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Filing Taxes-LLC

Discussion in 'Business Operations' started by cutman2000, Aug 4, 2012.

  1. cutman2000

    cutman2000 LawnSite Member
    Posts: 202

    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?
     
  2. Duekster

    Duekster LawnSite Fanatic
    from DFW, TX
    Posts: 7,961

    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.
     
  3. grandview (2006)

    grandview (2006) LawnSite Gold Member
    Posts: 3,466

    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.
     
  4. Duekster

    Duekster LawnSite Fanatic
    from DFW, TX
    Posts: 7,961

    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
     
  5. cutman2000

    cutman2000 LawnSite Member
    Posts: 202

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

    Duekster LawnSite Fanatic
    from DFW, TX
    Posts: 7,961

    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.
     
  7. grandview (2006)

    grandview (2006) LawnSite Gold Member
    Posts: 3,466

    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.
     
  8. Duekster

    Duekster LawnSite Fanatic
    from DFW, TX
    Posts: 7,961

    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
     
  9. cutman2000

    cutman2000 LawnSite Member
    Posts: 202

    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?
     
  10. Duekster

    Duekster LawnSite Fanatic
    from DFW, TX
    Posts: 7,961

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

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