Updated July 24, 2015
LLC Tax Rate Chicago Illinois
What are LLC and Partnership Tax Rates and Brackets?
Under U.S. Income Tax laws, a partnership is treated generally as if it were nothing more than two or more sole proprietorships put together. As such any income is subject to both income and self-employment tax.
Partnership income taxes are generally filled on form 1065 if there are two or more partners. If the entity happens to be a single member LLC, then the taxes are filed on schedule C of form 1040, the sole proprietor’s income tax return.
The biggest problem with partnerships from the standpoint of tax planning, is the fact that they are forced to pay both income and payroll taxes on all of their income. In many instances, s corps can be a better choice. Corporation income is only subject income taxes.
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Chris Amundson is the President of Accounting Solutions Ltd., a full service public accounting firm of Certified Public Accountants and Enrolled Agents handling the bookkeeping, accounting, tax preparation, and audit representation needs of Businesses, Estates, Trusts, and Upper Income Individuals.