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Estimated Quarterly Taxes for 1099 Sub/LLC

Discussion in 'Trucker Taxes and Truck Financing' started by MayhemAutoTransport, Mar 19, 2011.

  1. Mar 19, 2011 #1
    MayhemAutoTransport

    MayhemAutoTransport Light Load Member

    121
    12
    Mar 8, 2011
    Chesapeake, VA
    0
    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?
     
    MayhemAutoTransport, Mar 19, 2011
    MayhemAutoTransport, Mar 19, 2011
    #1
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  3. Mar 19, 2011 #2
    ‘Olhand

    ‘Olhand Cantankerous Crusty

    6,336
    14,504
    Jan 18, 2011
    0
    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
     
    ‘Olhand, Mar 19, 2011
    ‘Olhand, Mar 19, 2011
    #2
  4. Mar 21, 2011 #3
    toni75

    toni75 Bobtail Member

    7
    1
    Mar 21, 2011
    Des Plaines, IL 60016
    0
    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.
     
    toni75, Mar 21, 2011
    toni75, Mar 21, 2011
    #3
  5. Mar 23, 2011 #4
    MayhemAutoTransport

    MayhemAutoTransport Light Load Member

    121
    12
    Mar 8, 2011
    Chesapeake, VA
    0
    Instead of trying to force me to a CPA this early in the game why don't you assist me with an answer to the question asked. I plan to have a CPA complete my taxes at the end of the year, but I DO NOT need to hire a CPA to file a quarterly tax form and send in a check for a couple hundred of my money,. I can use the CPA at the end of the year to assist me with my FINAL years tax preperation, a CPA is not required all year long, right? If I am mistaken please let me know.
     
    MayhemAutoTransport, Mar 23, 2011
    MayhemAutoTransport, Mar 23, 2011
    #4
  7. Mar 23, 2011 #5
    toni75

    toni75 Bobtail Member

    7
    1
    Mar 21, 2011
    Des Plaines, IL 60016
    0
    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 I’m 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.pdf
     
    toni75, Mar 23, 2011
    toni75, Mar 23, 2011
    #5
    MayhemAutoTransport Thanks this.
  8. Mar 23, 2011 #6
    Roadmedic

    Roadmedic Road Train Member

    18,951
    8,979
    Apr 4, 2007
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    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.
     
    Roadmedic, Mar 23, 2011
    Roadmedic, Mar 23, 2011
    #6
  9. Mar 23, 2011 #7
    MayhemAutoTransport

    MayhemAutoTransport Light Load Member

    121
    12
    Mar 8, 2011
    Chesapeake, VA
    0
    Wide Open to suggestions of a TRUCKER CPA in the Norfolk, VA area, because not all CPA;s deserve the title. I know of one! :biggrin_25510:
     
    MayhemAutoTransport, Mar 23, 2011
    MayhemAutoTransport, Mar 23, 2011
    #7
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