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Shane-CPA
Shane-CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 265
Experience:  Shane Northrop is a Certified Public Accountant, Personal Financial Specialist and a Chartered Global Management Accountant
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I may be starting an LLC (in New Jersey) with me as sole member/owner

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I may be starting an LLC (in New Jersey) with me as sole member/owner and my husband as my one employee. Will I need to file Employers Estimated Quarterly taxes?

Shane-CPA :

Hello...my name is XXXXX XXXXX I am a Certified Public Accountant. I look forward to helping you with your question.

Shane-CPA :

If you have an employee on payroll you will be required to file Forms 940 and 941 which include withholdings on employee compensation.

Shane-CPA :

Another option may be to have you own 99% of the LLC and your husband own 1% of the LLC. Then you can avoid the payroll situation and you can allocate profit/loss to your husband based on what ever allocation you choose.

Customer:

thank you

Shane-CPA and other Tax Specialists are ready to help you
Customer: replied 4 years ago.

I have one last question then. If you owe the IRS on the estimated quarterly do you pay them at the end of the year?

Hi Lisa,

For estimated quarterly payments you make the payments after each quarter...so for example...1st quarter would be paid by April 15th, 2nd quarter by July 15th, 3rd quarter by October 15th and 4th quarter by January 15th.

Please let me know if I can provide you with any additional assistance.

Best Regards,

Shane - CPA
Shane-CPA and other Tax Specialists are ready to help you
Customer: replied 4 years ago.

Thanks and I'm logging off. Thanks again for your time.

You're very welcome! I'm happy to help.