Hey everyone!
I am a new LLC (incorporated last August) that elected S Corp status a couple months ago when I filed my 2019 return. I am very new to being self employed and didn’t pay myself a wage in 2019 or up until now in 2020, but I did pay for my family’s health insurance premiums through the business. I will be paying myself a salary this quarter 2.
My question is the following: Do I still need to file a form 941 for Q1 even if I didn’t pay myself a salary and thus don’t owe Federal Income Tax, Medicare Tax, or Social Security Tax? I understand I would be very late in filing it but do I still have to?
My second question: Can I file form 941 for Q2 (I shouldn’t owe more than $2,500 in taxes) in a few months and not get in trouble for not filing anything for Q1?
I really appreciate any help! I’ve been trying to find answers to these questions for days and cannot seems to find anything that answers my concerns.
Thanks in advance!
