Tractor depreciation will be spread over many years. Business income or loss flows through to personal tax return. LLC is a flow-through entity. LLC files an information tax return, but there is no tax liability to the entity. It passes to owners via K1 documents.
Losses from your LLC will offset any W2 income. Sounds like you could use a good CPA to help with your business and personal taxes. Often times you don’t know what, you don't know.
Losses from your LLC will offset any W2 income. Sounds like you could use a good CPA to help with your business and personal taxes. Often times you don’t know what, you don't know.
Statistics: Posted by StevieG72 — Fri Sep 13, 2024 9:43 pm