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April 9, 2021
Question

Quarterly Taxes new LLC

  • April 9, 2021
  • 1 reply
  • 0 views

This March I formed an LLC in CA.  I'm trying to pay quarterly taxes estimated by Turbo Tax this year.  I've called the IRS to pay and they asked me what tax form I'm paying. Is it 1120W?  I know when I was self employed with no LLC it was 1040 because I filed the income under a Schedule C.  But now I'm told even though the LLC is just me, I will no longer be using a Schedule C.  Any insight appreciated.  Thanks.

    1 reply

    April 9, 2021

    A single member LLC is a disregarded entity for tax purposes.

     

    Your will file income and expenses of your LLC on Schedule C of form 1040.

     

    Please read this IRS document for more information.

     

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    April 10, 2021

    Thanks so much for this info! Very helpful.