I am new to this, this year. I am a subcotractor for a company, but I am also a Managing Member and sole owner of my new LLC. I was told by one tax person/soccer mom/friend to pay 10% towards my estimated taxes this quarter, but isn't my SS amount atleast 12.5% of my wages & income? Also is that amount only of what I pay myself (salary) or entirely of what the company brings in on 1099?
Estimated Quarterly Taxes for 1099 Sub/LLC
Discussion in 'Trucker Taxes and Truck Financing' started by MayhemAutoTransport, Mar 19, 2011.
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I think what they are telling you is to pay in X amount--so you are not trying t come up with the whole nut at end of year--also--your accountant--may know that when he/she is done with your yearly return--you will actually owe less and have a refund coming--but sending in the 10%--keeps you looking on the up and up--BUT I am just SPECULATING from the info you provided--
So you might want to ask them why?
Just my $.02 -
The best advice is to consult/hire a CPA/tax-pro BEFORE deciding to form any form of business. That is particularly true if you think about LLC!
Sorry to disappoint you but to answer your question one needs much more information than you have provided. (like What is your tax selection for the LLC with the IRS?)
The bigger point though is that with the form of business organization (LLC) you have chosen it is highly unlikely you can deal with the tax issues you face by yourself.
Find a CPA/tax pro as soon as you can. Do it yesterday. -
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No, professional tax help is not required by any law. You can file your taxes at the end of the year yourself also! Unfortunately there is a trade off you have to do all the research yourself. Both of you question this and other one I read some where that a single owner LLC could be considered by the IRS as a sole propriatorship and not a true LLC. Therefore I would not recieve the LLC tax breaks. -Speak volume about the amount of research you have done so far.
And Im sorry, but I have answered your question. The answer is: One needs much more information than you have provided, in order to answer
You can find the info needed as well as the long answer to your question here:
http://www.irs.gov/pub/irs-pdf/f1040es.pdf
http://www.irs.gov/pub/irs-pdf/p505.pdf
http://www.irs.gov/pub/irs-pdf/f1120w.pdf
http://www.irs.gov/pub/irs-pdf/i1120w.pdfMayhemAutoTransport Thanks this. -
It is a very good idea to have a tax advisor who knows your situation long before you enter tax season.
I have several clients that do this and are a real pain after they do things without advice. -
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