3 ms·

I think the LLC is not taxed, but we as owners /shareholders do. https://www.nolo.com/legal-encyclopedia/how-llcs-are-taxed-29675.html https://www.nolo.com/leg

• anoncoward111 8y ago
  Hmmm ok, so then based on that article and your opinion of the situation, it's debatable if you owe personal income tax on your share of the yearly income, which let's say is 33%. Is there a way to make sure you are only paying taxes on the yearly profit and not revenue? 100k in revenue is nothing if the business had 100k in expenses that year. What state is the LLC registered in? That will affect if you owe state taxes too, even if you live abroad. I'm sure if the income was large enough, the IRS would send you an audit saying you owe xyz +5% late penalty. If it's small and you have no physical address here and the income is entirely online, then perhaps you owe 0% tax. Confusing to me, really, as I've only ever worked W2, 1099, and cap gains for income