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Documenting your earnings and submitting all the essential tax filings, including KY DoR 720S, is the sole obligation of a US citizen.
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In Kentucky, LLCs are typically treated as pass-through entities for tax purposes, which means profits and losses can be reported on the owners' personal tax returns. However, LLCs can also elect to be taxed as a corporation if beneficial. Understanding the tax obligations for LLCs, particularly when filing forms like the KY DoR 720S, is crucial for ensuring proper compliance. Resources on uslegalforms can help clarify these obligations.
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