Filing Taxes-LLC

[cutman2000]

I'm sole proprietor LLC. I filed with my wife last year. Is that the way to go? And how difficult will it be, filing taxes and having an employee?

[Duekster]

Every state is different so that is the starting place.

It cost a few hundred to set up in most states.

You only need an EIN if you have employees.

It is not too hard to file those forms 940 and 941.
You also have to file and pay UE at the state level.

[grandview (2006)]

As for an employee,you could use a payroll company the 1st year.they handle all the taxes taken out .You could do this for a year till you know what to do yourself.

[Duekster]

True, you can often get a decent rate on payroll sevice through your bank.
For example I think Chase offers paychex service to small businesses.

Get your EIN, then file for your LLC then your sales tax all using the LLC.
The notify the IRS that you are setting up the EIN for the LLC

[cutman2000]

So for now, I should continue filing with my wife, as self employed sole proprietor, LLC?

[Duekster]

Originally Posted by cutman2000

So for now, I should continue filing with my wife, as self employed sole proprietor, LLC?

If you do not have employees then why not?

You can set up an LLC and still file with your wife.

That was not the question.

Payroll and the other forms only happen once you hire someone.

[grandview (2006)]

I think your getting things mixed up. You should file a tax report for your business ,And then depending on what you are your income from the business would then be filed with your wife married ,filing jointly.

[Duekster]

The IRS does not give one hoot about the LLC. If you file as an LLC then you have to chose how to be taxed and that is often as a sole proprietor

[cutman2000]

Originally Posted by grandview (2006)

I think your getting things mixed up. You should file a tax report for your business ,And then depending on what you are your income from the business would then be filed with your wife married ,filing jointly.

So just file like I would if employed for a company, jointly?

I can't seem to keep my eyes off of your avatar,...who is that a picture of?

[Duekster]

Originally Posted by cutman2000

So just file like I would if employed for a company, jointly?

I can't seem to keep my eyes off of your avatar,...who is that a picture of?

As the owner of the company ( except a corporation) you file as self employed.