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JSS6
Level 1

Pass Through Deduction

I retired in January and I am collecting SS, but started a small LLC company.  If I file my taxes online, can I use pass through deductions from my business to my personal taxes?

1 Best answer

Accepted Solutions
KellyCoughlin
Employee Tax & Finance Expert

Pass Through Deduction

The income/revenue from your LLC can be reduced by the expenses of that LLC. This NET income is subject to both SS tax and income tax. This net amount will be used to determine if any of your other income including SS income is taxable.

Our great tax software at TurboTax will help you with this. And if you get stuck, don't forget to use our TurboTax Live service so you can talk to a Tax Expert to help guide you.

 

Good Luck

Kelly C, CPA

 

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1 Reply
KellyCoughlin
Employee Tax & Finance Expert

Pass Through Deduction

The income/revenue from your LLC can be reduced by the expenses of that LLC. This NET income is subject to both SS tax and income tax. This net amount will be used to determine if any of your other income including SS income is taxable.

Our great tax software at TurboTax will help you with this. And if you get stuck, don't forget to use our TurboTax Live service so you can talk to a Tax Expert to help guide you.

 

Good Luck

Kelly C, CPA

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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