I’m trying to figure out if I would have tax advantages/benefits from setting up an LLC for my royalties. Right now the checks are all in my name and I’m paying about 20% income tax. I’m also claiming a depletion deduction and not sure if an LLC gets to do that. I’d love to talk to an oil and gas tax accountant to know my best options.
If it is a single member LLC, all the same as it uses your tax ID#.
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