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Updated over 4 years ago on . Most recent reply
LLC business and Tax Question
Hello, I am reaching out because I have a few questions about taxes and an LLC:
1st. For Tax purposes; is it better to start a Single Member LLC if you are a married couple and your business is a Home-Based LLC? ....
2nd.. What would be the major difference if me and my wife are both members of the LLC or if only ONE of us were members? How would that impact how we file and how would it impact the benefit that we would get or NOT get as a home-based business? ..
3rd.. Would the business file a separate tax return? and how would we report our income if we are both members? ...
Thank you so much for your help. #TaxQuestion #LLC
Most Popular Reply
#1 Foreclosures Contributor
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- West Palm Beach, FL
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#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
An llc has no affect on your taxes whatsoever, the income goes straight to your personal tax return.