Can a United States S Corporation be owned by a Canadian?
Can you file taxes at any age?
How can I remove tax liens from my credit report?
How much do I have to make to file taxes?
How should I handle a car lease taxes under S corporation?
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What are the most common LLC tax deductions?
You wil not pay SE tax on the income of the S-corp, but there are more limits on benefits members can take in an s-corp.
S Corporations are flow-through corporations, so any earnings disbursed by the corp will be taxed directly on the LLC members' return. The LLC is invisible for tax purposes.
An LLC is not taxed. It is a pass-thru entity. All income and expenses pass to the owner. An S corp is an entity. The owners pay the tax.
An LLC stands for Limited Liability Company and is not a corporation. The LLC that elects to be taxed as a S-Corporation will file a Form 1120-S with the IRS.
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