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I have a fairly new LLC (started in September of this year)

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and expected to receive some...
I have a fairly new LLC (started in September of this year) and expected to receive some tax paperwork by now so that I can file my quarterly taxes. I am the only person involved in my business as a Notary Signing Agent who does independent work for people who call on me for my services. I provide a W-9 to each of them prior to being signed in to have my services used by them. I have heard that I do not need to file quarterly, that once a year is okay, since I am not expecting to make a profit. I have probably broken even so far for the amount put in to creation of the company. Do I need to be prepared to pay penalties for not filing any taxes yet?
Submitted: 7 years ago.Category: Tax
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Answered in 2 minutes by:
12/1/2009
Tax Professional: RD, Certified Public Accountant (CPA) replied 7 years ago
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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Is this a single member LLC that you will be filing on your personal tax return?
Did you file for a S election?
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Customer reply replied 7 years ago
one moment. I am looking through some of my information. I know that I had spoken with someone about the "s" corporation, but I don't believe I ever filed for it.
Tax Professional: RD, Certified Public Accountant (CPA) replied 7 years ago
Since you are a single member LLC and are breaking even - meaning you do not have too much income in excess of the expenses- you so not have to make any quarterly estimated tax payment.

So yes, you are correct that you do not have to make estimated tax payment. Generally you are expected to make a quarterly estimated tax payment if your tax liability is going to be at least $1000 after subtracting your tax withholding, if any, and the tax credits.

Link to estimated tax-
http://www.irs.gov/businesses/small/article/0,,id=110413,00.html

Let me know if you have any question.

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.




RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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Customer reply replied 7 years ago
thank you for the reply. I had some problems initially in receiving the information, but am pleased with the answer and will recommend you to others. have a good day
Tax Professional: RD, Certified Public Accountant (CPA) replied 7 years ago
Thanks.

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