LLC Big Tax Consequences
LLC Big Tax Consequences For Single Member LLC’s The IRS imposes self-employment tax on net profit at a rate of 15.3% plus Federal and State income tax.
partnership
Partnership For Tax Purposes
Form 1065 Limited Liability Company Federal Tax Return
Form 1065 is a Federal Tax Return filed by an LLC partnership. LLC does not pay tax on its income but passes through any profits or losses to its partners.