New company in 2019- estimated quarterly taxes

janellebaur — Mon, 09 Sep 2019 00:47:02 GMT

I started a LLC in June of 2019. I need to figure my estimated quarterly taxes. Turbo Tax is wanting information from 2018 but I had no income for this company in 2018. Online I read I could use Turbo Tax to help figure this out and print the voucher but I can't see how if it's new in 2019. Does anyone know?

Re: New company in 2019- estimated quarterly taxes

VolvoGirl — Mon, 09 Sep 2019 00:49:55 GMT

Yes, as long as you LLC is a sole proprietor or Single Member LLC and not set up as a S corp.

For SE self employment tax - if you have a net profit (after expenses) of $400 or more you will pay 15.3% SE Tax on 92.35% of your net profit in addition to your regular income tax on it. So if you have other income like W2 income your extra business income might put you into a higher tax bracket.

You must make quarterly estimated tax payments for the current tax year if both of the following apply:

- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.

- 2. You expect your withholding and credits to be less than the smaller of:

90% of the tax to be shown on your current year’s tax return, or

100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months).

To prepare estimates for next year you start with your current return, but be careful not to change anything. For Online returns, if you can't get back into your return, Click on Add a State to let you back into your retun.

You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

Or Go to….

Federal Taxes or Personal (Desktop H&B)

Other Tax Situations

Other Tax Forms

Form W-4 and Estimated Taxes - Click the Start or Update button

The 1040ES quarterly estimates are due April 15, 2019, June 17, Sept 16 and Jan 15, 2020. And don't forget your state. Go to the end of the state section, probably under Other Tax Situations

To just estimate the remaining quarters put in that you paid $1 for the missed quarters so it will only calculate the remaining quarters.

Here are the blank Estimates and instructions…..

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

The 1040ES quarterly estimates are due April 15, 2019, June 17, Sept 16 and Jan 15, 2020. Your state will also have their own estimate forms.

Re: New company in 2019- estimated quarterly taxes

janellebaur — Mon, 09 Sep 2019 01:11:18 GMT

I do not have any information for 2018 for my LLC. Can you please tell me how to get to:

Or Go to….
Federal Taxes or Personal (Desktop H&B)

I have Turbo Tax open and I do not see anywhere to go for Federal Taxes or Personal. Thank you.

Re: New company in 2019- estimated quarterly taxes

VolvoGirl — Mon, 09 Sep 2019 01:45:08 GMT

You have the Desktop program open or did you use the Online web version? For Online Click on Add a State to let you back into your retun.

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New company in 2019- estimated quarterly taxes

Re: New company in 2019- estimated quarterly taxes

Re: New company in 2019- estimated quarterly taxes

Re: New company in 2019- estimated quarterly taxes