If an Indepen- contractor have a sngle member LLC, checkmark individual, use EIN add personal and business name on W9 . Do he pay individual or business estimated taxes?

If a sole proprietor who works as an Independent contractor with a single member LLC checkmark individual/single member LLC for the federal tax classification section on a W9 form, use personal and business name and an EIN. Would that member need to pay individual or business estimated taxes quarterly?

36429

Level 15

Jun 14, 2024 8:15:23 AM

A single-member LLC is disregarded for income tax purposes. As far as the IRS is concerned the LLC doesn't exist. The individual and the LLC are one and the same. He pays individual estimated tax and files his tax return as an individual. Schedule C for the business is included in his individual tax return. He will put his EIN on the Schedule C.

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If an Indepen- contractor have a sngle member LLC, checkmark individual, use EIN add personal and business name on W9 . Do he pay individual or business estimated taxes?