I plan on setting up an LLC today which is March 7, 2017. When will I need to do my taxes?
3 attorney answers
You're going to want to spend some time with an accountant to walk you through your filing obligations. It sounds like you're referring to the filing of your quarterly withholding taxes for self employment purposes. These can easily be confused with the annual corporate or personal filing obligations for first time LLC owners. Best of luck with your new business.
Tax filings with respect to an LLC depend upon the tax status of the LLC and the types of taxes with which you are filing. The status for income tax purposes of an LLC can be a disregarded entity (for a single member LLC), a partnership, or a corporation (including an S Corp.). If a disregarded entity, the LLC's profits and losses will be reported directly on your individual income tax return. If a partnership or corporation, the LLC will file its own income tax return. In any case, assuming the LLC is a calendar year taxpayer, it will not need to file a tax return until 2018. To the extent you are required to file estimated taxes for 2017, you will need to do so on the regular quarterly estimated tax dates. If you desire specific information related to your situation, you should consult with an experienced Business or Tax Attorney or CPA.
The foregoing discussion does not establish an attorney-client relationship, is qualified by the limited facts presented above, and should not be relied upon as legal advice. To obtain definitive legal advice upon which one can rely necessitates retaining an attorney who is qualified in this particular area of the law.
I agree. This is a tax question more than a legal question. A business attorney is always helpful in making sure that your business is setup properly, and also for continuing planning advice.
It is always a worthy investment to seek legal advice before making any major business decision. It is much less expensive to know you're doing it right, than to fix it after it's been done wrong.
Best to you and your future endeavors!