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Video instructions and help with filling out and completing corporate estimated tax payments due dates 2021
Welcome to home biz tax talk my name is lissandra Everett and I am the home biz tax lady where I help home business owners win the tax game home biz tax talk airs Monday through Friday 9:00 o'clock ish and when you tune in to my show you got to hear about topics that are important to the home business communities all right so today we're going to talk about quarterly payments estimated tax payments you know on the show I announce when the estimated tax payments are due and that got some people's wheels turning and so now the question is well when and how does my LLC pay estimated tax payments all right so let's talk about the LLC as it relates to your taxes your LLC does not pay taxes okay that's the one thing that you have to understand the only business structure that pays is own files and pages own taxes is a seed corporation okay all the other are the others business structures they wind up on your personal taxes now you may have some state requirements for taxes but at the federal level the C corporation is the only entity that files and pays its own taxes and what I mean by requirements at the state level meaning that still you don't file but you might still have for your business structure you may have a minimum tax due so for instance in Massachusetts if you have an S corp you have a four hundred and fifty six dollar minimum tax due regardless of if you whether or not you made money okay so in some states and localities your LLC's also have some sort of tax to pay whether it's a business privilege tax or if it's a minimum taxes do it just depends on your state and locality however the thing that you have to understand with your LLC is that it is not a separate part of your return it is all is on your personal return you it's your if you have a single member LLC which is what where this question came from every single member LLC for tax treatment you are considered a sole proprietor so you we'll still file a set of Schedule C on your personal return and so it takes into account all of your income so you're if you have an LLC that you're using to run your business and your spouse has a w-2 job it takes all of that into account and if your tax liability at the end of the day is $1,000 or more then you have estimated tax payments okay and then you will have these little vouchers so there's nothing to file quarterly do you have these little vouchers that tell you exactly how much you need to pay and when quarterly tax payments estimated tax payments whatever the name you want to call them your q1 is due on tax day your q2 is.