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Should I file my llc as individual income or a partnership?
I have an LLC that generates all my household income. I no longer have a W2 job. Should I continue to file the LLC with my individual return (married filing jointly) through a schedule C? Or should I opt to structure the LLC as a partnership and file separately for personal and business?
From my understanding, a partnership would be taxed at a lower rate than personal income. But would I create a double taxation situation since I take my income from the LLC?
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‎June 14, 2022
11:56 AM