COMPANY IN TAMPA BAY. With the ability to charter up to 150 passengers, Queen Fleet is the premiere fishing charter in the Tampa Bay area. Whether youâre after grouper, snapper, sea bass, or any other deep-sea fish, Queen Fleetâs captains have the experience and expertise to turn any novice fisherman into a full-blown, deep-sea angler!
If the LLC is being taxed as a corporation, IRS form 1120 or 1120-S is required to be filed by the fifteenth day of the third month following the end of the tax year. LLCs being taxed as partnerships are required to file IRS form 1065 by the fifteenth day of the fourth month following the end of the tax year. In the case of a single member LLC that is reporting revenues and expenses on the memberâs personal return, Schedule C is required to be filed by April 15.
The IRS states business expenses are deductible if they are âboth ordinary and necessary.â The IRS notes an expense need not be âindispensableâ to the business, just one that is commonly accepted in your field of endeavor. For a single-member LLC, these are the costs itemized on Schedule C, Profit or Loss from Business. LLCs with at least two members filing as a partnership must file Form 1065, U.S. Return of Partnership Income. The IRS rules coverings business expenses for LLCs are the same as for all businesses. Most of these expenses are deducted at 100 percent, though there are special rules covering entertainment and travel. Related Reading: How to Get a Federal Tax ID & FEIN for a LLC Business.