Overview

The IRS treats one-member LLCs as sole proprietorships for tax purposes. This means that the LLC itself does not pay taxes and does not have to file a return with the IRS. As the sole owner of your LLC, you must report all profits (or losses) of the LLC on Schedule C and submit it with your 1040 tax return. To add insult to injury, they are usually complicated to understand and take a long time to prepare and file. That is where this book comes in. Within the pages of this book, you will find: - -The different types of small businesses that you can create -The pros and cons of owning different types of businesses -How the IRS calculates your taxes -The four different taxes that small business owners are expected to pay -How to calculate tax-deductible business and capital expenses The key to understanding small business taxes is finally presented in this book. Increase your avenues of wealth creation. Gain a better understanding of the federal tax system and increase the likelihood of paying lower taxes}

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