Hello,
I am a photographer operating under a single member LLC which is considered a disregarded entity on my return. I have a few questions:
1. Is there threshold above which estimated quarterly payments are required, or are they required regardless of how much you expect to owe at the end of the year? How is the penalty calculated if required estimated payments are not made?
2. What is the best method for estimating the amount of quarterly income tax payments to make?
3. Where is state sales tax recorded on the year-end return?
4. Is there anything other than estimated quarterly income (and sales, if applicable) tax payments that are required for a single member LLC throughout the course of the year?
5. If treated as a disregarded entity, do any personal losses or deductions decrease the taxable income earned from the single-member LLC, or is it only business-specific expenses that can reduce taxable income?
Thank you!
