Question

New LLC in NY State/Filing Joint with my Spouse

Forum|Forum|2 years ago
August 30, 2023
1 reply
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I have established a new LLC in NY state and I am the only employee.

Do I have to pay quarterly federal OR/AND State taxes, or can I simply file for the whole year come the following February?

I file as self employed in a JOINT tax return with my spouse who has a W2 from another company (same state).

Ask the Experts - Self-Employed - Aug 2023

LRay_EA

Hi Wendychico,

Congratulations on the new business. You will file your business income and expenses with your personal annual return. What's important to know is that estimated taxes are due quarterly only if your tax liability is $1000 federally or more. Depending on your total income for you and your spouse and your number of dependents will help you determine if you need to pay estimates. You can use our Tax Calculator https://turbotax.intuit.com/tax-tools/calculators/taxcaster/ to see if you will have a tax liability for 2023. If your New York state tax is $300 or more you will need to pay state estimated tax.

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