It is generally advisable to make quarterly tax payments.
Immediately after you create the LLC, the IRS automatically treats your business as a partnership, but only for income tax purposes. However, if you are the sole owner of the LLC, then you must pay tax on business profits as if you were a sole proprietor. Both designations have different tax filing rules. If you prefer the tax filing rules of a corporation, then you have the option to elect corporate tax treatment by filing IRS Form 8832. Updated for Tax Year 2014. OVERVIEW. If you operate your business using a limited liability company (LLC), then you have more flexibility in choosing how the IRS taxes your business earnings. Estimated Tax Requirements. When you have an LLC, it is generally advisable to make quarterly tax payments. However, the IRS does not require every business to make quarterly tax payments. If you do not expect to owe taxes of $1,000 or more when you file your tax return, you do not have to make quarterly tax payments. If you did not have any tax liability for the previous year and you were a U.S. citizen or resident for the whole year, you can also avoid quarterly tax payments. Save. One of the primary reasons that people use an LLC is the pass-through taxation that it provides. Instead of having to file a business tax return, you can simply file and pay your taxes as personal taxes because all of the LLC's profits are paid out to the LLC owners (members). Self-Employment Tax. In addition to standard income taxes, small business owners may have to pay self-employment taxes. Self-employment tax covers the Social Security and Medicare costs that you would have to pay out of your regular paycheck if you worked for another company. When you make money with your own small business you have to pay income taxes just as if you worked for another company. In some cases you may also have to pay additional taxes that are specifically associated with small business operations. Report employment taxes. If your multi-member LLC pays employees and withholds federal taxes, the company must file a Form 941 each quarter. If the total amount withheld is less than $1,000 in a year, you can file Form 943 at the end of the year. Income Tax. When operating as a small business you must file a Schedule C form (Profit or Loss from Business Activities) with the IRS to determine your total business profit or loss for the year. The Schedule C accompanies your standard 1040 form when you file your taxes. When you make money with your own small business you have to pay income taxes just as if you worked for another company. In some cases you may also have to pay additional taxes that are specifically associated with small business operations. The IRS treats one-member LLCs as sole proprietorships for tax purposes. This means that the LLC itself does not pay taxes and does not have to file a return with the IRS. As the sole owner of your LLC, you must report all profits (or losses) of the LLC on Schedule C and submit it with your 1040 tax return. Instead, most LLC owners are required to pay these taxes -- called self-employment taxes when paid by a business owner -- directly to the IRS. The current rule is that any owner who works in or helps manage the business must pay this tax on his or her distributive share (rightful share of profits). But if you are a corporation (or an LLC taxed as a corporation), and you are performing services for your business, you must pay yourself reasonable compensation as an employee of your business, and therefore will be required to issue yourself paychecks and file the resulting quarterly payroll tax forms. All small businesses must file a return annually. Generally speaking, if your business has a calendar year-end, you must file one of the following business income tax forms by the due date listed below: Sole Proprietorship-Schedule C, as part of your personal return, is due April 15. Click on your business type below for your TaxACT solution: If you are a single member LLC, you need to file Schedule C, Profit or Loss From Business, along with your federal 1040 tax return. Prepare, print and e-file your federal 1040 return and Schedule C free with TaxACT Free Federal Edition. Start Free Federal 1040 Now. If you filed Form 2553, Election by a Small Business Corporation, your business is an S Corporation. TaxACT Business 1120S includes all the guidance and forms you need to prepare, print and e-file your S Corporation 1120 federal return.  Step 3. Report employment taxes. If your LLC pays employees from whom it withholds federal taxes, the company must file a quarterly Form 941 unless its total withholding for the year is less than $1,000, in which case you can file Form 943 just once per year. If your multi-member LLC pays employees and withholds federal taxes, the company must file a Form 941 each quarter. If the total amount withheld is less than $1,000 in a year, you can file Form 943 at the end of the year.
https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/LLC-Tax-Filing-Rules/INF14395.html http://www.ehow.com/info_8307572_llc-pay-federal-taxes-quarterly.html http://smallbusiness.chron.com/taxes-need-pay-start-small-business-2229.html http://info.legalzoom.com/file-taxes-llc-company-4450.html http://smallbusiness.chron.com/taxes-need-pay-start-small-business-2229.html http://www.nolo.com/legal-encyclopedia/how-llcs-are-taxed-29675.html http://www.businessmanagementdaily.com/32463/do-you-file-business-tax-returns-quarterly-or-annually https://www.taxact.com/business-returns/?dev=c&gclid=&mpch=ads http://info.legalzoom.com/file-taxes-llc-company-4450.html
if you have a small llc business license do you file taxes quarterly?