Single member LLC , how do I pay estimated taxes?
September 12, 2017 5:36 AM   Subscribe

1) Should I pay them from my LLC bank account or from my personal checking account? 2) I have been paying self-employed taxes electronically for a while now (FFTPS and MA). But now I am doing all my work through my LLC. I don't have an EIN, using the social. I assume I can use the same EFTPS and MA State account to pay my estimated taxes?
posted by spacefire to Work & Money (3 answers total) 3 users marked this as a favorite
I hope an accountant will chime in with your answer, but I'll offer the broader answer: A viable business needs an adequate legal and accounting budget.

If you do it wrong based on advice from the internet, the cost and hassle could outweigh whatever a qualified MA accountant would have charged to set your system up properly.
posted by JimN2TAW at 6:39 AM on September 12, 2017

Are you being taxed as a sole proprietorship? Then it doesn't matter, business or personal account, they are all the same as long as you keep track which are personal expenses and which are business expenses.

If you are being taxed as a S-corp, then all income passes through as personal income. Your S-corp does not pay income taxes. You pay your personal taxes from your personal account. If you take W-2 wages from your S-corp, then the S-corp pays the employer share of FICA taxes and you, the employee, pay the other half.
posted by JackFlash at 9:17 AM on September 12, 2017 [1 favorite]

Go to a CPA. Really. I advise all my business clients to do this -- they will know the most current tax laws, make sure you are optimizing your deductions, and prevent you from being personally liable for errors.

The benefits outweigh the cost, for sure.
posted by ananci at 11:31 AM on September 12, 2017

« Older What is my job title and how much would you pay...   |   What should I be doing all day? Newer »
This thread is closed to new comments.