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FAQ

How does pass-through taxation work in regards to an LLC?
First you need to realize that an LLC is a legal entity and the way it’s taxed depends on whether it consists of a single member or multiple members. A single member LLC is considered by the IRS to be a “disregarded entity” which means that the business income and expenses get reported on your individual  Schedule C,E, or F (depending on the type of business) and the results “pass-through” to your Form 1040.  The result is that your business income gets added to all your other types of income to compute your tax liability.If you have a multiple member LLC you can choose to be taxed as a partnership or a corporation.If you choose partnership taxation, the business will file Form 1065 and items of income and expense will “pass-through” to the partners via Schedule K-1 which then flows to Schedule E on your personal tax return.If you choose corporate taxation and meet the requirements to be an S corporation, you can file Form 1120S which lets the business profit “pass-through” via Schedule K-1.Basically, what “pass-through” taxation means is that the business is a reporting entity only, NOT a tax-paying entity.  The business income passes through to the individual business owner who must pay taxes on it.This is not the case for a multiple member LLC who chooses to be taxed as a C (or regular) corporation because that entity IS a tax-paying entity.
If I set up an LLC (I'm launching a startup), will I be reporting my income as 1099 income?
It all depends on how you elect to have your LLC taxed.The options are sole proprietorship (if you are the only owner) or partnership (if you have partners) or a corporation-either S or C.Sole proprietorship-all the income of LLC is yours and you report on Schedule C with your personal form 1040. You don't pay yourself wages.Partnership-The LLC files a form 1065 and reports your share of earnings on a K1, which you report on Schedule E of your 1040.  The partnership does not pay tax, but all the earnings flow through to the partners (owners) who pay the tax. Typically you don't pay yourself wages, but you might.S Corp-The LLC files a form 1120S and reports your share of earnings on a K1, which you report on Schedule E of your 1040. You are required to pay yourself a reasonable salary, so you should have earnings from the K1 reported on Schedule E and also from a W2. Like a partnership the S-Corp does not pay tax, but all the earnings pass through to the shareholders (owners) who pay the tax on their individual returns.C Corp-The LLC files a form 1120 and pays its own taxes.  Most likely the LLC pays you wages as the only way to get money to you the individual out of the LLC is through a paycheck or dividends, both of which are taxable to you the owner, but the paycheck is a tax deduction for the LLC, dividends are not.There are more details about the 4 types of tax entities here: S-Corp or LLC? and also a video about S-Corp and LLC at Video Library | Rives CPA PLLC
When should we file ITR (Income Tax Returns)?
Hello,As far as Indian Income Tax Laws concerned, primary requirements to file IT Return are Accrual/Arisal of Income in India, Having PAN and Being registered on Income Tax Site.As per section 139, an Individual needs to file Return of Income only if his Income during the Respective Financial Year exceeds Basic Exemption Limit i.e. INR 2,50,000 for FY 2018-19 (INR 5,00,000 for FY 2019-20).You can start filing IT returns once the FY get completed means from the very First Day the of Next Year till the Last Date which is called as Due Date, as applicable to you. (say, it's 31st July for Individuals). You can file it after Due Date also subject to Applicable Interest/Penalty.However, in India, IT Return Forms get changed each year to give the effect of Budget Amendments hence though you are eligible to start filing From 1st April as per Law, you need to wait till the Amended Forms get notified by Government.(Note: This answer is written Totally in General Context as IT Return Filing Criteria, Due Dates, etc. totally depends upon Nature of Person, Residential Status, Nature of Income and Other Various Factors as laid down in Income Tax Act, 1961 read with Income Tax Rules, 1962.)Happy Reading. Stay Tuned. Stay Updated.
Required documents for single member LLC in WA for taxes?
Based on the nature of your question I assume that you have not elected to be treated as an S-corporation or C-corporation for tax purposes.If you are the 100% owner of the LLC, you disregard the LLC for tax purposes and file Schedule C with your Form 1040 to report the income and expenses from the LLC. If you have positive net income in excess of $400, you will file Schedule SE to pay self-employment taxes on the net income. You don't need any special form from the LLC, all you need is the documentation of the LLC's income and expenses.If you have more than one owner of an LLC, you will file Form 1065 as a partnership. The net income from the LLC will be reported to the partners on Schedules K-1, and each partner will report the income from the partnership on their individual Form 1040s (usually on Schedule E). Partners who are actively involved in the conduct of business for the partnership will pay self-employment taxes on their share of the partnership income. For your individual tax purposes you will use the Schedule K-1 from the LLC.If you have elected to be treated as a corporation for tax purposes, you file the appropriate form (1120S for S-corporation, 1120 for C-corporation). If the LLC is being treated as an S-corporation, you will receive a Schedule K-1 from the S-corporation for your individual taxes. If the LLC is being treated as a C-corporation, the only thing that affects your individual taxes would be a dividend distribution from the C-corporation to you, and you would then receive a 1099-DIV from the C-corporation.Added after reading Joe's answer: Washington State provides a good guide on its Web site: Small Business Guide Page on Wa.
Do you have to pay tax for selling on eBay?
If you are a US taxpayer, and you sell items on eBay on a routine basis, you are required to report your revenue from the sale of such items as part of a business return (e.g. Schedule C or C-EZ of Form 1040, Form 1120, Form 1120-S, Form 1065, or other form as appropriate to your tax status). You may generally deduct your expenses in producing and shipping those items, any costs you incur in marketing them (including eBay listing fees), and any other expenses that can be reasonably attributed to the process of acquiring, producing, or selling those items.If you only occasionally sell items on eBay (that is, you are not in the business of selling things on eBay) and you are a US taxpayer filing a personal income tax return, you must report the entire amount of what you received for whatever you sold as “other income” on Line 21 of Form 1040. Note that you cannot file Form 1040-A or Form 1040-EZ if you have taxable “other income” that isn’t from unemployment compensation or Alaska permanent fund dividends; there is no equivalent of Line 21 on Form 1040-A or Form 1040-EZ. Effective with tax year 2018, these amounts are instead reported on Line 21 of Schedule 1 of Form 1040.eBay does not send Form 1099-MISC because eBay does not process payments itself other than to collect its listing fees. Thus, eBay will never send you a Form 1099-MISC or Form 1099-K. If you use a payment processor such as PayPal, and you process transactions through that processor totaling more than $25,000 from 200 or more payors, that processor will send you, and the IRS, Form 1099-K, indicating that you were the recipient of the specified amount of funds. If your return does not, somewhere, reflect the receipt of those funds, the IRS will “correct” your return by adding the amount you failed to report as income. This will generally increase your tax and reduce your refund or increase the amount you are required to pay, and could result in penalties for underpayment or underprepayment of tax. In addition, if you claim the Earned Income Tax Credit, Child Tax Credit, or American Opportunity Tax Credit, and fail to report any part of your taxable income, you may be subject to additional penalties, and may also be banned from claiming these credits in the future.If you indicated to the payment processor you use that you are not a US taxpayer (by providing them with form W-8BEN or W-8BEN-E, in lieu of form W-9, when they asked you for a SSN), they will not file Form 1099-K with regard to payments to you, and you do not have to file a US tax return. However, they may file Form 1042-S instead, and may instead withhold “exit taxes” from payments made to you in accordance with the rules pertaining to transfers of US-source income made to non-US taxpayers. Consult a tax accountant for additional information.(Updated April 2019 to correct errors and reflect changes in forms for tax year 2018.)
What are the steps and forms/schedules required to submit a tax return for foreign partner in LLC?
We would actually need a lot more information to accurately answer this question, but I will make some common assumptions and give you the best general advice that I can.First I assume that the LLC has more than one member and has elected to accept the default US tax classification of a partnership.That means each of the members of the LLC, should receive a Form K-1 when the partnership files its separate Form 1065 tax return. The K-1 form will show the individual partner’s share of profits, losses and other pass through tax items.Next I will assume that the LLC (partnership) has US sourced and taxable income which is passing through to the foreign member (partner) and therefore the foreign partner needs to file a form 1040NR to report his or her share of tax items reported on the K-1 form. This information is typically reported on Schedule E, but there may be other forms depending on the type of tax attributes passed out through the partnership.That covers the basics of federal tax reporting, depending on which state(s) the LLC may be registered and operating in, there could be some state level tax reporting for the foreign partner in addition to the above federal return.There are any number of potential situations that could change this depending on the specific facts and circumstances such as tax treaty benefits or the nature of the income generated by the LLC.
Can you change the name on an LLC and keep the same tax ID number?
Changing the name of your LLC with the Internal Revenue Service is easy, and in many cases does not require also changing your tax ID number.A limited liability company, or LLC, is a form of business association that combines the pass-through taxation and flexibility of a partnership with the limited liability of a corporation. The Internal Revenue Service does not recognize LLCs for the purposes of federal taxation, instead classifying them as a corporation, sole proprietorship or partnership. If you have changed the name of your LLC, reporting your name change to the Internal Revenue Service generally only requires indicating this on the company’s yearly tax return.Step 1Determine if you need to apply for a new IRS Employer ID Number, or EIN. The IRS does not require you to obtain a new EIN if you merely change the name of your LLC. However, obtain a new EIN if your LLC’s name change is the result of a change in business organization, such as a conversion from a corporation to an LLC. If you must obtain a new EIN, apply online via the Internal Revenue Service's EIN Assistant.Step 2File a yearly Form 1120 as a corporation (see Resources). Check “Name Change” under Line E on Page 1. Form 1120 is the U.S. Corporation Income Tax Return, where a company must disclose yearly income and debts. Supply the new name of your company under Section A. You do not need to include the old name of your company. A company officer must sign the form.Step 3File a yearly Form 1120S as an S-corporation (see Resources). Check “Name Change” under Line H on Page 1. Supply the new name of your company under Section A. You do not need to include the old name of your company. A company officer must sign the form.Step 4File a yearly Form 1065 as a partnership (see Resources). Check “Name Change” under Line G on Page 1. You only need to supply the new name of your company, and a company officer must sign the form.Step 5File as a sole proprietor. Write a letter informing the IRS of the name change. Mail it to the IRS at the address where you file your yearly tax return. The IRS does not have an official notification form if you file as a partnership; however, a company officer must sign the letter notifying the IRS of the name change.
What would you need to keep track of and have to file partnership taxes?
I recommend you talk to a CPA and have them help you from the beginning.The specifics are way beyond what anyone could cover here on Quora. Just for starters you need to know if your LLC even qualifies to be a partnership, you need two or more owners. A single member LLC cannot be a partnership. You need to have, preferably in writing, how profits, losses and capital of the partnership will be allocated. You need an EIN for the LLC. You need a separate business checking account for the LLC. You need bookkeeping to keep track of your transactions. Then you have the potential of needing to pay franchise tax, sales tax, employment tax, unemployment tax, excise tax and/or gross receipts tax. Finally a partnership has to file a form 1065 with the IRS each year. Not a DIY form in my opinion.You will be way ahead if you get professional help now, before you make a mistake that costs you more in the long run.