A Limited Liability Company (LLC) is a business structure that combines taxation aspects of a sole proprietor or partnership with the limited liability of a corporation. An LLC protects the personal assets of its owners without the more cumbersome requirements of a corporation.

How LLCs Help you?

  • Asset Protection
  • No Corporate Tax – LLCs that do not elect to be treated as corporations do not have to pay corporate income tax
  • Less Paperwork – LLCs that have not elected corporate status do not file separate corporate tax returns, hold annual meetings,appoint officers or record minutes of shareholder meetings.
  • Lower State Fees- in some states, LLCs pay significantly lower fees than corporations.
  • Flexibility – LLCs can have one member or many, and can elect to be treated as S Corporations or even C Corporations

How are LLCs Taxed?

Single member LLCs are taxed as sole proprietors and multimember LLCs are taxed as partnerships unless they elect to be treated as a corporation.

As LLCs grow, the advantages of an S Corporation or C Corporation may outweigh the disadvantages. There are many factors here and no one-size-fits-all. It is recommended you contact an EA or Accountant at Torchlight Tax to see which is most advantageous to you at your current stage of expansion.

LLC tax returns can be confusing to prepare. Few businesspeople are trained to do these. With the help of an EA or CPA from Torchlight Tax, you can maximize your tax savings and have your taxes filed without a lot of hassle or wasted time. In addition to tax savings, proper accounting can assist in pinpointing your most profitable and unprofitable activities, and this data can be used to increase profits.

Tax Preparation in the Las Vegas Valley

When it comes to tax preparation, accounting, and IRS representation in the Las Vegas Valley, Torchlight Tax is ready to save you tax dollars. Contact us today for assistance in C corporation tax returns. Free Consultations are available.

Call us at 1-877-758-7797 or 702-463-1818 or email us at info@TorchlightTax.com. We can transfer your call to a branch office near you or help you directly from our central office.

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    Why Torchlight Tax

    Many people do not know how a professional tax and accounting firm differs from a bookkeeper or tax preparer. The main difference when working with a professional tax and accounting firm, such as Torchlight Tax, is that our firm utilizes the services of CPAs, EAs, and Attorneys who are distinguished from bookkeepers and other tax preparers by stringent qualification and licensing requirements. Our entire team has a purpose to legally save your tax dollars and to make taxes as painless as possible. This means we take your calls and respond to your concerns. If you receive a threatening IRS call or Notice or are worried about some tax question, we are here for year round taking your calls and responding to your emails.

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    Whether you are filing personal, small business, or corporate taxes, or negotiating IRS tax debt, if you are not already using a professional Tax, Accounting and IRS Representation firm, you most likely have missed out on major tax benefits. This is because a professional tax and accounting firm utilizes licensed professionals such as Certified Public Accountants (CPAs), EAs and Attorneys, who can not only advise individuals on personal financial matters but who can also advise businesses and corporations of all sizes and types. Tax laws are complicated, and no one knows everything. Torchlight Tax is a team and any one of our tax pros can call on other EAs, CPAs and Tax Attorneys in the team who may have specialist knowledge in a specific area of tax.

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