Can I use the annual Alternative Entity Tax for Delaware LLCs as a tax deduction?
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

Can I use the annual Alternative Entity Tax for Delaware LLCs as a tax deduction?

 
3 Replies
Highlighted
Level 6

Can I use the annual Alternative Entity Tax for Delaware LLCs as a tax deduction?

Yes, the Alternative Entity Tax is a business expense which can be claimed by the LLC under Taxes and Licenses.

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

Can I use the annual Alternative Entity Tax for Delaware LLCs as a tax deduction?

How do I input this in turbo tax? I only see a "estimated tax payments" under "other business expenses".

I am trying to use this deduction for a single member llc with no income.
Highlighted
Level 6

Can I use the annual Alternative Entity Tax for Delaware LLCs as a tax deduction?

As you report the income and expenses of the LLC on Schedule C of your personal return, you should enter this tax on Schedule C under Taxes and Licenses. Your Schedule C will show a loss which can partly offset your other income.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Privacy Settings