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How estimated tax works on LLC with 2 members? can we

actually pay for it? or...
how estimated tax works on LLC with 2 members? can we actually pay for it? or it should be done on the personal level.
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3/23/2018
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,630
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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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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You will pay estimated taxes on a personal level.

A partnership doesn't pay tax on its income, instead, it "passes through" any profits or losses to its partners.

___

How Partners Pay Estimated Tax

Each partner needs to pay their estimated tax payments using Form 1040-ES, Estimated Tax for Individuals.

As a partner, you can pay the estimated tax by:

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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!

Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,630
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified
Chad EA, CDFA®, CFP® and 87 other Tax Specialists are ready to help you
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Customer reply replied 3 months ago
what about S corp ? would be the same cenario? I appreacite your time

Yes, the same scenario would apply to S Corps. LLC's that elect to be taxed as an S Corp is also a "pass through" entity and the individual would be responsible to pay estimated taxes.

Owner/employee's do have employment tax withheld from their W2 paychecks they receive if they perform employee duties. --However, they may still owe estimated tax based on the pass through income they receive.

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