LLCs may be owner-friendly and easier to run, but when tax season hits, there’s still quite a bit to untangle!
With deep expertise in LLC tax filings, especially those with foreign ownership complexity, Cleer Tax has your back.
A Limited Liability Company is a great vehicle for entrepreneurs. It limits your liability, allows tax flexibility, and is easy to setup and maintain. However, entrepreneurs are often surprised that it’s not that much simpler from a tax filing perspective.
Cleer Tax can help manage this end to end for you! With our flat-rate LLC tax return preparation for entrepreneurs, you’ll maintain compliance, maximize your savings, and reduce your admin time. All while saving money.
So form 1065 is for an LLC taxed as a partnership, while from 1120-S is for an entity that has made the S-corp election. So if you have an LLC and you have not make the S-corp election you will likely need from 1065.
So form 5472 is used when a company has a reportable transaction with a foreign or domestic related party. In most cases this will mean that you have a non-US person or persons who own 25% or more of the company. It could also be used when you have a foreign company engaged in business in the US. If either of those sound familiar then yes you need a form 5472.
Form 5471 is required for companies that are shareholders in a foreign corporation. We can include a form 5471 for a dormant entity if it has less than $5k in income and expenses and less than $100k in assets. If your business has active foreign subsidiaries please see our Foreign Subsidiary packages.
Form 8825 is used by LLC’s that are treated as partnerships when they have real estate income. Our pricing includes up to 3 properties.
Form K-1 is used to report a partner’s share of income, deductions and credits. Basically, this is how you know what to report on your personal income tax return.
These forms are related to withholding tax on foreign partners’ share of effectively connected income, and can be used by LLCs that have foreign members.
The answer will depend on where you are incorporated and where you are doing business. That said we do include 1 state tax return in our pricing. If you need additional state tax returns we can file them for you, but there will be an additional charge.