LLC taxation questions

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Subject Author Date LLC taxation questions rdrnws 05-25-2007  Re: LLC taxation questions Harlan Lunsford 05-25-2007  Re: LLC taxation questions Arthur Kamlet 05-25-2007  Re: LLC taxation questions James Lewis 05-25-2007
Posted by rdrnws on May 25, 2007, 1:41 pm Please log in for more thread options Hi, which would be the most appropriate group(s) for posting a few - elementary - LLC taxation queries? TIA, Nikolas << ------------------------------------------------------- >> << 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. >> << ------------------------------------------------------- >> Posted by Harlan Lunsford on May 25, 2007, 10:50 pm Please log in for more thread options 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. >> << ------------------------------------------------------- >> Posted by Arthur Kamlet on May 25, 2007, 10:50 pm Please log in for more thread options > 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. >> << ------------------------------------------------------- >> Posted by James Lewis on May 25, 2007, 10:50 pm Please log in for more thread options > 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. >> << ------------------------------------------------------- >> Similar Threads Posted Re: LLC taxation questions May 29, 2007, 10:45 pm LLC taxation as a partnership May 29, 2007, 10:45 pm Re: LLC taxation as a partnership June 12, 2007, 1:07 am Re: LLC taxation as a partnership June 21, 2007, 5:44 pm Taxation of expatriates June 28, 2008, 5:51 pm LLC Taxation Question April 6, 2009, 7:45 pm Taxation of Non Resident for MA Partnership April 13, 2007, 11:48 pm Taxation Without Representation -- And Worse April 16, 2007, 9:52 pm Medical Benefits Taxation April 22, 2007, 2:30 pm Avoiding Double Taxation March 3, 2008, 12:06 pm