How Much Annual Tax Do I Pay for my LLC?

[Hooman]

I understand it's pro-rated, depending on when the LLC was registered. I started in Nov. 07, and I believe the cut-off date was Dec. 15, 2007. Is the LLC annual tax, including how much to pay, and how, all explained in Turbo Tax?

Any info is appreciated, thanks.

[Logan Baker]

One phone call to a local CPA will set you up with a free consultation......ask him. If you are a sole member LLC your personal income tax is the same as the business' income tax. You will need to file on a quarterly basis April, July, September, & January 15th. If your business was started on say....January 16th - even if you didnt have any income from January 16 - April 15 you would still file..just for $0.
Best bet is to get your taxes straight NOW. Don't wait. Talk to a CPA and tell them you want your business to succeed and you want to make their job easy...get set up on QuickBooks, take notes in your meeting with them, make a list of what is/is not tax deductable. But keep your books straight from day 1.....the money will come. You worry about making the profit...CPA will worry about filing.

Logan Baker
schoolmarquee.com

[pboychuk]

I was told by an accountant, b/c i run my LLC as a single owner, I can treat income as I would in a sole proprietorship. Are quarterlies required?

[GuyBBY]

Hooman-

I agree with Logan regarding the need to talk to a CPA. They are very helpful if they know they will be teaching you about taxes...AND WHY TO HIRE THEM TO DO EM! Haha, which is great...as Logan said, you are the money maker, the face of the business, and the means by which to attain the profits...now use some of that to INVEST in getting your important business filings and tax filings done with ease and being 100% correct.

Just a side note though, I know what you are talking about Logan, regarding quarterly filing, but I had the choice to do that in my state and it was personal preference unless you meet certain credentials to have to do so.

Hooman, what state are you filed in?

Guy