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-   -   Anyone here have an LLC and pay quarterly taxes? (https://gfy.com/showthread.php?t=925250)

clickhappy 09-01-2009 09:18 PM

Anyone here have an LLC and pay quarterly taxes?
 
I formed an LLC a few months ago and Im now writing a check for my quarterly taxes.

In the past I just put my name and social security # on the check.

But now do I write my name and EIN number on the check and send it in? Or do I continue with my personal name and SSN?

thanks

pocketkangaroo 09-01-2009 09:27 PM

Personal SS#. The quarterly taxes are for yourself, not your business. An LLC passes everything on to your personal taxes.

bronco67 09-01-2009 09:28 PM

https://www.pay1040.com/

Been using this site for the year so far, and it works out great. A few clicks and your done, and no paperwork to deal with.

Barefootsies 09-01-2009 09:44 PM

Quote:

Originally Posted by pocketkangaroo (Post 16264918)
Personal SS#. The quarterly taxes are for yourself, not your business. An LLC passes everything on to your personal taxes.

Correct.

FrozenJag 09-01-2009 09:45 PM

I have an LLC and send quarterly.

The business name is on the check that gets sent.

StinkyPink 09-01-2009 09:47 PM

I file my quarterly via telefile. So I have no idea. It was for a business I never did anything with due to a falling out I had with a partner. I kept the name and file zero every quarter, so no need for checks. I may decide to give it a go again sometime down the line.

fatfoo 09-01-2009 10:07 PM

No such thing in Canada, I think. We have other types of corporations.

clickhappy 09-01-2009 10:43 PM

Quote:

Originally Posted by pocketkangaroo (Post 16264918)
Personal SS#. The quarterly taxes are for yourself, not your business. An LLC passes everything on to your personal taxes.

Quote:

Originally Posted by FrozenJag (Post 16264966)
I have an LLC and send quarterly.

The business name is on the check that gets sent.


So 2 different opinions on this. Ill call the irs tomorrow and ask them

JP513 09-01-2009 11:30 PM

FWWIW, I don't use an LCC. I use an S-corp and though the taxes pass through, I am an employee and the company has the obligation to pay my personal taxes just as any company would. The advantage of an S-corp is you/the company only has to pay SS/Medicare tax on the portion my company pays me as salary, NOT the full amount the company earns.:thumbsup

fallenmuffin 09-02-2009 12:26 AM

Quote:

Originally Posted by bronco67 (Post 16264926)
https://www.pay1040.com/

Been using this site for the year so far, and it works out great. A few clicks and your done, and no paperwork to deal with.


A few clicks? I have mine scheduled to automatically pay through the government's website.

https://www.eftps.gov/eftps/

FrozenJag 09-02-2009 03:49 AM

Quote:

Originally Posted by JP513 (Post 16265213)
FWWIW, I don't use an LCC. I use an S-corp and though the taxes pass through, I am an employee and the company has the obligation to pay my personal taxes just as any company would. The advantage of an S-corp is you/the company only has to pay SS/Medicare tax on the portion my company pays me as salary, NOT the full amount the company earns.:thumbsup

Exactly, my accountant set mine up as "an LLC setup as an S corp" to take advantage of tax breaks.

But yeah I would call and see exactly what you should do, taxes arent a guessing matter.

Good Luck. :)

JP513 09-02-2009 01:03 PM

Quote:

Originally Posted by FrozenJag (Post 16265743)
Exactly, my accountant set mine up as "an LLC setup as an S corp" to take advantage of tax breaks.

But yeah I would call and see exactly what you should do, taxes arent a guessing matter.

Good Luck. :)

Big pimpin. :pimp And this is all 100% allowed by the IRS, so you're not sweating your balls off.


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