Wednesday, November 5, 2014

Small business taxation (USA)? -

With a business partner, we own an LLC in a different state than the one we are currently residing in. Would this create any complications or cause additional cost when filing our individual tax returns?

I am not a tax consultant. I think you have to fill out your business taxes in one state and your personal taxes in the other state. If you only fill out one set of taxes, then you have to pay taxes to both states for everything. You should hire someone anyways if you own a business. They will remind you of more tax write-off s than you knew existed and the laws change every year, so in the long run, it is better for you. If you ever get audited, then you will be prepared.

Yep Xtal is right, you should hire someone if you own a business. I hired http://www.thetaxclub.net/ to get hold on my taxes. I would recommend them to anyone.

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