Have a Tax Question? Ask a Tax Expert
What State did you form the LLC in? IS this a single member LLC? Did you apply for a tax id#?
for the LLC?
I set it up in Nevada. Yes I am the only member. Yes I have an EIN for the LLC.
Since you are a single member LLC, it is considered disregarded entity meaning that you and the LLC are the same. If you did not have any business activity or US Source income than you are not required to file a US tax return. That being the case, you are not required to report anything for the single member LLC too.
So, you do not have to file anything for the single member LLC presuming you did not elect to file the LLC as a corporation
Ok then so when I actually earn money from the company then when are tax returns lodged? Is it once a year or quarterly?
The tax return is filed annually but if there is tax due than you are required to make quarterly estimated tax deposits.
Tax return is filed on Form 1040 and is due by April 15th of the following year.
Link on estimated tax
Cool thanks for that!