Hello,
I've just finished filing my personal and business taxes, but I think my LLC will be subject to paying more than $1,000 in taxes in 2019 - we've just started our business, which is my wife and I, no employees.
I know there is form 1040-ES to be used to file estimated taxes, but is there a form for small business like ours?
Thanks!
Are you filing as a partnership? A partnership is a pass-through business entity that doesn't pay taxes on its own. Instead, the partnership's share of income and losses gets reported to the partners and the partners (you and your wife) report the income on your personal tax return. So if you are trying to make sure that you've paid in enough in 2019, figure your personal income tax including the partnership income.
Are you filing as a partnership? A partnership is a pass-through business entity that doesn't pay taxes on its own. Instead, the partnership's share of income and losses gets reported to the partners and the partners (you and your wife) report the income on your personal tax return. So if you are trying to make sure that you've paid in enough in 2019, figure your personal income tax including the partnership income.