queries? TIA,
Right here.
ChEAr$,
Harlan Lunsford, EA n LA
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
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Posted by Arthur Kamlet on May 25, 2007, 10:50 pm
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> which would be the most appropriate group(s) for posting a
> few - elementary - LLC taxation queries? TIA,
An LLC is not a federal entity, only a state entity.
So a Single Member LLC is going to be reported on the
appropriate schedule of your Form 1040, Sch C for business,
Sch F for farming, Sch E for rentals, Sch B for
interest/dividend income, etc.
And a multi-member LLC will be treated as a partnership. It
will file its own Form 1065 plus any necessary Schedules K-1
to the partners.
However, in either case you can choose the first year to
treat the LLC for tax purposes as a corporation. Not
necessarily a good decision, but an allowed decision.
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by James Lewis on May 25, 2007, 10:50 pm
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> which would be the most appropriate group(s) for posting a
> few - elementary - LLC taxation queries? TIA,
That's hard to say with ALL the info provided. However, if
it's a federal income tax question, this one is hard to
beat.
Mike
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>
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