I have a LLC company,where can I learn about company Tax infomation?Where I can learn how to use QuickBooks?

Similar questions: LLC company learn Tax infomation QuickBooks.

Tax info will vary somewhat by location and a few other details Here's a basic overview:LLC owners report business income and losses on their personal tax returns. An LLC is not a separate tax entity like a corporation; instead, it is what the IRS calls a "pass-through entity," like a partnership or sole proprietorship. All of the profits and losses of the LLC "pass through" the business to the LLC owners (called members), who report this information on their personal tax returns.

The LLC itself does not pay federal income taxes, but some states impose an annual tax on LLCs. Income TaxesThe IRS treats your LLC like a sole proprietorship or a partnership, depending on the number of members in your LLC. If you've already done business as a sole proprietorship or partnership, you're ahead of the game because you know many of the rules already.

If not, here are the basics:Single-Owner LLCsThe IRS treats one-member LLCs as sole proprietorships for tax purposes. This means that the LLC itself does not pay taxes and does not have to file a return with the IRS. As the sole owner of your LLC, you must report all profits (or losses) of the LLC on Schedule C and submit it with your 1040 tax return.

Even if you leave profits in the company's bank account at the end of the year -- for instance, to cover future expenses or expand the business -- you must pay income tax on that money. Multi-Owner LLCsThe IRS treats co-owned LLCs as partnerships for tax purposes. Like one-member LLCs, co-owned LLCs do not pay taxes on business income; instead, the LLC owners each pay taxes on their lawful share of the profits on their personal income tax returns (with Schedule E attached).

Each LLC member's share of profits and losses, called a distributive share, should be set out in the LLC operating agreement. ********************************************If you're running an LLC, you're definitely going to need an accountant unless someone in your company is fulfilling that role. Whoever is doing it should be up-to-date on the details, so refer to them whenever possible.

If you're going to be handling them yourself, there are great resources at the IRS:http://www.irs.gov/businesses/small/article/0,,id=98277,00.htmlhttp://www.irs.gov/faqs/faq-kw105.htmlAnd Quickbooks itself will provide you with lots of great info. You may want to get some of their training:http://quickbooks.intuit.com/product/training/cd_course_catalog.jhtmlWhat they offer there will be much more useful than things like Video Professor, but that's also a good starting place:http://www.videoprofessor.com/products/financialmanagement/learnintuitquickbooks/learnintuitquickbooks.htmlGood luck! Sources: http://www.nolo.com/article.cfm/objectID/3A3BFF8B-DB8D-4CF1-8C45EAB209521299/111/182/245/ART/ .

1 Quickbooks Forum: quickbooksgroup.com/index.htmlI had an LLC a few years back and the local chamber of commerce was a great source for information as well as (yourstate.gov) website.

Quickbooks Forum: quickbooksgroup.com/index.htmlI had an LLC a few years back and the local chamber of commerce was a great source for information as well as (yourstate.gov) website.

" "Parnership LLC-Business arrangement is $700/wk salary + 25% qtrly profits. How do I handle the mechanics in Quickbooks?" "If a member of an LLC deserts the company can it be dissolved?

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Parnership LLC-Business arrangement is $700/wk salary + 25% qtrly profits. How do I handle the mechanics in Quickbooks?

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