Welcome to Home Biz Tax Talk. My name is Lissandra Everett and I am the Home Biz Tax Lady. I help home business owners win the tax game. Home Biz Tax Talk airs Monday through Friday at 9:00 o'clock-ish. When you tune in to my show, you will hear about topics that are important to the home business community. Today, we are going to talk about quarterly payments and estimated tax payments. On the show, I announce when the estimated tax payments are due. This got some people's wheels turning, and now the question is, when and how does my LLC pay estimated tax payments? Let's discuss the LLC as it relates to your taxes. Your LLC does not pay taxes. The only business structure that pays its own taxes is a C corporation. All the other business structures end up on your personal taxes. You may have state requirements for taxes, but at the federal level, the C corporation is the only entity that files and pays its own taxes. However, at the state level, you may still have some sort of tax due, depending on your business structure. For example, if you have an S corp in Massachusetts, you have a $456 minimum tax due, regardless of whether or not you made money. With your LLC, you need to understand that it is not a separate part of your return. It is all on your personal return. If you have a single-member LLC, you are considered a sole proprietor for tax treatment. You will still file a Schedule C on your personal return, which takes into account all of your income. If your tax liability at the end of the day is $1,000 or more, then you have estimated tax payments. You will receive little vouchers that tell you exactly how much you...
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Corporate Estimated Tax Payments Due Dates 2023 Form: What You Should Know
Generally the estimated payment for a tax year is due on or before June 15. Corporate income tax returns are required to show amounts that are due and outstanding, plus the estimated amount of tax due that is attributable to that taxable year and which cannot be reversed. Corporate income tax returns are due when the first payment on the return is received. If there has been an error in the return, the return may be examined for corrections. The return examiner must find whether the error was material and prevent the return from being used to correct previously made tax errors. Corporate income tax returns do not include credits, and must be filed on Form 1120-W or Form 1120-S. 2 Instructions for Form 1120-W — IRS Inspect Form 1120-W prior to filing to determine if an income tax return was filed, for which the tax amount of the return is expected to be equal to or greater than the applicable liability with respect to the period of time for which the return is required. Note: Do not fill in any blank pages on the return. Form 1120-W — Estimated Tax for S Corporations This form, to which you'll submit your Form 1120-W, provides the employer with the information necessary to set and collect a tax. The information provided in the Form 1120-W can be used for various purposes by the employer, without regard to the form or other requirements of Section 471. Form 1120-W (Estimated Tax for S Corporations) This is the Form 1120-W, with a new addition to the Form 1120-W by the U.S. tax code, from 2 to 2. From 2 until 2, an additional 10,000 square miles is added to the 50-year-old area of the United States, which is now located in Hawaii, Alaska, Guam, Puerto Rico, and the U.S. Virgin Islands. All the new lands are not subject to income tax.
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