As Margaret Mitchell (author of Gone with the Wind) once said, “Death, taxes, and childbirth. There’s never a convenient time for any of them.” But there’s a convenient time to learn how to file LLC taxes—like now for instance! Especially if you’ve recently started or are lookin...
File your small business taxes 1. Collect your records Keeping your accounting records in order before tax time can simplify the filing process. As a small business owner, here’s what you need to keep track of: Business expenses: Keep a record of all costs related to your business. Income...
If you’re self-employed, you'll need to file taxes throughout the year, typically via quarterly payments. The self-employment tax is 15.3%, a combination of Social Security and Medicare taxes. There are other taxes you might have to pay, such as federal, state and local....
freelancer almost a decade ago. My first year as a freelance writer, owing the government didn’t come back to bite me as my income wasn’t that significant. By the second year, when tax season came around, I was in for a rude awakening. Take my advice, and pay your quarterly taxes...
However, you can choose to have your LLC taxed like a corporation. This option is easily accomplished by filing a document called an election with the IRS. You can submit this form at any time. When it comes to taxes, there are two types of corporations: ...
One of the main things that will affect how to pay taxes as a consultant is your business structure. Many consultants work as sole proprietorships, limited liability companies or partnerships. These give you many of the benefits of a more formal business setup without requiring you to file two...
Why Do I Need to File Taxes as an International Student? To be blunt, it’s the law. But let me elaborate. Every international student is required by law to file a tax return based on the conditions of their visa, but not everyone will have to pay taxes.As an international student, ...
LLCs taxed as C corporations Forms needed:Form 1120, Schedule B of Form 1040 Filing due date:April 15 It is advisable to consult an accountant before electing to pay taxes as a corporation. An LLC can file as a C corp by filing Form 8832, Entity Classification Election, with the IRS. ...
Before we launch into the United States’ taxation history, let us first understand what taxes are and why we need to pay them. If any of this feels overwhelming, do not fret – everything will become crystal clear as we move along with the book. ...
S corp shareholders report income, gains, and losses from the corporation on their individual tax returns, and they pay taxes at their ordinary income tax rates. Since the money comes to them free of corporate tax, S corp status preventsdouble taxationof any income or earnings from the corpora...