If you are wondering how to file LLC in NY, it can be advantageous to become familiar with what an LLC is as well as some basic filing information. In order to ensure you are filing everything correctly and making the best financial decisions, it would be beneficial to seek taxing advice in your area of New York.
What Is An LLC?
An LLC is an entity and the IRS treats them as either a corporation, partnership or as a disregarded entity. If an LLC has at least two members it is considered a partnership which makes a difference when it comes to taxes. An LLC with just one member is considered an entity that is not separate from its owner. Therefore, they do not have to comply to the same tax rules as a corporation.
Filing Based On What You Are
In order to file LLC in NY, you must figure out whether you want to be a partnership or a corporation. If you are a corporation, normal corporate tax rules must be followed. If you are a normal partnership, partnership tax rules apply.
Getting Tax Help
It would be extremely advantageous to seek help from professionals who are knowledgeable of tax language, rules and all the requirements for filing. Having tax help can save you tons of money over time and prevent you from making major finance mistakes. You don’t want to be paying more taxes than you need to because you need as much money as possible to invest back into the LLC and to be profitable.
When wanting to file LLC in NY, it would be wise to consult a tax advisor to receive expert advice from experienced and professionally trained taxing experts. After you become more familiar with the various filing guidelines and consult help to get you started, you can successfully file for and reap the benefits owning an LLC can provide. You may call 855-TAX-TIPS and you will be able to reach Uncle Phil from Ask Uncle Phil’s Tax Advice. You can connect with them on Facebook for latest updates!