New LLC

Forum|Forum|2 years ago
April 24, 2024
2 replies
3 views

Hello, I recently received my LLC and I was wondering what can I do to owe the least amount of money in taxes.

Ask the Experts - Refund II - April 2024

Anonymous_

Level 15

@Marg03 wrote:

Hello, I recently received my LLC and I was wondering what can I do to owe the least amount of money in taxes.

I take what you wrote to mean you recently organized your LLC.

In that event, if it is a single-member LLC, there is little you can do in addition to anything you would typically do as a sole proprietor since your LLC will be treated as a sole proprietorship for federal income tax purposes.

PatriciaV

Level 15

Your LLC is a business and if you are the only owner, you will owe self-employment taxes on the net income from that business. Be sure to keep good records. Learn to use accounting software like QuickBooks or CreditKarma to track your income and expenses. If you pay for your own health insurance, you may be able to deduct those payments. If you have a home office, learn how to deduct the use of your home for your business. The links below provide more information on running a successful business.

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