What is the name of your state (only U.S. law)? Virginia
I recently registered for a LLC and will do the EIN thing and the business bank account once that comes. The LLC is for a online software company where i'll be selling purely non-tangible. I've spent many hours googling LLC taxes and even looked at the IRS tax pdfs and ones for my state but i'm still confused so i'm hoping someone here can give some advice, as I know quite a few of you are actually in Virginia, yay!(learned this from searching posts here)
my understanding is the estimated quarterly taxes are for you to pay the 13.3%(for 2011) annually self employment tax aswell as income tax in parts. But this is extremely confusing, not using the formula for the previous year and just estimating for that year based off no revenue how would I go about this? say you made $1000 for the current quarter in net income, without any deductions how much of this would be taxed for that quarter?
also what kinda state taxes am I looking at for Virginia? and besides the EIN is that the last step before I can start selling stuff?
I recently registered for a LLC and will do the EIN thing and the business bank account once that comes. The LLC is for a online software company where i'll be selling purely non-tangible. I've spent many hours googling LLC taxes and even looked at the IRS tax pdfs and ones for my state but i'm still confused so i'm hoping someone here can give some advice, as I know quite a few of you are actually in Virginia, yay!(learned this from searching posts here)
my understanding is the estimated quarterly taxes are for you to pay the 13.3%(for 2011) annually self employment tax aswell as income tax in parts. But this is extremely confusing, not using the formula for the previous year and just estimating for that year based off no revenue how would I go about this? say you made $1000 for the current quarter in net income, without any deductions how much of this would be taxed for that quarter?
also what kinda state taxes am I looking at for Virginia? and besides the EIN is that the last step before I can start selling stuff?