Does an Anonymous LLC hide You From the IRS?

People often hear that Delaware, Wyoming, and Nevada are great states to form an LLC because the state provides a lot of privacy protection for business owners.

But, under U.S. tax rules, the owners must declare all of their income to the IRS and pay the taxes.

If that is the case, what is the point of anonymity if the IRS still knows I exist and I have to pay taxes?

It is true that under U.S. federal tax rules, U.S. tax residents must disclose and report their income from whatever source derived, even if it is held in a private company.

Private LLCs might not provide any tax privacy, but there is still a lot of utility to shielding your assets and holdings from the general public and creditors.

For a larger database of tutorials, please visit our website and search for your question:
https://knottlearning.com/

DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.

#LLC #AnonymousLLC #AssetProtection