Taxes as a single member LLC

Forum|Forum|5 years ago
June 4, 2020
1 reply
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Hello, i set up my LLC two months ago and have started bringing in money last month (to a business bank account)

my question is,

how do I go about paying taxes? Do I file quarterly taxes or do I pay it with my income tax in the new year?
I have QuickBooks self employed, which seems to be a help but My quarterly tax estimates are quite high.

thanks!:)

Not A Product Question

Anonymous

quarterly estimates are required. however, in 2019 the 1st and 2nd federal estimates are not due until 7/15/2020. the this is due 9/15/2020 and the 4th is due 1/15/2021. state taxes might have different due dates.

as to how much that much more complicated if you want to break about even for 2020.

note that if you pay timely and meet any of these tests you will not incur a penalty

1) 90% of 2020 taxes (including self-employment tax)

2) 100% or 110% (if 2019 adjusted gross income is more than $150,000 - $75,000 MFS) of 2019 tax.