Legal Question in Construction Law in New Jersey

is a single person llc electrical contractor taxed quarterly from federal on income?


Asked on 10/18/10, 9:19 am

3 Answers from Attorneys

An LLC is a "pass thru" entity, meaning, you declare all income to the company, and the IRS expects quaterly estimated taxes to be paid.

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Answered on 10/23/10, 9:43 am
John Corbett Corbett Law Firm LLC

Technically, tax on income is due when it is made. Estimated tax payments are due quarterly and amounts paid are credits on the annual tax return.

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Answered on 10/23/10, 10:05 am
Ronald Cappuccio Ronald J. Cappuccio, J.D., LL.M.(Tax)

You not only have to pay Federal Estimate Tax Payments, you should also be paying to NJ as well.

I hope this helps!

Ron Cappuccio

www.TaxEsq.com

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Answered on 10/24/10, 4:59 pm


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