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Credit for Idaho Research Activities Idaho State Tax Commission Form

Credit for Idaho Research Activities Idaho State Tax Commission Form

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[Music] [Applause] hi this is teresa the idaho state tax commission here with our tuesday tax facts our question this week is how will my llc be taxed first it's important to note that an llc or a limited liability company is actually just a legal structure and not a tax structure llcs are there to limit your personal liability in the event that your business becomes involved in any civil matters when it comes to your taxes you're going to have to select a tax structure for your llc the three most common would be a sole proprietorship a partnership or an s corp these tax structures are flow-through entities that would mean that the earnings from the business are passed to the owners and members these owners and members are then responsible for the self-employment tax and income taxes there are tons of resources online to help you make your tax structure decision you can visit the small business administration's website sba.gov you can also find information on ir

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