|
#6
01-25-2006, 10:24 PM
| |||
| |||
 Re: CA LLC Tax. Where on return? Katie wrote: - quote - > ?? Alan, I'm not sure why the $800 minimum tax for the LLC
You're not missing anything. I withdrew my response. I chalk> wouldn't be a legitimate business expense. What am I > missing? it up to moving to New Mexico. I'm having California brain drain.............. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
#5
01-24-2006, 10:26 PM
| |||
| |||
| Re: CA LLC Tax. Where on return? "A.G. Kalman" <glendale202-tax[at]yahoo.com> wrote: - quote - > Etienne wrote:
California charges $800 as a franchise tax, not an income> > I am doing my 2005 taxes using TurboTax premier. > > > I paid $800 California LLC tax. > > > I heard that this is deductible for Federal taxes (not for > > CA state tax). > > > The LLC is a disregarded entity. Where do I enter the LLC > > tax as an expense on my Schedule C (in Turbotax), under > > "Other Expenses"? > An individual is only allowed to deduct state income taxes > on Form 1040 Schedule A. It is not a business expense. > Partnerships and corporations may treat it as a business > expense. > The only exception to this rule is when the income tax is > imposed on gross income rather than net income. tax. Entities subject to this tax must pay at least $800. True, if they make enough the tax could be higher. But, the key point here is that, even if the entitly LOSES money, it must pay the minimum $800. It is a business expense, not deducible on Schedule A but on Schedule C as taxes and licenses. Lanny K. Williams, CPA Nawarat, Williams & Co., Ltd. Income Tax Services for Expatriate Americans << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
#4
01-24-2006, 10:06 PM
| |||
| |||
| Re: CA LLC Tax. Where on return? A.G. Kalman wrote: - quote - > Etienne wrote:
Disregard my answer. Katie is correct. This is not a state> > I am doing my 2005 taxes using TurboTax premier. > > > I paid $800 California LLC tax. > > > I heard that this is deductible for Federal taxes (not for > > CA state tax). > > > The LLC is a disregarded entity. Where do I enter the LLC > > tax as an expense on my Schedule C (in Turbotax), under > > "Other Expenses"? > An individual is only allowed to deduct state income taxes > on Form 1040 Schedule A. It is not a business expense. > Partnerships and corporations may treat it as a business > expense. > The only exception to this rule is when the income tax is > imposed on gross income rather than net income. income tax. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
#3
01-24-2006, 10:06 PM
| |||
| |||
| Re: CA LLC Tax. Where on return? ?? Alan, I'm not sure why the $800 minimum tax for the LLC wouldn't be a legitimate business expense. What am I missing? Katie << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
#2
01-24-2006, 10:05 PM
| |||
| |||
| Re: CA LLC Tax. Where on return? "A.G. Kalman" <glendale202-tax[at]yahoo.com> wrote: - quote - > Etienne wrote:
Why isn't it a business expense? If you have a one-person> > I paid $800 California LLC tax. > > > I heard that this is deductible for Federal taxes (not for > > CA state tax). > > > The LLC is a disregarded entity. Where do I enter the LLC > > tax as an expense on my Schedule C (in Turbotax), under > > "Other Expenses"? > An individual is only allowed to deduct state income taxes > on Form 1040 Schedule A. It is not a business expense. > Partnerships and corporations may treat it as a business > expense. LLC and elect not to be taxed as a corporation, wouldn't you put it all on Schedule C? Stu << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
#1
01-24-2006, 04:01 AM
| |||
| |||
| Re: CA LLC Tax. Where on return? Line 23, Taxes and Licenses. Katie in San Diego << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
01-24-2006, 03:41 AM
| |||
| |||
| Re: CA LLC Tax. Where on return? Etienne wrote: - quote - > I am doing my 2005 taxes using TurboTax premier.
An individual is only allowed to deduct state income taxes> I paid $800 California LLC tax. > I heard that this is deductible for Federal taxes (not for > CA state tax). > The LLC is a disregarded entity. Where do I enter the LLC > tax as an expense on my Schedule C (in Turbotax), under > "Other Expenses"? on Form 1040 Schedule A. It is not a business expense. Partnerships and corporations may treat it as a business expense. The only exception to this rule is when the income tax is imposed on gross income rather than net income. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
#-1
01-23-2006, 06:52 AM
| |||
| |||
| CA LLC Tax. Where on return? I am doing my 2005 taxes using TurboTax premier. I paid $800 California LLC tax. I heard that this is deductible for Federal taxes (not for CA state tax). The LLC is a disregarded entity. Where do I enter the LLC tax as an expense on my Schedule C (in Turbotax), under "Other Expenses"? Thanks, Etienne << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| llc, return, tax |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| Return Bryan: I bought "Essentials" but later found that my previous version of Money does not import. I would like to upgrade to "Delux" so that I can use my... | Microsoft Money | 1 | 05-31-2008 11:45 AM | |
| Decedent tax return cshiflett@att.net: I am going to file a tax return for my mother, who died in late Nov. '04. She had HH bonds, which were co-owned by her children. The children... | Taxes | 2 | 01-19-2005 01:33 PM | |
| Amended return once, can I do it again? Vigo: I filed my tax return as soon as I received all of my 1099s - I wanted to get it filed early because I needed to fill out the FAFSA as soon as... | Taxes | 10 | 03-05-2004 06:37 PM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
