SMLLC taxed as S-Corp Estimated Taxes Hi,
I have a SMLLC taxed as an S-Corp and was wondering if I need to submit a 1040-ES or 1120-W quarterly.
I do have myself on a payroll, and I'm paying payroll taxes quarterly.
My understanding is any leftover business income gets distributed to members of the S-Corp (me) as dividends, and tax for the dividends are paid by members of the LLC.
Is this correct ?
Also, if I was to leave some or all of the leftover business income in the business, how would that portion be taxed ?
Thanks in advance ! |