LLC Taxes

V

Vinny1

I used to trade for an LLC prop. firm.My accountant said that i have to file and pay taxes in each state that the firm has an office in?Is this true?
 
Based on the little information you supplied, I suggest you to go see a different accountant. My firm has branches all over the country and I only paid NY, NJ and federal taxes because I live in NJ and work in NY. Good luck.
 
Vinny1,

You should only pay tax in your state and any federal tax that is due, if you are a member of a LLC. If you live in NJ and commute to NYC, there may be some commuter tax. LLC's usually issue a K-1 tax form . Keep a list of all your expenses and items you can depreciate(computers etc). You should keep your sheets (confirms & haircuts) for five years in case of an audit or tax related questions. I had listed some trader tax sites in another thread. I would suggest only using an account that is familiar
with trader tax's or has experience with traders who are
issued K-1's. Ask your fellow traders for a tax professional in your area.



Gene Weissman
Lieber & Weissman Sec., L.L.C.
gweissman@stocktrade.net
 
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