How many times do you file tax each year?

Question

I am in the process of starting an LLC with two other people. How many times a year does business entities have to file taxes? Is it once a year on April 15th? Or is it 4 times a year? Thanks

Answer 1

I work for a payroll provider, and it seems a lot of people on here are misinformed. I would suggest getting a service to do you payroll. As an employer, you are responsible for paying many different kinds of taxes. Federal which are paid either semi weekly or monthly, this is your income withholdings, and SS and Medicare which the employer matches the employee on.

There is also State, and state unemployment, federal unemployment, and sometimes even a local tax depending on your area. Each of these taxes have different due dates depending on the size of your payroll. They also have to be reported on Tax returns. Some returns are quarterly and others annual.

If you are inexperienced, I would recommend either hiring a third party to handle this, or taking some educational classes.

Let me know what you think, I am not about to plug any specific company, but I work for a payroll and human resources provider and would be happy to answer a few more questions. Running a business can be very complicated, and there are company's that will issue the checks, do the withholding, make all payments, and file all returns on your behalf.

Answer 2

Your income taxes will still be April 15th, however you may be required to pay estimated payments every quarter to keep from owing at the end of the year. This is determined by your income amount. Also if you have payroll, then you must pay Payroll taxes every month and fill out a 941 Form every 3 months for the payroll taxes. Unemployment taxes are due every 3 months. Visit www.irs.gov for all of their requirements. You can even call them with questions, they are very helpful and knowledgeable (from my experience at least)

Answer 3

Most often, businesses need to file quarterly. Ask a CPA though about your specific situation. If you haven't done so already, contacting a lawyer regarding the set up of your LLC is also a good idea. You and your partners need to have a contract - you should have plans in place in the event that things go south either with the business or between partners.

Answer 4

Income tax returns are filed annually.

Payroll tax returns and deposits depend upon how large your payroll is. Quarterly, monthly, or weekly for the deposits, and quarterly for the payroll tax (941) returns.

Answer 5

It's once a year.
Corporate tax returns must be filed within 6 months of their fiscal year end.

Answer 6

You pay monthly...