Ask The Taxgirl: SMLLC & Estimated Payments
Taxpayer asks:
I started a single member LLC this year, and need to make estimated tax payments.
When I went onto the IRS site to make payments, it asked for either my EIN or my SSN for the payments.
Am I making payments on both?
Taxgirl says:
You’re only making payments for the LLC once.
The big question is whether you are operating as a disregarded entity. If you are (and most single-member LLCs do), then you don’t need the EIN – just use your SSN. You’ll report your tax info directly on your form 1040 since there’s no separate return for a Single Member LLC treated as a disregarded entity for tax purposes. So, when calculating estimated payments, file your estimated taxes using a form 1040-ES.
Before you go: be sure to read my disclaimer. Remember, I’m a lawyer and we love disclaimers.
If you have a question, here’s how to Ask The Taxgirl.
