Taxes?

Discussion in 'Business Operations' started by 4-Seasons, Nov 28, 2008.

  1. 4-Seasons

    4-Seasons LawnSite Member
    from NJ
    Posts: 63

    What other taxes are there for a LLC. Sales and use tax is every 3 months, but what else is there? Anything will hep. thanks
     
  2. lawnprosteveo

    lawnprosteveo LawnSite Bronze Member
    from Tulsa
    Posts: 1,930

    I just set up an LLC for this year. My LLC has two partners...my wife and me. My portion of the business income will be taxed as it always has. I will still pay self employment tax. My wifes portion will not be subject to self employment tax. This should save us a substantial amount on our tax bill this year.

    For better/more specific info, try the IRS website. You can always ask a CPA too.
     
  3. JDUtah

    JDUtah LawnSite Silver Member
    from UT
    Posts: 2,636

    LLC can be taxed as sole proprietor, S-Corp, C-Corp, or General Partnership...

    What tax ‘box’ did you check? Do you have employees?

    Really you need to find yourself a good accountant for these questions...
     
  4. 4-Seasons

    4-Seasons LawnSite Member
    from NJ
    Posts: 63

    Yes i have a partner too. I have CPA just saying they will deal with my personnal taxes at end of year. We have been putting away 20% of our personnal income withdraws
     
  5. 4-Seasons

    4-Seasons LawnSite Member
    from NJ
    Posts: 63

    Pretty sure we did general partnership. and we have no employees. so will business be taxed on anything else other than sales. and are my partner and i just getting taxed on what we made?
     
  6. JDUtah

    JDUtah LawnSite Silver Member
    from UT
    Posts: 2,636

    As a general partnership, my old partner and I got away from sales tax in Utah, sales tax does not include service out here. (we were service only). Really the only taxes we had were capital gains and profit..

    But I admit I'm relatively ignorant on the subject (currently). Talk to an accountant out there.
     

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