new SMLLC trying to pay estimated taxes
by fitness20148, Window Shopper
- Created: May 28, 2012, 6:20 pm
Hello, I am active-duty military (earning $60k taxable annually) and my wife and I started a SMLLC this January. Our best guess for 2012 earnings is about $20k, so we know we need to do quarterly tax payments. We didn't fill out any forms in April because we hadn't turned a profit by then, but now our SMLLC has about $5k net profit. I have a series of questions, and I'll try to keep them brief. Question #1 -- which tax forms should we fill out at the end of this year (1040 with a Schedule C, Form 941, or something else)? Question #2 -- which tax forms should we fill out for our quarterly estimated payments (maybe just a 1040ES)? Question #3 -- do quarterly estimated payments include Medicare and Social Security, and do we need to do any extra forms for these? Question #4 -- we set-up an EFTPS.gov account as a business instead of as a person, was that the right decision for an SMLLC on-the-side? Question #5 -- can we submit our tax forms and payment via EFTPS.gov, or does anything need to be snail-mailed? Question #6 -- what serves as a "receipt" for estimated tax payments? Thank you all for your help!
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