Wednesday, February 1, 2012

Taxes for a Delaware LLC

Question: I am looking for an accountant to help prepare and file my taxes. I started a Delaware LLC in December 2011 and I am looking to recoup the start up costs and file with the IRS. I would like a breakdown of what services I would need and the breakdown of cost as well.
Thank you

Answer: Thank you for your question. What seems to be a pretty simple question is actually quite complex. We need to first start by understanding what type of LLC was formed. When you create an LLC, the Internal Revenue Service by default considers it a disregarded entity and would expect to see either the LLC reported on your personal income tax return or on a partnership return. You may also have filed an S Election, form #2553 to be taxed as a corporation. All of this is normally spelled out in your Operating Agreement, if you have one, and you should have one. The attorney or incorporator who established your LLC should have drafted this for you.

We file LLC tax returns of all types and we work with our clients in creating the best tax structure to meet your business needs. Contact Ralph V. Estep, Jr., of Saggio Accounting+PLUS at 302-659-6560 or visit our website at and let us build a relationship with you.

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