- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
How do I find out what tax bracket an LLC corporation is in?
Posted on 2/29/16 at 9:36 pm
Posted on 2/29/16 at 9:36 pm
My brother and I are currently liquidating a corporation we own. I have no idea how to find out what tax bracket we are in. I put this topic in money talk so if it needs to be deleted then so be it. Our company has lost money the last few years so i dont know if that hurts the range or not.
13
Posted on 2/29/16 at 9:36 pm to shoelessjoe
Huh?
Posted on 2/29/16 at 9:38 pm to shoelessjoe
Something tells me this will not be your only question while filing your taxes
Posted on 2/29/16 at 9:38 pm to Tigerpaw123
I have no clue about taxes and all of that stuff. What i am asking may not sound correct i am just looking for some help.
Posted on 2/29/16 at 9:39 pm to shoelessjoe
Posted on 2/29/16 at 9:40 pm to shoelessjoe
What are you really looking for because your question does not make sense
An LLC does not have a tax bracket
An LLC does not have a tax bracket
This post was edited on 2/29/16 at 9:41 pm
Posted on 2/29/16 at 9:40 pm to shoelessjoe
quote:
My brother and I are currently liquidating a corporation we own. I have no idea how to find out what tax bracket we are in. I put this topic in money talk so if it needs to be deleted then so be it. Our company has lost money the last few years so i dont know if that hurts the range or not.
Well, I can't say I'm surprised that your company lost money the last few years.
Posted on 2/29/16 at 9:41 pm to shoelessjoe
An LLC isn't a corporation. So...are you an LLC or a corp?
Posted on 2/29/16 at 9:41 pm to shoelessjoe
There is a tax table you'll need to find. Regardless of profitbility there's tax due on the revenue it earned. Now the tax liability can be lessened from deductions and such.
start at 35% and work your way down.
start at 35% and work your way down.
Posted on 2/29/16 at 9:42 pm to shoelessjoe
I file taxes. I am trying to understand how much taxes will be paid on the things that have value from the corporation. My brother and i should be coming into some money from the sale but i was told it depends on the tax bracket we are in.
Posted on 2/29/16 at 9:43 pm to shoelessjoe
My bad it is a corporation.
Posted on 2/29/16 at 9:43 pm to shoelessjoe
An LLC is not a corp. Unless you elected to have the LLC treated as a corp. for U.S. federal income tax purposes, it is treated as a "flow-through", meaning that profits and losses flow-through to the underlying members of the LLC and are taxed at the member level (i.e., the LLC is not taxed).
You should probably hire someone to provide advice to you in respect of this matter.
You should probably hire someone to provide advice to you in respect of this matter.
Posted on 2/29/16 at 9:43 pm to kilo1234
I always have to scratch my head and say "WTF!?" when people talk about tax brackets like that. Like they put you in a range and then all your money is taxed that same higher rate. Truly bizarre how many adults believe that.
Just last week a guy told me about how something was a tax write-off for the company because if they make too much money then they get into a higher tax bracket and wind up with less money because of the higher rate. All I could do was SMH at him.
Just last week a guy told me about how something was a tax write-off for the company because if they make too much money then they get into a higher tax bracket and wind up with less money because of the higher rate. All I could do was SMH at him.
Posted on 2/29/16 at 9:44 pm to kilo1234
Well, I can't say I'm surprised that your company lost money the last few years.
That has nothing to do with it. My business goes with mother nature. We have no control over that.
That has nothing to do with it. My business goes with mother nature. We have no control over that.
Posted on 2/29/16 at 9:44 pm to shoelessjoe
quote:
My bad it is a corporation.
You don't even know what type of entity you own. Retain the services of an accountant (and a lawyer since it seems like some type of corporate transaction is driving this question).
Posted on 2/29/16 at 9:46 pm to Asgard Device
I think the basics of income tax should be taught in high school. I have two degrees and don't know squat about personal income taxes.
Posted on 2/29/16 at 9:47 pm to Mo Jeaux
S corp or c corp?
Posted on 2/29/16 at 9:47 pm to shoelessjoe
Say what??
Posted on 2/29/16 at 9:47 pm to Mo Jeaux
It is. I talked to my CPA about this a few days ago but just wanted to know since money was lost was that an advantage for tax purposes and if so how. The CPA mentioned something about that but couldnt understand that.
Posted on 2/29/16 at 9:48 pm to BBONDS25
quote:
S corp or c corp?
Now you're really mucking things up. 
Page 1 of 2
Back to top
Follow TigerDroppings for LSU Football News