What are the estimated 2023 taxes for a single owner LLC with $65,000 income, 85sq ft home office, $300 a month health care premium, and $3500 in business deductions?
It is not possible to provide an accurate estimate of 2023 taxes for a single owner LLC with the given information. Tax liability depends on various factors such as the LLC's tax classification, state of operation, and other income and deductions. However, here are some general guidelines that may help you estimate your tax liability: - If the LLC is taxed as a sole proprietorship, the income and deductions will be reported on Schedule C of the owner's personal tax return. The net income (income minus deductions) will be subject to self-employment tax (currently 15.3%) in addition to income tax. The home office deduction may also be subject to certain limitations. - If the LLC is taxed as an S corporation, the income and deductions will be reported on the business tax return (Form 1120S) and passed through to the owner's personal tax return. The owner will only pay self-employment tax on the portion of income that is considered salary or wages, not on the entire net income. - If the LLC is taxed as a partnership, the income and deductions will be reported on the business tax return (Form 1065) and passed through to the owner's personal tax return. The owner will pay self-employment tax on their share of the net income. In any case, it is recommended to consult with a tax professional to get a more accurate estimate of your tax liability and to ensure that you are taking advantage of all available deductions and credits
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