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My life partner* and I just started an LLC in Georgia this month (Mar 2017), and we're trying to figure out what kind of taxes we need to pay and when (and how that changes if we ask the IRS to tax it as if it were an S Corp).

We are the only 2 members, and we have no employees. It is a web and phone-based business.

My assumption is that if the IRS agrees to tax the LLC as an S Corp, then Georgia automatically will also tax it as an S Corp (not as an LLC), but please correct me if I’m wrong.

Is there anything incorrect or missing from this outline of the taxes we'll need to pay and their due dates?

  • Business
    • IRS (Federal) (S Corp overview)
      • Quarterly estimated payments (“S corporations must make estimated tax payments for certain taxes. S corporations should see the Instructions for Form 1120S, U.S. Income Tax Return for an S Corporation, to figure their estimated tax payments.”) “The installments generally are due by the 15th day of the 4th, 6th, 9th, and 12th months of the tax year.” (Form 1120-W)
      • Annual income tax. (Form 1120S) Generally, an S corporation must file Form 1120S by the 15th day of the 3rd month after the end of its tax year. For calendar year corporations, the due date is March 15, 2017.
    • Georgia (State) (forms)
      • Quarterly estimated payments. (Form 602ES)**
      • S Corp annual taxes due 15th day of the third month, including a Net Worth tax (Form 600S)**
      • $50 annual registration fee before April 1
  • Personal
    • IRS (Federal)
    • Georgia (State)
      • Quarterly estimated payments due April 15, June 15, September 15, and January 15. (Form 500ES)
      • Annual income tax by April 15 (Form 500)

*We live together but are not married.

**Maybe these 2 GA S Corp forms aren't relevant; this says "If the S-corporation status is recognized for Georgia purposes, the shareholders of the corporation pay the tax as opposed to the corporation paying the tax." But then I don't know why the forms exist.

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Your best course of action is to gather your paperwork, ask around your personal network for a recommendation for a good CPA, and pay that person to do your taxes (business and personal). Read through the completed package and have them walk you through every item you do not understand. I would continue doing this until you feel confident that you can file for yourself. Even then, the first couple of times I did my own, I'd pay them to review my work. Assuming you find a CPA with reasonable fees, they will likely point out tax inefficiencies in the way you do your business which will more than pay for their fees.

It can be like a point of honor for CPAs to ensure that their customers get their money's worth in this way. (Not saying all CPAs work this way, but to me, this would be a criteria for one that I would recommend.)

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