What are the tax benefits of an LLC?

An LLC can help you avoid double taxation unless you structure the entity as a corporation for tax purposes. Business expenses. LLC members may take tax deductions for legitimate business expenses, including the cost of forming the LLC, on their personal returns.

How is a sole proprietorship LLC taxed?

An LLC owned by one US person is classified under IRS as a disregarded entity and is treated as a sole proprietorship for federal income tax purposes. This means that each LLC member must pay taxes on their share of the profits of the LLC whether or not they receive their share of profits from the LLC.

When did InfoLab become an ISO certified company?

Infolab is an ISO9001:2008 Certified Company. This provides a tried and tested framework for a systematic approach to solutioning and managing the organizations processes so that products are of quality that satisfy customers’ expectations.

What’s the difference between a sole proprietorship and a single member LLC?

Single owners are required to pay self-employment tax, just like sole proprietorships. Like sole proprietorships, single-member LLC owners only need an EIN if they hire employees. So, the only difference between sole proprietorships and single-member LLCs is the fact that LLC owners can elect for corporate taxation.

What does the Infolab suite of software do?

Infolab suite of software products is modular to allow customers and partners the flexibility to purchase quick development of functionalities they need today while allowing them to upgrade and add new modules for new services in the future.

Can a sole proprietorship be taxed as a LLC?

By default, the IRS taxes it the same as a sole proprietorship. However, you do have the option to be taxed differently. As with a sole proprietorship, the business’ income tax obligations automatically fall to the LLC owner. If you want to elect another tax route, single-member LLC owners can choose to be taxed as a C corporation or S corporation.