Originally Posted by non-41
#1;Do I need to file estimated taxes for June 15th?
oes that need to include the taxes on revenue earned by the company I own 10% of?
#1;Correct; however it depends; if you are filing as a sole proprietor, partner, S corp shareholder, and/or a self-employed individual,I mean a contractor, then, you generally have to make estimated tax payments if you expect to owe tax of $1K or more when you file your return. If you are filing as a corporation you generally have to make estimated tax payments for your corporation if you expect it to owe tax of $500 or more when you file its return. You do not have to pay estimated tax for the current year if you had no tax liability for the prior year;y ou were a U.S. citizen or resident for the whole year;your prior tax year covered a 12 month period.
#2;Correct as mentioned above.it is part of your taxable income. If your company files as a partnership as MMLLC,then, technically, you areNOT treated as An EE. You are compensated via guaranteed payments and distributions, and also pick up your share of income or losses via Sch K-1 generated with the 1065 filing. Guaranteed payments, partnership income or losses and distributions are :that you need to pay estimated taxes based on your individual tax situation using form 1040-ES. You'll have to estimate income from the partnership and any other taxable income you didn't mention (wages on your paychecks are generally covered by withholdings by ER, but if not, you'll have to account that), and figure income tax on that. In regards to the partnership income, you'll also have to figure in self employment tax reported on Sch SE which is basically FICA, and runs at 15.3% of self employment income ;you also get a deduction for 1/2 self employment taxes paid on line 27 1040.