LLCs might also need to pay state-specific taxes such as state income tax and franchise taxes. These taxes are determined by where the LLC operates and the nature of its business. Quarterly estimated taxes If the LLC’s income isn’t subject to withholding, members might need to make quart...
LLC members must pay estimated quarterly taxes on the following dates: Q1 - April 15th Q2 - June 15th Q3 - September 15th Q4 - December 15th (C-corporations only) Q4 - January 18th You can make payments using Form 1040-ES or online using IRS Direct Pay or the Electronic Federal...
Filing LLC taxes may feel overwhelming at first and you’ve probably asked yourself things like, “What documents do I need to file my LLC taxes?”, but with the right guidance and answers it can be made much easier. A limited liability company offers small business owners a valuable blend...
In your first year of having a side gig, you may need to learn about quarterly tax payments. Any independent contractor or side gig worker must payquarterly estimated taxeson the income they earn throughout the year. Why? Well, consider a traditional full-time job. Federal income taxes are ...
Another time a pro can help: Sometimes, owing a lot of taxes can result in an underpayment penalty. A tax pro can help you decide if you need to increase your tax withholding throughout the year (by filling out a new Form W-4) or pay quarterly estimated taxes for future years. On ...
By its end, you will have a firm handle on taxes. This chapter will lay the groundwork for everything you learn in this book; nothing else will make sense without it. Come back to this chapter once you have finished reading the entire book; you will probably discover that it all makes...
Form 941 - Employer's Quarterly Federal Tax Return Employers file Form 941 every quarter to report withholdings from employee paychecks for federal income taxes, Social Security, and Medicare (FICA). Get quick processing and instant notifications on IRS approval when you e-file Form 941. It only...
No matter how small your business, you’ll likely need to file and pay taxes. Here’s our guide to filing small business taxes in 2025.
The self-employment tax consists of Social Security and Medicare taxes, but you might have other taxes to pay as well.
If your return is from a prior year, see IRS documentation for historical rates. 2. Failure-to-Pay Penalty: This penalty occurs when you don’t pay your tax on time. It is separate from the failure to file penalty and applies to quarterly filing requirements as well as year-end taxes...