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Tax Comparisons
 
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[@ = Yes, X = No, ? = Maybe] [LLC] [General Corporation] [S-Corporation] [Limited Partnership] [General Partnership]
Can reduce FICA tax by renting property from owners [@] [@] [@] [?] [?]
Can easily select fiscal year end [@] [@] [X] [?] [?]
Can deduct 100% of owner's health insurance [@] [@] [@] [X] [X]
Can split income among family members [@] [?] [@] [@] [@]
Can transfer assets "tax free" where debt is less than basis [@] [X] [X] [@] [@]
Double tax:
a. liquidation
b. Earnings
c. IRS audit department		 [X]
[X]
[X]
 		 [@]
[@]
[@]
 		 [?]
[X]
[X]
 		 [X]
[X]
[X]		 [X]
[X]
[X]
Able to use lower corporate tax rate [@] [@] [X] [X] [X]
Can avoid FICA taxes by:
a. Distributions
b. Paying children under 18		 [@]
[@]
 		 [X]
[X]		 [?]
[?]
 		 [X]
[X]		 [X]
[X]
Can transfer assets "tax free" where 80% control is not satisfied [@] [X] [X] [@] [@]
Can compensate employee with equity [@] [@] [@] [@] [@]
Can increase tax basis step-up [@] [X] [X] [@] [@]
Can specifically allocate income & expense items [@] [X] [X] [@] [@]
Can use cash method (vs. accrual) even if sales are greater than $5,000,000 [@] [X] [@] [@] [@]
Can deduct interest paid on money borrowed for investment purposes as business interest [@] [X] [@] [@] [@]
Loss basis includes owner's share of company debt [@] [X] [X] [@] [@]
Can deduct business loss on individual return & expenses paid personally in figuring AGI [@] [X] [@] [@] [@]
Not subject to:
a. Alternative Minimum Tax
b. Personal Holding Company
c. Accumulated Earnings Tax		 [@]
[@]
[@]		 [X]
[X]
[X]		 [@]
[@]
[@]		 [@]
[@]
[@]		 [@]
[@]
[@]

A LLC can be characterized as a partnership or a corporation for tax purposes. Different advantages accrue from both elections. The above chart highlights the advantageous categories from both LLC elections.

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We are a service company. We do not provide legal, tax or financial advise and can not be responsible for your legal, tax and financial obligations to the state you reside in. We recommend that all of our clients seek legal, tax and financial advise before setting up any corporation. We do comply with all legal corporate filing requirements in all 50 states.
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