Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-10-2016, 02:14 PM
Junior Member
 
Join Date: Mar 2016
Posts: 1
Single Member LLC Filing Responsibilities

Hello,
I opened a Single Member LLC in the State of MD last April 2014 with the intention of doing some consulting because I was at the time unemployed. Well not long after I opened the entity I was hired by a large firm and every thing is great. But I have this LLC that never spent a penny or made one. Do I need to file with the IRS and if so what is the best way?

I thank you for your time,

Regards,

Mike



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-10-2016, 09:40 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
Originally Posted by Strategic1191 View Post
Hello,
I opened a Single Member LLC in the State of MD last April 2014 with the intention of doing some consulting because I was at the time unemployed. Well not long after I opened the entity I was hired by a large firm and every thing is great. But I have this LLC that never spent a penny or made one. Do I need to file with the IRS and if so what is the best way?

I thank you for your time,

Regards,

Mike
unless you paid estimated taxes or withheld tax no need to file return as the smllc had no exp/no income to be taxable; just for reference, you do not need to pay self employment tax as you have zero income/exp on your sch C;however, you still need to pay fica social taxes on your w2 income.f you are filing as a sole proprietor and/or a self-employed individual, you generally have to make estimated tax payments if you expect to owe tax(after subtractions of nonrefundable/refundable credits or withheld taxes if you have) of $1k or more when you file your return;however,You do not have to pay estimated tax for the current year if you had no tax liability for the prior year
You were a U.S. citizen or resident for the whole year
Your prior tax year covered a 12 month period



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Single member LLC New York State - Annual filing fee VTLLC Sole-Proprietorship 1 08-04-2015 03:54 PM
As a Single member LLC can member use name as DBA? soloirie Limited Liability Company 1 03-26-2015 07:04 PM
Single Member LLC Non US member pizzamy Limited Liability Company 1 01-16-2010 11:52 PM
Single member llc to two member llc smllc Limited Liability Company 0 01-16-2010 11:49 PM
Single member LLC Question bobbranner Limited Liability Company 0 02-09-2008 11:31 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.