Restaurant Business Plan Examples
restaurant business plan examples
Can the $800 LLC Tax be credited every year?
From the book “The small business Start-Up Kit for CA” by NOLO.
It states:
“The LLC tax is an $800 annual payment…
*On the Plus Side: the $800 can be credited towards the other tax the LLC may owe at year-end. ”
Here is an example they list: Chad plans to open his restaurant as an LLC and $800 minimum tax for the year is due Sept 15. When Chad reports taxes the following April in the following year he can count the $800 he prepaid toward any LLC taxes the restaurant owes. However he’ll have to pay another $800 min tax by April 15 (the next year).
Does this mean basically that this $800 can be used to subtract off that year’s taxes?
It means that the minimum income tax the LLC is going to pay is $800.
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