Just so I am understand the "non refundable" aspect of this...
IF a person in question had NO tax liability and did not have any income to report (ie, a full-time student who did not work, earn money), then they could not claim the $2000 LLC and receive a refund of $2000?
But if someone had a tax liability of $5000 and had $4500 taken out in federal taxes (as per their W-2), then they would owe $500.
If they then applied the LLC, the tax liability would be reduced to $3000 ($5000 - $2000) and then their taxes paid ($4500) is subtracted from that, leaving them with a $1500 refund?
