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Posts Tagged tax advantages of llc

What About the LLC Tax Election?

The decision on how what LLC tax election to make is one you should make with the advice and help of an accountant. Ultimately it is a financial decision that should take into consideration what your business is and how it makes money.

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How to Get More LLC Tax Write Offs

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.

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Tax Return for LLC

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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