LLC Taxes How to file?

Question

I have an LLC, I am the only employee. Do I file a separate tax return or file that income with my personal tax return. Also, do I pay taxes quarterly?

Thanks
It's a lanscaping business

Answer 1

Single person LLCs file the same as a sole proprietorship....on your Schedule C of your personal 1040.

If you are going to owe more than $1000, yes you should have been making quarterly estimates. It is too late to do that now for 2006 and the 1st estimate for 2007 is due 4/15.

Answer 2

For IRS purposes, you have included only your husband's name? What does that mean? Does that mean he has an ownership interest and you don't? Or does it mean the LLC is set up as a single-member LLC? Sales tax is very state-specific, so you'll have to contact the departments in each state. Generally, sales tax applies only to transactions in the state. For example, if you live in TX but sell things in NJ, you pay NJ sales tax. Sales tax is akin to the state charging you a fee in order to conduct a transation in that state. Where the business is registered usually doesn't matter. I fear from your question that someone set up a business entity without professional guidance based on some sense of gaming the system as in "registered in NJ." There's a partner involved. Is this being treated as a partnership, or has the election been made to be taxed as a corporation? There are so many questions. If you didn't get professional assistance going in, don't compound the mistake by trying to do this from your front porch. Get professional assistance now. You're dealing with ownership allocations, income allocations, different state tax laws, corporate or partnership formalities, elections, reporting requirements, all combining to form a huge hairball rolling down the hill toward you. Especially with mulitple-state issues, you have a huge mess just waiting to announce itself.

Answer 3

You have the option of chosing to file as a sole proprietor or as a Corportion.

If you prefer to file as a corporation instead of a “disregarded entity” Form 8832 must be submitted. Otherwise, you don’t need to file Form 8832.