Question by seiryusho: What should I do for tax after I established LLC?
I established LLC for video production. Mainly I made this company for making a documentary. I have no income, but I wrote a couple of checks less than $ 600 to researchers and illustrators. I have no idea what to do for tax. Could someone teach me step by step?
Answer by eviltwinsteve
Generally, LLCs are past-through entities. This means that all income and expenses are reported on your own income tax returns. It appears that you generated no income, so there would be no taxes on that. However, many states have a minimum tax requirement (e.g. $ 800 in CA) for the LLC. You need to consult a tax advisor for your situation.
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