LLC OWNERSHIP LLC Ownership has many advantages, but should be set up properly. Recently a student asked me about whether a corporation should be the holding company (daddy corporation) for all of their real estate investment LLCs. I would love to hear your comments. Use the box […]
Read more →How an LLC is taxed is a complicated question. This is because an LLC doesn’t have a unique “tax structure” under the IRS code. Corporations and partnerships have their own tax structures, but an LLC does not. An LLC is not a partnership or a corporation. An […]
Read more →LLC startup mistakes can cost a small business more than they should when the business is sued or hits a rough spot. LLCs (Limited Liability Companies) are a good foundation for business, they protect assets, are easy to run and offer great tax advantages. However there are […]
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LLC Entity Classification What is It and How to Get It? NS LLC entity classification and how do you get it? An LLC is short for limited liability company. Some people think and LLC entity classification is short for limited liability corporation, but that’s not right. An […]
Read more →So starting this year, go to your association convention and take the family. A lot of the trip can be LLC tax write offs. Buy computers for your use as a professional at home. When you buy paper, pens, pencils, or other supplies they can be write offs for your LLC, if they go to the office.
Keep track of car mileage and do everything you can to run money through your company. Find all the possible ways you can charge off business expenses to your own LLC, and do it! It isn’t how much money you make. It is how well you live and how secure you are.
Read more →Generally, if you are the only member of your LLC and you have not filed a tax election, you do not have to file a special tax return. For tax purposes, you will file the LLC’s income on your own federal tax return. Your LLC is an ignored or “disregarded” entity. This means that you will report your LLC income and expenses on your own Form 1040, Schedule C, E, or F. Your income is passed through your LLC directly to you. Remember this is only for tax purposes. It does not change the fact that your business is legally a Limited Liability Company.
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