LLC taxes
- From: Sallymae <opmmp3@xxxxxxxxx>
- Date: Mon, 24 Sep 2007 12:56:08 -0000
I'm still a little confused regarding the taxation of LLCs (operating
as a sole proprietorship).
1. Do I need to file taxes quarterly?
2. Since income from LLCs pass thru to the individual, will my income
from another full-time subject subjected to the same taxation rate as
LLC income?
3. Will tax deductions generated from my LLC apply to my overall
(including personal) taxes?
4. Also, in regards to LLC money sitting in a business bank account,
am I allowed to transfer that money anytime to a personal account? I
read that there is a rule that any money sitting in a business account
is taxed at 35%(?) regardless if it is there for future expenses. I am
not too clear on how to utilize some of the extra money sitting in it
and park them temporarily into a high interest rate account like a CD
or money market.
Thanks!
.
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