A LLC (or limited liability company) is a legal structure for a company that combines taxation aspects of a partnership or sole proprietorship with the limited liability of a corporation. The formation of an LLC is a simple way to protect owners and shareholders from liability without all the requirements of a corporation.
Benefits of a LLC
- Personal asset protection.
- Pass through taxation - similar to that of a S corporation or sole proprietorship. LLCs have the ability to choose taxation types.
- Less paperwork - LLCs are not required to hold annual meetings, assign official roles or record certain company actions like corporations are.
- LLCs can include one single owner or multiple owners, making the structure very flexible.
How are LLCs Taxed?
The LLC is a unique designation in that it does not have a defined taxation form. Instead, an LLC can be taxed in three separate ways: sole proprietorship, a partnership or a corporation. Single member LLCs will be taxed as a sole proprietorship and multi-member LLCs can choose to be taxed as a partnership or corporations. There are benefits and disadvantages to each option, so it is best to speak with a professional Richmond accountant before deciding.
LLC tax returns can be confusing to prepare for and file. Don't wait until the last minute! With the help of a professional tax preparer from Paramount Tax, you can have your taxes filed and your finances set straight. We ensure you choose the best method of filing in order to enhance your tax benefits and save as much of your hard earned money as possible.
Tax Preparation in Richmond
When it comes to tax preparation for both business owners and individuals in Richmond, Paramount Tax is the name you can count on. We look out for small business owners and won't take advantage of you like the big tax firms do. Contact us today for assistance for LLC tax returns.
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Paramount Experience
Many people do not know how a professional tax firm differs from a tax preparer. The main difference when working with a professional tax and accounting firm, such as Paramount Tax & Accounting Richmond East, is that our firm utilizes the services of licensed professionals.
Paramount has worked hard to create relationships to deliver the value that our clients expect. In fact, our goal is to be the No. 1 firm in Richmond. So when you ask yourself, "Where can I find accounting services near me?"... think no further than Paramount Tax & Accounting Richmond East!
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Whether you are filing personal taxes or you own a business, if you are not already using a professional tax and accounting firm, you have most likely already missed out on major tax benefits, deductions and credits. This is because a professional tax and accounting firm utilizes licensed professionals, who can not only advise individuals on personal financial matters but who are qualified to advise businesses, financial institutions, nonprofit organizations and government agencies on a wide range of financial topics. Our strict standards ensure that we understand the complicated tax laws and how to implement strategies that return the most benefits to individuals and businesses. Give Paramount Tax & Accounting Richmond East a call or visit our tax and accounting firm in Richmond for a free consultation.
