How are my LLC's taxes broken down by percentage?
I’ve recently fired my accountant for being a moron. Now I turn to you good people of Fluther. I’m trying to figure out how my LLC’s taxes get broken down by percentage.
Basically what percent of my gross goes to the federal government, what percent goes to the state government, what percent is for self employment tax and what percent is for medicare? The LLC’s status is disregarded entity so no s-corp stuff should apply.
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7 Answers
Buy the home and business Turbo tax and answer the question yourself. You’ll save a pile of money and learn more about your business than any class. It is worth it.
Get a better accountant. A good accountant is invaluable if you run a business. And you are less likely to be audited. I wouldn’t dream of doing my corporate return alone.
sorry, I cant answer this as I am in the UK, however over here you can phone the inland revenue up directly and ask them?, that may be a way forward
Start getting your business on QuickBooks. But for now, as @worriedguy suggests, TurboTax Home and Business edition for single owner LLC, or Businesss edition for multi-member LLC.
@SeventhSense well, I guess things separate us apart . . . As I had suggested, having your business on QuickBooks makes tax preparation much easier.
My business is on Quick Books but my accountant is invaluable and self prepared returns are more likely to get audited. And I do believe a good accountant along with a good lawyer are the two most important things to help a business grow.
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