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Thread: May have been asked and answered...LLCs, DBAs, and taxes

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    Default May have been asked and answered...LLCs, DBAs, and taxes

    Are taxes for LLC's filed once per year? And if I'm the sole member and have no employees, and I'm not "working for" the LLC (I think I would set it up to take a draw of the profits, and set it up as a disregarded entity), would I need to file quarterly estimates, or just file when I file my yearly taxes from my regular job? I'm asking because years ago I did some "side" work for a guy, and when we calculated the taxes on it, I had to pay FICA and all that stuff too, and it ended up being something like 40%.

    How would this affect my taxes? Would I need to pay quarterly? Would it affect FICA and all that stuff? I assume it would.

    I'm in Texas, and from what I understand there's a "franchise tax" for LLCs. But my understanding is that this particular tax only applies to LLCs that make over $1 million. Are there any good informative resources (preferably Texas-specific), or could someone provide me an example (use dummy numbers) of how that works? I think the main thing keeping me from this right now is that I do not​ want to run afoul of the IRS.
    Last edited by Monte; 05-10-2021 at 05:24 PM.


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