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Business & farm
Well there is a significant difference between an LLC and an S corp with respect to SE Tax. One is subject to it and the other is not, so essentially you are new to SE Tax.
You may have made estimated tax payments in the past related to the S corp, assuming it generated income, but the LLC will be generating both SE Tax and regular income tax.
The above assumes that the LLC will not be treated as an S corporation.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
‎October 29, 2021
4:28 PM
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