LLC Taxation
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- epigraph
On personal income tax returns, you have to pick wether or not to take standard deductions, or itemize.
Most llc's use pass through taxation, (one tax return for business and owner) so if you itemize all of your business expenses, are you forced to itemize your whole return?
- skelly_b0
I recommend you get an accountant. But if I understand correctly you only file a personal tax return, which you should itemize your business expenses and personal write-offs together.
- skelly_b0
To add to this, the reason you want that income to flow through to your personal tax return is to avoid corporate tax rates.
- doesnotexist0
no you don't need itemize, i just did this. really, just go pay someone to do it right. i chose h&r block.
- epigraph0
thanks. I am definately going to get an accountant, I am just planning ahead right now