Montana Expense Limitation Agreement
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How to fill out Expense Limitation Agreement?
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FAQ
By default, LLCs in Montana are taxed as pass-through entities. Montana LLCs must pay the 15.3% federal self-employment tax (12.4% for social security and 2.9% for Medicare), state income tax, employer-specific taxes, local taxes, and industry taxes.
That might include taxes on things like a car or boat. But there are limits. Individuals can deduct up to $10,000 of combined state and local income, sales, and property taxes. And married couples who file separately can deduct up to $5,000 each.
(2) (a) (i) Except as provided in subsections (2)(a)(ii), (2)(b), and (2)(d), a person who fails to pay a tax when due must be assessed a late payment penalty of 0.5% a month on the unpaid tax. The penalty may not exceed 12% of the tax due.
There's a ceiling to certain expenses such as the Representation and Entertainment expense, which is capped at 0.5% of net sales for those who sell goods and 1% of revenues for service providers.
Representation and Entertainment (Note: Limited to 0.5% of net sales for sellers of goods or 1% of net revenue for seller/provider of services.)
The depletion deduction is limited to 65% of net taxable income. Taxable income from the property is gross income from the property minus all allowable deductions (except any deduction for depletion or domestic production activities).
For 2023, as in 2022, 2021, 2020, 2019 and 2018, there is no limitation on itemized deductions, as that limitation was eliminated by the Tax Cuts and Jobs Act.
The 2% rule referred to the limitation on certain miscellaneous itemized deductions, which included things like unreimbursed job expenses, tax prep, investment, advisory fees, and safe deposit box rentals.