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Expert LLC tax services by Wasserman CPA: choose the right classification for your business and maximize efficiency.
Wasserman CPA has been assisting business owners in South Jersey for more than 30 years, and our tax and accounting professionals help our clients structure their LLC’so that they receive the optimal tax strategy. From LLCs taxed as S-Corporation, partnership or sole proprietorship — we will make it simple and ensure you understand every step.
A limited liability company (LLC) is a flexible business structure. The Limited Liability Company, LLC, is a type of business structure that protects its owners from personal liability. The LLCs offer tax treatment options that are one of its major benefits. Here at Wasserman CPA, we help businesses select their preferred tax status for LLCs. The LLC can be taxed as — depending on the unique requirements and to achieve maximum tax efficiency and to satisfy the business objectives:
Single-member LLCs by default pay taxes as a sole proprietor. As a result, LLC income and expenses are reported by you on your personal return (Form 1040, Schedule C) — the LLC does not file its own tax form.
By default, if the LLC has more than 1 member, it is taxed as a partnership. This necessitates that the LLC file Form 1065, an informational return that relays the income, deductions, and credits of the business. Every LLC member receives a Schedule K-1, and the reported amount gets accounted for on the individual tax return by way of showing their share of the income.
Taxation of an LLC as an S-CorporationAnother popular option for LLC taxation is S-Corporation. This option is often chosen by businesses that want to save on self-employment taxes. Under this structure, business owners are expected to pay themselves a “reasonable salary” for the work they perform. Dividends from your remaining profit after you take away your self-employment tax.
However, we will often offer some pragmatic tips on setting up an LLC for optimal tax treatment:
To get the best tax treatment for your LLC, call Wasserman CPA. Whether you are confused about the best tax classification for your LLC, or you need assistance maintaining good tax compliance, we are ready to partner with you for success.
Call us today for your consultation, and let us help you to structure your LLC taxes in the smartest way!
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