Go Premium for a chance to win a PS4. Enter to Win

x
?
Solved

llc taxes

Posted on 2015-01-16
3
Medium Priority
?
94 Views
Last Modified: 2016-05-12
In accounting for the minimum income tax on a multi or single member LLC, is the tax an expense which reduces net income that will be taxed individually for each member?
0
Comment
Question by:markburgess
3 Comments
 
LVL 84

Accepted Solution

by:
David Johnson, CD, MVP earned 2000 total points
ID: 40555875
a LLC is a person and pays corporate taxes. If one is paid by the LLC that is personal income and one pays taxes on that.  The LLC and the Taxpayer may be in different jurisdictions and have different levels of taxation.

Disclaimer: The information provided is the experts opinion and not a legal defence if questioned. Tax laws vary from jurisdiction to jurisdiction and change from year to year, please read the legislation that is applicable to your location or consult a tax consultant.
0

Featured Post

What is SQL Server and how does it work?

The purpose of this paper is to provide you background on SQL Server. It’s your self-study guide for learning fundamentals. It includes both the history of SQL and its technical basics. Concepts and definitions will form the solid foundation of your future DBA expertise.

Question has a verified solution.

If you are experiencing a similar issue, please ask a related question

It’s an age old story, whether you’re looking for full-time employment or contract work. In order to land a job, you must have experience.
It can often be challenging to stay relevant in the rapidly evolving world of technology. This can make recruiting talent difficult for companies of all sizes.
Integration Management Part 2
How to fix incompatible JVM issue while installing Eclipse While installing Eclipse in windows, got one error like above and unable to proceed with the installation. This video describes how to successfully install Eclipse. How to solve incompa…
Suggested Courses
Course of the Month11 days, 23 hours left to enroll

916 members asked questions and received personalized solutions in the past 7 days.

Join the community of 500,000 technology professionals and ask your questions.

Join & Ask a Question