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llc taxes

Posted on 2015-01-16
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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?
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Question by:markburgess
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David Johnson, CD, MVP earned 500 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.
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