Can I use the annual Alternative Entity Tax for Delaware LLCs as a tax deduction?
03574
3 Replies
MinhT
Expert Alumni
Jun 3, 2019 1:31:34 PM
Yes, the Alternative Entity Tax is a business expense which can be claimed by the LLC under Taxes and Licenses.
15chrjef
New Member
Jun 3, 2019 1:31:35 PM
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.
MinhT
Expert Alumni
Jun 3, 2019 1:31:36 PM
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.