Outside of standard deductions for an LLC based upon income generated for a particular year, can other credits be taken if you can prove the owner has a disability or other hardships mentioned above?

Not for the owner. I am pretty sure you wouldn’t qualify for the credits by hiring yourself.  LOL.  However an LLC may or may not be a good entity for you.  For example if your spouse has 0 involvement in the business an LLC would work.  You’d want to file a return as a partnership which would exclude 50% of profit from Social Security tax.  BTW Social Security tax is often referred to as Self-Employment tax don’t mean to confuse things, like someone could talk about taxes and not be confusing.  However a partnership entity would not work for a Medical Expense Reimbursement Plan.  The right entity is critical.

 

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About taxdude8422

Basically I am just a tax nerd, have been all my life. However I have found the more open you are to opportunities the better off you will be in this world. That makes my what is know as an open networker on Linkedin, I will connect with anyone. I am not an expert on Linkedin by any means but one day when I was asking someone to connect I mentioned that I had just been refilled on invites. My new connect asked how I did that. I used that same line for the next month and got asked the same question four times. I started thinking there was a lot of little things it took my sometime to learn. Through this blog I plan to share some of those "Linked Secrets"
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2 Responses to Outside of standard deductions for an LLC based upon income generated for a particular year, can other credits be taken if you can prove the owner has a disability or other hardships mentioned above?

  1. Karl Wittstrom says:

    is it legal to have an LLC be the general partner for a LP?

    • taxdude8422 says:

      Now how is it you found my blog? People are finding it and I have no idea how that happens except it is on my linked profile but didn’t think you’d go there. That broken thing must really be keeping you home bound. I just found out where to go to find out if someone posted a comment, just in time to I suppose.

      Of course I can’t advise clients or others on attorney stuff, probably have some linked friend I could ask. For taxes there is no problem. Generally for taxes I use a C-corporation to allow for some income shifting but if your goal is only asset protection I think an LLC would work fine. Come to think of it if it is just for asset protection let me know. My attorney friend is on vacation this week but he owes me a favor and I could collect it next week.

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