Kentucky form 720s llet 2025

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  1. Click ‘Get Form’ to open it in the editor.
  2. Begin by entering your Kentucky Corporation/LLET Account Number at the top of the form. This is essential for identifying your tax account.
  3. Fill in the taxable period dates, ensuring accuracy for both the beginning and ending dates.
  4. Select the applicable box for LLET and choose between Gross Receipts or Gross Profits methods. Remember, a minimum of $175 applies.
  5. Complete Part I by calculating your LLET liability based on provided lines. Ensure you attach any necessary schedules as indicated.
  6. Proceed to Part II for Income Tax Computation, filling in all relevant income and deductions accurately.
  7. Review all sections thoroughly before signing and submitting your form to ensure compliance with Kentucky tax regulations.

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Calculating KY Limited Liability Entity Tax (LLET) Kentucky imposes a tax on every business that is protected from liability by the laws of the state. This includes corporations, LLCs, S-Corporations, limited partnerships, and other types of businesses.
Profits from an LLC arent taxed at the business level the way they are in C Corporations. Instead, theyre as follows: Owners pay self-employment tax on business profits. Owners pay state income tax on any profits, minus state allowances or deductions.
KY 720 Information All corporations, other than S corporations, are required by law to file a Kentucky Corporation Income Tax and LLET Return. Any corporation electing S corporation treatment in accordance with Sections 1361(a) and 1362(a) of the Internal Revenue Code must use Form 720S and related schedules.
CORPORATION NET INCOME TAX The LLET may be calculated using the lesser of $0.095/$100 of Kentucky gross receipts or $0.75/$100 of Kentucky gross profits. A minimum tax of $175 applies regardless of the method used.
Please place both the check or money order and the 720EXT payment voucher in the envelope together without staples or clips. DO NOT submit payment without Form 720EXT. DO NOT leave check stubs attached to checks. Revenue, Frankfort, Kentucky 40620-0021.
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The LLET may be calculated using the lesser of $0.095/$100 of Kentucky gross receipts or $0.75/$100 of Kentucky gross profits. A minimum tax of $175 applies regardless of the method used. Sole proprietorships and pass-through entities are exempt from state corporate income taxes.
You have to file an income tax return if your net earnings from self-employment were $400 or more. If your net earnings from self-employment were less than $400, you still have to file an income tax return if you meet any other filing requirement listed in the Form 1040 and 1040-SR instructions PDF.
Kentucky disasters in 2025: Federal tax deadline extensions Severe storms, straight-line winds, flooding, and landslides that began on February 14, 2025 Federal tax deadlines from February 14, 2025, to November 2, 2025, extended to November 3, 2025 (IRS Announcement KY-2025-02).

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