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2007-01-10 09:22:10 · 3 answers · asked by noidea 1 in Business & Finance Taxes United States

3 answers

An LLC is not a separate tax entity like a corporation; it is what the IRS calls a pass through entity, like a partnership or sole proprietorship. All of the profits and losses of the LLC pass through the business to the LLC owners , who report this information on their personal tax returns. The LLC itself does not pay federal income taxes, but some states do charge the LLC itself a tax.
-Dwayne Alborn

2007-01-11 12:34:52 · answer #1 · answered by mrtaxtips 2 · 0 0

Depends on the state in which it is registered. There are resident agents who will create the LLC and file all the forms (for a fee). Delaware and Nevada do not have state income taxes so a lot of corporations will file in those state for the savings. States always come up with ways to tax so you will have to be more specific, but this might help: Head tax charged on every dollar paid to employees. Business tax paid to the state for the pleasure of having a business name. Yearly business filing fees paid to the state (Corp. LLC LLP etc) Sales tax to state. Income tax to state. Business license fee to City. I gotta go take a pain killer!

2007-01-10 09:37:13 · answer #2 · answered by justwondering 6 · 0 0

I'm not sure what you are asking. There are so many different kind of taxes, some are more obvious and some are embedded within other filing requirements.

There could be corporate tax (or personal income tax to partners through k-1), title (registration, license etc) tax, sales tax (when you purchase goods, capitals), in/tangible tax etc. There are many local regulatory imposed taxes depending on particular industry or service.

It is best that you consult a local professional, like a CPA.

Best wishes.

2007-01-10 09:56:33 · answer #3 · answered by JQT 6 · 0 0

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