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Get your taxes done using TurboTax
I agree with @rjs. to get a tax deduction for payments to the Corp there has to be a valid business reason, the payments have to be reasonable for the services it performs and if it's you performing the services you would have to take a reasonable salary. Your best route is to confer with a tax planner who would look over your numbers to see what avenues are available to lower your taxes overall - ie income and payroll taxes. perhaps electing S-Corp for the LLC which might be able to save you enough in taxes to make it worthwhile or mayb even discontinue the LLC and do what the LLC is doing but as a C-Corp.
‎July 15, 2024
1:36 AM