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If you started an LLC with another person, then for federal tax purposes, the business will be treated as partnerships. Nothing is withheld when they earn money on their business. Instead, self-employed taxpayers are required to make four payments of estimated taxes each year. Estimated tax payments for each year are due on April 15, June 15, September 15, and January 15 of the following years.
For a single owner LLC, which is treated as sole proprietorship for federal tax purposes, Schedule SE is the schedule on which you calculate the amount of self-employment tax you owe for the year.
QUESTIONS #1:
Is Schedule SE the same schedule multiple owner LLCs use to calculate the amount of self-employment tax each year, which are due on April 15, June 15, September 15, and January 15 of the following years?
QUESTIONS #2:
Are Form 1065, Schedule k, and Schedule k-1 only done when you file your Form 1040 for the year? Or are they also done on April 15, June 15, September 15, and January 15?
QUESTIONS #1:
Is Schedule SE the same schedule multiple owner LLCs use to calculate the amount of self-employment tax each year, which are due on April 15, June 15, September 15, and January 15 of the following years?
QUESTIONS #2:
Are Form 1065, Schedule k, and Schedule k-1 only done when you file your Form 1040 for the year? Or are they also done on April 15, June 15, September 15, and January 15?
#1 Each member calculates their own estimates for quarterly payments based on their projected tax liability or past liability.
#2 File Form 1065 by the due date or the extension date, once a year. The K-1s generated from the 1065 will be entered into the 1040, so complete the 1065 first.
#1 Each member calculates their own estimates for quarterly payments based on their projected tax liability or past liability.
#2 File Form 1065 by the due date or the extension date, once a year. The K-1s generated from the 1065 will be entered into the 1040, so complete the 1065 first.
Do I also need to do Form 1065, Schedule K, and Schedule K-1 for the state or is it only done for federal?
Do I also need to do Form 1065, Schedule K, and Schedule K-1 for the state or is it only done for federal?
The basic answer is yes. Depending on your business, you might have multiple states. You have to read the state instructions to determine what to do.
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