2007-01-25 04:09:01 · 3 answers · asked by silverhorse00 2 in Business & Finance ➔ Taxes ➔ United States
Nevada has no income tax, so you do not need to file in Nevada. Because you have income sourced (earned in) NY and PA, you will need to file NY and PA tax returns. If your company is not based in either NY or PA, then those tax returns will only tax what you earned in those states. If your business is based in either NY or PA, then you will be taxed on your entire year's income from all sources in that state. You would be able to claim the other state's taxes as a credit against your home state.
What state you are incorporated in has absolutely no bearing on how you are taxed. You are taxed wherever you have established "nexus".
2007-01-25 05:13:42 · answer #1 · answered by jseah114 6 · 0⤊ 0⤋
Assuming "partnership LLC" means multiple owners. The entity is a partnership by default, unless you elect to be taxed as a corporation. Yes, the LLC needs to file business tax returns for NY. Hire a professional. Don't try this at home. I don't know why people think it's easy, but it's not. Most K-1's I get from clients require a call from me to the person who prepared the partnership return to get details about items listed on Schedule K-1. What are you going to say when the other partner's tax accountant calls and asks for a reconciliation of capital account and inside basis, or asks about AMT adjustments?
2016-05-23 22:31:20 · answer #2 · answered by ? 4 · 0⤊ 0⤋
No.
2007-01-25 04:18:35 · answer #3 · answered by Eva 5 · 0⤊ 0⤋