New LLC

[ctwintx]

We have a five member LLC that we began last year but just received our first payment in May. First question is do I need to make a payment to the IRS and to the LLC’s EIN #(?) by June 15 and how much percent-wise should I consider to be good?

Do members have to include anything on their personal income tax, and should quarterly tax payments be made to our own SS #. We have included our three kids on this LLC, but we are not sharing the income with any of them yet. All of the income goes into an account for the LLC and has not been transferred anywhere else.

Does TurboTax have anything that I can use to produce the separate federal income tax for the LLC and is a separate income tax filing required? Can a novice use it and still achieve what a knowledgeable tax accountant would?

How will I know if an S Corp or C Corp is better than an LLC?

[tagteam · Accepted solution]

You really do need to consult, in person, with a qualified tax professional.

See https://taxexperts.naea.org/listing/service/business-tax-preparation

The LLC will be required to file a Form 1065 (1120 or 1120-S for a C corporation or S corporation election, respectively) and Intuit does offer TurboTax Business for that purpose.

However, a complete "novice" may have a very difficult time navigating the program or otherwise winding up with an accurate and complete return.

Please consult with a local tax professional (or legal counsel).