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I never filed taxes before as I am new in the country and…

I never filed taxes before...
I never filed taxes before as I am new in the country and this year will be the first time to file . So Do I need to file quarterly for this year ? Is there any penalties ?
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Answered in 2 minutes by:
3/7/2018
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,164
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Hello!

My name is***** will assist you today.

Please give me one moment while I review your question and type my initial response

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If you did not have a US tax liability last year, then you generally do not have to file quarterly payments this year.

If you are an employee, you will generally have taxes withheld from each paycheck.

If you are self employed, then you will want to pay quarterly tax. US taxes are due as you earn them. The IRS does generally allow you until April 15th the following year to pay any tax due.

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Customer reply replied 1 month ago
I started LLC as sole proprietorship in December 20,2017 and MD sales & use tax license in December 27,2017 and do not hav employee and till now I did not make any sales

Below is a link to IRS.Gov along with a relevant excerpt.

https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes

You don’t have to pay estimated tax for the current year if you meet all three of the following conditions.

  • You had no tax liability for the prior year
  • You were a U.S. citizen or resident for the whole year
  • Your prior tax year covered a 12-month period

"Taxes must be paid as you earn or receive income during the year, either through withholding or estimated tax payments. If the amount of income tax withheld from your salary or pension is not enough, or if you receive income such as interest, dividends, alimony, self-employment income, capital gains, prizes and awards, you may have to make estimated tax payments.

If you are in business for yourself, you generally need to make estimated tax payments. Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative minimum tax."

Please let me know if this has answered your question or if you have any additional questions.

When you have no further questions a positive rating of 5 stars is much appreciated.

Thank you!

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Since you are self employed you will want to start paying estimated taxes to both Federal and State once you begin to have taxable income.

To determine the amount of estimated taxes you should pay see the worksheet in Form 1040-ES, Estimated Tax for Individuals

Please let me know if this has answered your question or if you have any additional questions.

When you have no further questions a positive rating of 5 stars is much appreciated.

Thank you!

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Customer reply replied 1 month ago
to make sure that I got it correctly. when I get income through my LLC I should pay estimates . and if I got a job they will pay it from my pay check. right ?

I apologize give me one minute to respond

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That is correct.

Income earned through your LLC does not have Social Security and Medicare tax deducted until you complete a tax return by April of the follow year. ---The federal government prefers you pay "as you go" by paying your taxes on a quarterly basis.

When you are an employee, the employer will withhold from each pay check -Social Security, medicare and additional funds to apply towards your total tax liability.

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,164
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
Chad EA, CFP ® and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month ago
what about Maryland Annual Report Filing 2018? Do I have to file it even no sales , how much does it cost ?

Every Maryland pass-through entity (which includes LLC's) must file a return on Form 510, even if it has no income or the entity is inactive. Every other pass-through entity that is subject to Maryland income tax law must also file on Form 510.

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You do have to file for the LLC even if you have no sales.

LLC's are referred to as "pass-through" entities.

Marylands Annual report filling is done using Form 510

http://forms.marylandtaxes.gov/current_forms/510.pdf​

Does this information clarify your question?

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Customer reply replied 1 month ago
but this form is different than what they have on website http://dat.maryland.gov/Pages/sdatforms.aspx
and this filling cost for me 300 USD
Customer reply replied 1 month ago
I am confused now

Which form are you looking at?

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Customer reply replied 1 month ago
http://dat.maryland.gov/SDAT%20Forms/PPR_Forms/2018_Form_1_AR.pdf

Form 510 "MARYLAND FORM 510 PASS-THROUGH ENTITY INCOME TAX RETURN"

TYPE OF ENTITY - Check the applicable box. Limited Liability Company

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The form you have is not for a tax return

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Customer reply replied 1 month ago
This means that I have to file the form that you sent me , 1040 and Maryland Annual Report Filing 2018 ?
Customer reply replied 1 month ago
Because I have sales tax license

The annual report is to maintain your LLC with the state of Maryland, which is a separate from the income tax your LLC would pay.

You do have to file with your state an annual report, pay income tax on any money earned by the LLC and pay sales tax, if you do sell certain goods.

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The $300 is an annual fee for the "privilege" of doing business in Maryland.

The income tax is paid, obviously on any income tax earned in Maryland or any other state, if your domiciled in Maryland.

The sales tax applies, if you sell goods and certain services. --

You can register and pay your privilege tax along with your sales taxes on line.

https://egov.maryland.gov/businessexpress

You generally, have to register first for a sales tax permit.

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Customer reply replied 1 month ago
I already have one and have an account too . That's why I got confused because when I asked you about annual report you mention the 510 .
Anyway to clarify because almost all will be filled in the same time .
The annual report will be through the account .
the 1040 I will make it through a software and this will cover myself and the LLC by and schdule C .
for the 510 where will be filled

I due apologize and glad we are back on course.

Yes, the 1040 will cover the schedule C for federal filing. The 510 will cover the state filing.

The annual report will be through the online account along with the sales tax.

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Customer reply replied 1 month ago
ok great . just to make sure . This means that we will file only in 2 places only

File income tax using software

and use the website to file annual and sales tax.

Is this what you mean by filing two places? If so, I agree.

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Customer reply replied 1 month ago
Thanks a lot Also I have another question . Is there anyway to waive this 300 USD as I registered the company in last 10 days in the year and sales tax before 4 days only ?

I wish, every state has a annual or business privilege tax.

You pay the annual fee when you first register and this should be payment enough for 2018 year.

Sales tax are generally reported monthly for each company.

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Customer reply replied 1 month ago
Thanks a lot

I completely understand the complexity.

Have a good evening.

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Customer reply replied 1 month ago
You too . sorry but this is first time to me and going through a lot in the same time
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Category: Tax
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