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April 3, 2024
Question

LLC Tax Question

  • April 3, 2024
  • 1 reply
  • 0 views

I have a large family and due to that work on a lot of different vehicles and keep getting offers for business account to save money on parts. if I open an LLC business to take advantage of savings, how will it affect my taxes?  

1 reply

CatinaT1
April 3, 2024

I assume you are reporting your earning now as a sole-proprietor on Schedule C?  Becoming a LLC is a legal structure and not a tax classification, so just becoming an LLC will not change your taxes at all.

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