WebIn yr 1, I offered my folks 15% of my business in exchange for a co-signer on a truck loan, they declined. Yr 2 on route to net 175xxx, gave 1% to each of my real supporters: the first 4 employees. ️. 242. 33. WebJust found out today, in New York they have a tax for bagels but only if they are sliced. 137. 30. r/tax. Join. • 1 mo. ago.

5 Key Ways Your LLC Can Reduce Your Taxes (With Examples) - Before Tax

WebAug 2, 2024 · Federal Income Tax for an LLC Taxed as a C Corporation An LLC may elect to be treated as a corporation for tax purposes by filing IRS Form 8832. With corporate tax treatment, the LLC must file tax return 1120 and pay … WebAs the employee you would also pay 7.65% (up to a certain income level). Being self-employed you get the privilege of paying both halves, or 15.3% in addition to federal (and … ms team filehippo

How can I save money in taxes with an LLC? : r/Entrepreneur - Reddit

WebJan 25, 2024 · For income tax purposes, an LLC with only one member is treated as an entity disregarded as separate from its owner, unless it files Form 8832 and elects to be treated as a corporation. However, for purposes of employment tax and certain excise taxes, an LLC with only one member is still considered a separate entity. Effective Date of Election WebJan 30, 2024 · LLCs and their members may need to file income and franchise taxes in every state in which they do business. State tax forms and due dates vary from state to state. … WebFeb 23, 2024 · By having LLC treated as an S Corp for tax purposes, a business owner may save a considerable amount in tax payments. How an LLC Being Taxed as an S Corp Works. If you have elected to be taxed as an S corporation, you might have $50,000 pass through as earnings and $50,000 distributed as dividends. Then you’d owe just $7,650 in self ... how to make little stuff