My new business is formed as an LLC and I can't find the right tax form to fill out for the IRS. Count that as a mistake. Caroline, thanks for asking, sorry about that. A very good question and this is kind of one of those unique things and I'm not sure exactly why the IRS hasn't resolved this yet. Limited liability companies or LLC's have been around for a long time, but the IRS doesn't recognize them as a new entity form. They still haven't gotten around to doing specific forms just for an LLC. So, if your LLC operates as such, you have to choose how to be taxed for federal income tax purposes, and here are your choices. First thing to ask yourself, are you a single-member LLC, so you're the only owner? Or do you have a partner, another person that owns part of the LLC? If you're the only owner, you can choose to be taxed as a sole proprietorship or to be taxed as a partnership. If there's more than one of you, you can choose to be taxed as a partnership or a corporation. So those are your choices. Now, most of the time, most of us small business owners choose the first set, either as a sole proprietorship or a partnership. And the reason we choose that is because that still gives us the pass-through taxation that we really wanted to have as a small business and as an LLC or a partnership. That means that entity is not going to pay any federal tax separate from you. If you choose a corporation, whether it's just you or have a partner, now you have to worry about that double tax issue. So most likely, you will have chosen the pass-through taxation. If...
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8962 irs Form: What You Should Know
Use Form 8962 to reconcile the amount of the advance payment to your final tax liability. Sep 20, 2024 — Do the following after completing Form 8962: Calculate your credit for 2024 by using tax year 2024 guidelines, and calculate the amount of the credit for 2024 by continuing with guidance for a refundable tax credit in 2017. 2024 Instructions for Form 8962 — IRS 2028 Notice for Form 8962, Premium Tax Credit — IRS 2031 Instructions for Form 8962 — IRS Information about reconciling your advance payment in 2024 with tax year 2017. 2034 Instructions for Form 8962 — IRS Information about reconciling your advance payments in 2024 with tax year 2017. Form 8962 — Premium Tax Credit Aug 26, 2031 — Use Form 8962, Premium Tax Credit, to figure the amount of your advance tax credit. Do the following: Re conciliate the refundable share of advance tax credit with tax year 2017, and reconcile your advance payment with the tax year 2017. If you have a refundable tax credit for 2017, use the refundable tax credit from 2024 and 2024 as the amount of the advance tax credit. 2035 Instructions for Form 8962 — IRS Note: The tax year 2024 guidance for the tax year 2024 that is posted in this publication is for tax years ending on or after Dec 22, 2018. For tax years ending after Dec 22, 2018, use guidance in Form 8851, Premium Tax Credit Return. Form 8962 — Premium Tax Credit Aug 26, 2032 — Use Form 8962, Premium Tax Credit, to figure the amount of your premium tax credit. Do the following: Re conciliate the refundable share of the advance tax credit with tax year 2017, and reconcile your advance refund with the tax year 2017. If you have a refundable tax credit in 2017, use the refundable tax credit from 2024 and 2024 as the amount of the advance refund. 2034 Instructions for Form 8962 — IRS Note: Do not use the 2024 guidance on the amount of advance pay that you may deduct in 2024 for purposes of determining whether you have a net profit from selling property. Use the guidance in section 1473(d) on deducting advance tax payments.
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