Equity in an LLC and effects on personal taxes?

The LLC will issue you a K-1 that will determine the amount of income you must report from the LLC. Without reviewing the K-1 any information that could be provided at this point would be speculation. You are correct that a good number of credits,deduction and exemptions will be effected should your income reach $300,000. If you are sure about the amount of income from the LLC you can plug that into your 2006 return and get a pretty good idea what the real effect would be.