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Should I pay quarterly taxes as an Individual, or as my Single Partner LLC?

Forum|Forum|2 years ago
August 30, 2023
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I have a Single Partner LLC, which has its own EIN etc.

All of my income is from the LLC. I pay my taxes as an individual using my SSN. I have been filing and paying my quarterly tax pre-payments as the LLC and using my EIN, but then the IRS told me they cannot connect those payments to my annual tax filing.

I've now changed over and file my quarterly taxes as an individual using my SSN.

Is this the right thing to do?

Should I do the same for my state taxes?

Ask the Experts - Self-Employed - Aug 2023

Best answer by carmen_t

Hello and thank you for your question. I see from your question you have a single member LLC with an EIN. Due to the business structure the entity is considered a disregarded entity for tax purposes. What that means is you will just file a regular schedule C for tax purposes as you normally would as if you were a sole proprietorship. Based on that information the estimated tax payments should be done under your social security number as instructed by IRS and should be the same for state taxes for estimated tax payments. However, please check if there is a separate LLC return and/or additional fees based on your state guidelines. I hope this answered your question and you have a wonderful day.

carmen_tAnswer

Hello and thank you for your question. I see from your question you have a single member LLC with an EIN. Due to the business structure the entity is considered a disregarded entity for tax purposes. What that means is you will just file a regular schedule C for tax purposes as you normally would as if you were a sole proprietorship. Based on that information the estimated tax payments should be done under your social security number as instructed by IRS and should be the same for state taxes for estimated tax payments. However, please check if there is a separate LLC return and/or additional fees based on your state guidelines. I hope this answered your question and you have a wonderful day.