Unlock the Potential of Your LLC Harnessing Pass-Through Taxation

You may also want to speak with a CPA beforehand to learn if the more complex S-corp tax filing (through IRS Form 1120-S) will actually save you money—as not ... If you create an LLC and do not choose how the LLC should be taxed, the LLC will be taxed as a pass-through entity based on the number of members. The default ... If you decide that a flow-through business entity is right for you, the next step is to choose whether you will establish an LLC, S corp, or ... The only type of business entity that isn't automatically regarded as a pass-through entity is a C corporation. Every type of LLC or partnership ... Taxpayer cannot make a PTE tax election on the second return because it is not a superseding return. The second return is an amended return. Can ... LLC pass-through income is treated basically the same as sole proprietor income; you might need to pay a higher share of self-employment tax unless you choose ... Every pass-through entity (PTE) that does business in Virginia or receives income from Virginia sources must file an annual Virginia income tax return on Form ... NOTICE: Some internet browsers have a built in PDF viewer that may not be compatible with our forms. Adobe Reader may be required for your browser or you may ... LLCs are eligible to be taxed as “pass-through” entities, meaning that profits and losses are not recognized by the LLC itself. A pass-through entity is a business structure legally akin to the individual(s) who owns it. It gets taxed at individual income tax rates.