LLC questions

[Ljdub]

i have two questions i hope someone can answer for me…firstly how would the taxes work for a LLC investment group that hasn’t made any investments yet? Would we still be able to use our tax deductions?

Also if the LLC has a savings account and cd account does it have to pay taxes on the money it made from the interest?

[BLL11]

@Ljdub post:1

firstly how would the taxes work for a LLC investment group that hasn’t made any investments yet? Would we still be able to use our tax deductions?

How is the LLC taxed? Partnership and s-corp are pass-though. C-corp reports income and expenses on its own tax return. Tax deductions are deductible.

@Ljdub post:1

Also if the LLC has a savings account and cd account does it have to pay taxes on the money it made from the interest?

The income must be reported.