Solved

llc taxes

Posted on 2015-01-16
3
48 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 78

Accepted Solution

by:
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.
0

Featured Post

IT, Stop Being Called Into Every Meeting

Highfive is so simple that setting up every meeting room takes just minutes and every employee will be able to start or join a call from any room with ease. Never be called into a meeting just to get it started again. This is how video conferencing should work!

Join & Write a Comment

Decisions are a great resource. They cost nothing to produce, and can make all the difference in the world to your business. Are you making the right decisions? How do you know? Clearing the Fog of Failure One of the most overlooked means of succe…
Finding a job can be stressful - searches, resume tweaks, and networking events can be super boring. Luckily we're here to help you land your dream job!
This video discusses moving either the default database or any database to a new volume.
Get a first impression of how PRTG looks and learn how it works.   This video is a short introduction to PRTG, as an initial overview or as a quick start for new PRTG users.

747 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

Need Help in Real-Time?

Connect with top rated Experts

13 Experts available now in Live!

Get 1:1 Help Now