Legal Question in Construction Law in New Jersey
is a single person llc electrical contractor taxed quarterly from federal on income?
Asked on 10/18/10, 9:19 am
3 Answers from Attorneys
An LLC is a "pass thru" entity, meaning, you declare all income to the company, and the IRS expects quaterly estimated taxes to be paid.
Answered on 10/23/10, 9:43 am
John Corbett
Corbett Law Firm LLC
Technically, tax on income is due when it is made. Estimated tax payments are due quarterly and amounts paid are credits on the annual tax return.
Answered on 10/23/10, 10:05 am
Ronald Cappuccio
Ronald J. Cappuccio, J.D., LL.M.(Tax)
You not only have to pay Federal Estimate Tax Payments, you should also be paying to NJ as well.
I hope this helps!
Ron Cappuccio
www.TaxEsq.com
Answered on 10/24/10, 4:59 pm
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